The acoustic emission testing market is projected to grow at a CAGR of 7.34% to reach US$441.738 million by 2026, from US$269.050 million in 2019. Acoustic emission testing is a type of testing that is used for the study and detection of acoustic signals. This testing is done in order to learn more about the material discontinuity and what caused it. Acoustic emissions, which are commonly generated by natural occurrences such as earthquakes, have a significant influence on material characteristics. Acoustic emission testing is used in a variety of industrial applications, including leak detection, defect detection, and structural integrity assessment. Due to a rising focus on improving production quality, the global acoustic emission testing market is developing. The worldwide acoustic emission testing market is growing due to an improvement in productivity as manufacturers focus more on installing acoustic emission testing. The growth of the global acoustic emission testing market has been fueled by a growing awareness of plant safety. In the projected future, the market is likely to grow due to increased emphasis on improving product quality and the need to enhance productivity. Various manufacturers are focusing on acoustic emission testing of their materials, which will drive the market forward throughout the forecast period. Furthermore, in recent years, there has been a rising awareness of plant safety as well as the need for asset health monitoring. The need for acoustic emission testing services is projected to rise in the future years as a result of this trend. Furthermore, governments in a number of countries are pushing the use of nondestructive testing (NDT) solutions, which is likely to boost the market for acoustic emission testing in the coming years. Moreover, in recent years, the power-generating industry has seen a considerable increase in demand for acoustic emission monitoring technologies. This is likely to open up new prospects for market expansion throughout the world. Furthermore, growth in the necessity and demand for acoustic emission testing services is fueling the market throughout the projected period, owing to an increase in aging infrastructure.
Acoustic emission testing is becoming increasingly used for monitoring a variety of structural applications. Simultaneously, rising construction investment throughout the world is propelling the industry forward. Furthermore, governments in various countries are concentrating on promoting the usage of various non-destructive services in order to guarantee the optimal health of various operational facilities and buildings, which is expected to boost the acoustic emission testing market during the projected period.
Growth Factors
- Increasing safety concerns to enhance productivity and the rising demand in various industry verticals.
One of the major reasons for the growth of the acoustic emission testing market is the increasing safety concerns to enhance productivity and the rising demand across various industry verticals. Improvements in health and safety in the workplace may have a major impact on productivity. As a result, many plant operators are implementing a variety of techniques to increase their attention on worker safety in order to boost production. Businesses can profit from health and safety improvements if they are implemented gradually and precisely. These elements contribute to the market's expansion. Moreover, acoustic emission testing is used to analyze and detect acoustic waves in order to acquire important information on material discontinuity and its source. Acoustic emission testing offers a wide range of industrial uses, including analyzing structural integrity, testing leaks, identifying defects, and checking weld quality. Various equipment, such as amplifiers, sensors, and detecting equipment, can be used to evaluate acoustic emission.
Restraints
- High costs associated with acoustic emission testing systems will hinder the market growth
A major restraint in the growth of the acoustic emission testing market is the high cost associated with these systems which will hinder their adoption during the forecast period. The acoustic emission testing business is stifled by high system costs and a scarcity of trained labor. The cost of acoustic emission testing systems comprises the cost of hardware, software, and services, which is mostly determined by the structure's complexity and construction cost. More instrumentation is required for more complicated structures, which raises the overall cost. Acoustic emission testing equipment needs a high degree of technical expertise; it is very dependent on the vertical and the kind of faults and mistakes found in the machinery. These factors have accounted for the limited adoption of acoustic emission testing equipment and have further restrained the market growth of the acoustic emission testing market.
Impact of COVID-19 on the Acoustic Emission Testing Market
The COVID-19 impact on the acoustic emission testing market has been negative owing to the production halt by industries due to the temporary lockdown implemented by several governments to break the cycle of the virus. A drop in the demand of acoustic emission testing equipment was observed in the initial stages of the COVID-19 pandemic due to massive demand destruction and the restrictions on construction activities. The unfavorable conditions risen due to the COVID-19 virus have had a negative impact on the acoustic emission testing market.
Segmentation:
Sensors
Amplifier
Detection Instruments
Others
Oil & Gas
Energy & Power
Aerospace
Chemical
Construction
Others
North America
South America
Europe
- UK
- Germany
- France
- Spain
- Others
Middle East and Africa
- Saudi Arabia
- Israel
- Others
Asia Pacific
- Japan
- China
- India
- Indonesia
- Taiwan
- Thailand
- Others
Table of Contents
1. Introduction
- 1.1. Market Overview
- 1.2. Covid-19 Scenario
- 1.3. Market Definition
- 1.4. Market Segmentation
2. Research Methodology
- 2.1. Research Data
- 2.2. Assumptions
3. Executive Summary
4. Market Dynamics
- 4.1. Market Drivers
- 4.2. Market Restraints
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers
- 4.3.2. Bargaining Power of Buyers
- 4.3.3. Threat of New Entrants
- 4.3.4. Threat of Substitutes
- 4.3.5. Competitive Rivalry in the Industry
- 4.4. Industry Value Chain Analysis
5. Acoustic Emission Testing Market, By Equipment
- 5.1. Introduction
- 5.2. Sensors
- 5.3. Amplifier
- 5.4. Detection Instruments
- 5.5. Others
6. Acoustic Emission Testing Market, By Industry Vertical
- 6.1. Introduction
- 6.2. Oil & Gas
- 6.3. Energy & Power
- 6.4. Aerospace
- 6.5. Chemical
- 6.6. Construction
- 6.7. Others
7. Acoustic Emission Testing Market, By Geography
- 7.1. Introduction
- 7.2. North America
- 7.2.1. United States
- 7.2.2. Canada
- 7.2.3. Mexico
- 7.3. South America
- 7.3.1. Brazil
- 7.3.2. Argentina
- 7.3.3. Others
- 7.4. Europe
- 7.4.1. Germany
- 7.4.2. France
- 7.4.3. UK
- 7.4.4. Spain
- 7.4.5. Others
- 7.5. Middle East and Africa
- 7.5.1. Saudi Arabia
- 7.5.2. Israel
- 7.5.3. Others
- 7.6. Asia Pacific
- 7.6.1. China
- 7.6.2. Japan
- 7.6.3. India
- 7.6.4. South Korea
- 7.6.5. Taiwan
- 7.6.6. Thailand
- 7.6.7. Indonesia
- 7.6.8. Others
8. Competitive Environment and Analysis
- 8.1. Major Players and Strategy Analysis
- 8.2. Emerging Players and Market Lucrativeness
- 8.3. Mergers, Acquisitions, Agreements, and Collaborations
- 8.4. Vendor Competitiveness Matrix
9. Company Profiles
- 9.1. Olympus Corporation
- 9.2. Mistras Group, plc
- 9.3. SGS SA
- 9.4. TUV Rheinland
- 9.5. Bureau Veritas
- 9.6. Vallen Systeme GmbH
- 9.7. TUV NORD GROUP
- 9.8. Parker Hannifin
- 9.9. Kompass
- 9.10. Aruda Engineering
