According to a new report published by Allied Market Research, titled, “Acoustic Emission Equipment Market by Product Type, Technique, and End User: Opportunity Analysis and Industry Forecast, 2019–2027,” the acoustic emission equipment industry size was valued at $108.0 million in 2019, and is projected to reach at $130.8 million by 2027, growing at a CAGR of 3.2% from 2019 to 2027. North America is expected to be the leading contributor to the global acoustic emission equipment market, followed by Europe and Asia-Pacific.
Acoustic emission testing is one of the non-destructive testing (NDT) techniques that detects and monitors the emitted ultrasonic stress waves from localized sources when a material deforms under stress. This technique monitors a component for defects, allowing machines and large structures to be monitored while in operation with minimal disruption; thereby, assuring the smooth working of machines or reliability of large structures. The acoustic emission testing is gaining popularity, owing to the cutting-edge competition among various companies for offering high-quality products and services. As a result, the demand for acoustic emission equipment is gaining momentum globally.
Aging infrastructure majorly drives the growth of the acoustic emission equipment market, as acoustic emission testing can predict the approximate life of the infrastructure for operational use. Moreover, growth in activities in the aerospace and defense sector, increase in standards of quality of products manufactured in developing countries, and rise in number of new infrastructural projects globally are expected to boost the acoustic emission equipment market growth. Furthermore, increase in investments in R&D to tackle technical challenges and integration of big data analytics with acoustic emission testing method are expected to provide lucrative growth opportunities for the market. However, lack of quantitative analysis in commercial acoustic emission testing method and difficulty in detection of weak signals in noisy operating environments are expected to hinder the growth of the market.
The AE systems segment was the highest contributor to the market in 2019. The AE systems and hand-held systems segments collectively accounted for around 90% market share in 2019. The increasing number of SME’s for acoustic emission services is anticipated to enhance the acoustic emission equipment market growth.
The emergence of COVID-19 has significantly impacted the acoustic emission equipment market growth. The end users of acoustic emission equipment represent mixed trends during the COVID-19 pandemic. Industry verticals such as transportation, construction, and others show minimal demand. However, the demand from defense sector, power plants, and oil & refineries remained unaffected.
Region wise, the acoustic emission equipment market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major share of the global market in 2019, and is expected to dominate the market in terms of revenue during the forecast period, owing significant number of aging infrastructures that were constructed back in the late 18th century are at a high risk of failure. The Europe region holds the second largest share in the global acoustic emission equipment market, and is expected to witness significant growth during the forecast period, owing to increase in number of new infrastructural projects to meet the future needs sustainably.
Key Findings Of The Study
- In 2019, the AE systems segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 2.6% during the forecast period.
- The linear location technique and zonal location technique segment together accounted for around 70.0 % of the acoustic emission equipment market share in 2019.
- EPC contributed major share of 57.0% in global acoustic emission equipment market during 2019.
- U.S. was the major shareholder in the North America acoustic emission equipment market, accounting for more than 20.0% share in 2019.
The key players profiled in the report include Acoustic Monitoring International, Inc., Campbell Scientific, Inc., Dodson Technical Services, Inc., Mistras Group, Inc., Parker-Hannifin Corporation, Schmitt Europe Ltd., Score Atlanta Inc., Siemens AG, Vallen Systeme GmbH, and Wabtec Corporation. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the acoustic emission equipment market.