Acoustic emission testing market – global forecast to 2023
04/05/2018
The acoustic emission testing (AET) market is expected to be worth US$349.9 million (approximately £246.8 million) by 2023, from US$245.8 million (approximately £173.4 million) in 2018, at a compound annual growth rate (CAGR) of 7.32% between 2018 and 2023. Growing safety concerns to enhance productivity, an increasing need for asset health monitoring and government initiatives for the implementation of NDT solutions are driving this market growth, claims a new report from Research and Markets.AET 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 high system costs and a lack of 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 acoustic emission 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 acoustic emission testing market for storage tanks can be attributed to the real-time monitoring solution provided by AET for detecting flaws in tanks without halting the operation and evacuating the product. In storage tanks, AET detects flaws or leakages at an early stage and thus helps to reduce the subsequent environmental damage.
The acoustic emission testing market in the Asia-Pacific (APAC) region is expected to grow at the highest CAGR between 2018 and 2023. The growth of the AET 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 boost the acoustic emission testing market in APAC.
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 the key players in the acoustic emission 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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