Acoustic emission testing market to grow at a CAGR of 7.32%
16/07/2018
The acoustic emission testing market is expected to be worth US$349.9 million (approximately £263.1 million) by 2023, up from US$245.8 million (approximately £184.8 million) in 2018, at a compound annual growth rate (CAGR) of 7.32% between 2018 and 2023, according to a new report from Research and Markets. Growing safety concerns to enhance productivity, increasing the need for asset health monitoring and government initiatives for the implementation of NDT solutions, are driving this market growth.Acoustic emission (AE) testing is used to assess asset integrity, performance and productivity by identifying the various possible kinds of damage. The key restraining factors for the growth of this market are the high system costs and the lack of a skilled workforce.
The sensors segment is expected to hold the largest share of this market during the forecast period. AE sensors convert the surface movement of elastic waves into an electrical signal, which is further processed by the measurement equipment. The growth of the AE testing market for sensors can be attributed to the information provided by sensors related to physical aspects, which is necessary to monitor the behaviour of structures or equipment.
The storage tank application is expected to hold the largest share of the acoustic emission testing market during the forecast period. The growth of the AE testing market for storage tanks can be attributed to the real-time monitoring solution provided by AE testing for detecting flaws in tanks without halting the operation and evacuating the product. In storage tanks, AE testing detects flaws or leakages at an early stage and thus helps in reducing the subsequent environmental damage.
The acoustic emission testing market in the Asia-Pacific (APAC) region is expected to grow at the highest CAGR during 2018-2023. The growth of the AE market in APAC can be attributed to infrastructural developments and manufacturing of defence aircraft. Improvements in terms of economic growth, infrastructural developments and the construction of power plants are boosting the AE testing market in the APAC region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with experts in the market.
The report also profiles key players in the AE testing market and analyses their market ranking. The prominent players profiled in this report are TÜV Rheinland (Germany), MISTRAS (USA), TÜV Nord (Germany), Parker Hannifin (USA), TÜV Austria (Austria), General Electric (GE, USA), Acoustic Emission Consulting (AEC, USA), Vallen Systeme (Germany), KRN Services (USA) and Score Atlanta (USA).
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