Persistence Market Research released a new market research on the acoustic emission-based NDT market, which covers the global industry forecast 2018–2028 and analysis 2013–2017. The report explore the global acoustic emission-based NDT market and provides in-depth analysis for the coming years from 2018 to 2028. The report on the global acoustic emission-based NDT market includes forecast factors and vital macroeconomic that are anticipated to fuel the growth of the global acoustic emission-based NDT market. The report on the acoustic emission-based NDT market also addresses restraints that are projected to hinder the growth of the market, along with the latest trends and potential opportunities in the market.
The global acoustic emission-based NDT market was valued at ~ US$ 197 Mn in 2013, and is projected to generate a value of US$ 523 Mn by the end of 2019. The acoustic emission-based NDT market is anticipated to grow at a CAGR of ~ 7% between 2018 and 2028.
East Asia to Reach New Heights in Infrastructural Development
The development rate of countries in East Asia are increasing at a higher pace in social infrastructure. The importance of upgraded social infrastructure has been creating numerous opportunities for various industries. Hence, one of the significant global infrastructure projects “The Belt and Road Initiative (BRI)” that links China with rest of Asia, Europe, and Africa has participation of more than 29 international organizations. The project involves construction of roads, bridges, and railway networks, which is expected to surge the demand for acoustic emission-based NDT. The acoustic emission-based NDT holds its significance from the quality check of raw materials to monitoring of structures even when in use. With the completion of this global project, the region of East Asia is anticipated to develop new opportunities, boost Chinese income and product consumption, and cultivate export markets.
The semiconductor manufacturing market players in these regions are estimated to invest in the development of piezoelectric devices with different range of frequencies for various applications. The trend of infrastructure outlook has developed key focus of companies in the acoustic emission-based NDT market.
Emerging Players in the Acoustic Emission-based NDT Market to Account for ~ 20% Revenue Share
The global acoustic emission-based NDT market is defined as moderately consolidated, owing to the presence of a limited number of top service providers of acoustic emission-based NDT across the globe. For in-depth analysis, Persistence Market Research has broken down the market structure up to three levels: Tier 1, Tier 2, and Tier 3. Here, emerging players are estimated to account for ~ 20% share in the global market and generate ~ US$ 40 Mn revenue through sales of acoustic emission-based NDT across the world. Moreover, leading players in the global acoustic emission-based NDT market are incorporating acquisitions, collaboration strategies, and adopting the business expansion in a bid to capture a significant share in the global market.
- In December 2018, MISTRAS acquired Novacap-backed onstream pipeline inspection services. The competitive advantages of onstream and its strong presence in the inline inspection provides a stout foundation within the midstream oil and gas market.
- In 2018, Vallen-Systeme GmbH launched AMSY-6 with high performance USB 3 interface. It has an improved rate of data transfer that boosts the speed of acoustic emission testing.
- In July 2019, Industrial Inspection & Analysis, Inc. acquired Advanced Technical Services NW, Inc. to broaden its service offerings to achieve the increasing demand for quality and service.
Some of the key players identified across the value chain of the global acoustic emission-based NDT market include MISTRAS, General Electric, KRN Services, Score Atlanta Inc., TÜV Rheinland, Beijing Softland Times Scientific & Technology Co. Ltd., Parker Hannifin, Vallen Systeme GmbH, Cygnus Instruments, Cybernetix, Arudra Engineers Pvt. Ltd., and SIEVERT - A Bureau Veritas Group Company.