Acoustic Emission Testing Market Expected to reach 349.9 Million USD by 2023
The report "Acoustic Emission Testing Market by Equipment (Sensors, Amplifiers, Detection Instruments), Service (Inspection, Calibration), Application (Storage Tank, Pipeline, Aging Aircraft, Structural Monitoring, Turbine), and Geography - Global Forecast to 2023", The acoustic emission testing market is expected to reach USD 349.9 Million by 2023, from USD 245.8 Million in 2018, at a CAGR of 7.32% between 2018 and 2023. The major factors driving the growth of this market include growing safety concerns to enhance productivity, increasing need for asset health monitoring, and the government initiatives for the implementation of NDT solutions.
Acoustic emission testing market for sensors to grow at highest CAGR during forecast period
The acoustic emission testing market for sensors is expected to grow at the highest CAGR during the forecast period. AE sensors play a critical role in understanding the material behavior as they listen to high frequencies generated by active corrosion, leaks, defects, etc. Further, 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 behavior of structures or equipment.
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Inspection services to hold larger size of acoustic emission testing market by 2023
Inspection services held a larger share of this market in 2017. Acoustic emission testing inspection does not require halting the operations of the machinery or equipment to be tested. The large market size of this segment can be attributed to the benefits provided by inspection services, such as global inspection of the material, equipment, or asset; improved life cycle and productivity; and reduction in the losses due to early detection of flaws.
Acoustic emission testing market for structural monitoring application to grow at highest CAGR during forecast period
The acoustic emission testing market for the structural monitoring application is expected to grow at the highest CAGR between 2018 and 2023. Factors such as early damage detection and the identification of structural issues are increasing the use of AET in structural monitoring. With the increasing number of structurally deficient bridges in developed economies of North America and Europe, the need for structural monitoring of bridges is growing.
North America to hold largest share of acoustic emission testing market during forecast period
North America is expected to hold the largest share of the market during 2018–2023. North America is home to some major acoustic emission testing players, such as MISTRAS (US), General Electric (GE, US), Acoustic Emission Consulting (AEC, US), KRN Services (US), and Score Atlanta (US). The growth of this market is attributed to the aging infrastructure, government initiatives, and increasing need for effective solutions for structural monitoring in North America.
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The report profiles the most promising players in the acoustic emission testing market. The competitive landscape presents an interesting picture, where a large number of big and small players have become a force to reckon with. The key players in this market are TUV Rheinland (Germany), MISTRAS (US), TUV Nord (Germany), Parker Hannifin (US), TUV Austria (Austria), General Electric (GE, US), Acoustic Emission Consulting (AEC, US), Vallen Systeme (Germany), KRN Services (US), and Score Atlanta (US).