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.
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.
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.
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.
|Market size value in 2019||US$269.050 million|
|Market size value in 2026||US$441.738 million|
|Growth Rate||CAGR of 7.34% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Equipment, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Olympus Corporation, Mistras Group, plc, SGS SA, TÜV Rheinland, Bureau Veritas, Vallen Systeme GmbH, TÜV NORD GROUP, Parker Hannifin, Kompass, Aruda Engineering|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the acoustic emission testing market?
A1. Acoustic Emission Testing Market was valued at US$269.050 million in 2019.
Q2. What will be the acoustic emission testing market size by 2026?
A2. The acoustic emission testing market is projected to reach a market size of US$441.738 million by 2026.
Q3. What are the growth prospects for the acoustic emission testing market?
A3. The global acoustic emission testing market is projected to grow at a CAGR of 7.34% over the forecast period.
Q4. How is the global acoustic emission testing market segmented?
A4. The acoustic emission testing market has been segmented by equipment, industry vertical, and geography.
Q5. What factors are anticipated to drive acoustic emission testing market growth?
A5. One of the major reasons for the acoustic emission testing market growth is the increasing safety concerns to enhance productivity and the rising demand across various industry verticals.
Mistras Group, plc
Vallen Systeme GmbH
TÜV NORD GROUP
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