San Francisco, CA -- (SBWIRE) -- 05/16/2019 -- Acoustic Emission Testing Market – Overview
Acoustic emission testing has been gaining grounds as an effective Non-destructive Technique for the examination of assets and health diagnosis of materials undergoing stress. Applications of acoustic emission testing have been growing for field inspections, tank bottom testing, corrosion detection, production quality control, evaluation of aging aircraft, and the inspection of nuclear components in numerous industries.
The acoustic emission testing market surpassed a value of US$ 230 Mn in 2017 and is estimated to grow at a steady pace. Rising emphasis on the need for effective solutions for the monitoring and inspection of material and infrastructures coupled with mandates legislated by government recommending the use of NDT solutions is likely to create a favorable growth scenario for the acoustic emission testing market. The versatility of the testing technique and aging infrastructure is envisaged to grow manifold, thereby reflecting on the size of the acoustic emission testing market in the upcoming years.
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Acoustic Emission Testing Market – Competitive Landscape
The acoustic emission testing market generates revenue from the significant players functioning in this domain and some of them consist of TUV Rheinland, Score Atlanta, KRN Services, Vallen Systeme, Acoustic Emission Consulting, General Electric, TUV Austria, Parker Hannifin, TUV Nord, MISTRAS, Olympus Corporation, SGS SA, X-R-I Testing, Arcadia Aerospace, Applus+, Exova Group Limited, COMET, Acuren, Ashtead Technology, Sonatest, Eddyfi, Inc., and NDTS India (p) Ltd.
In July 2018, a leading German company TUV Rheinland announced the expansion of its testing services in Gurugram, India. The installation of the softlines testing facility will offer abundant opportunities to the manufacturers and exporters and enable them to develop quality assured products for their consumers.
In June 2018, Ashtead Technology teamed up with Cygnus Instruments and Aquatec Group with a future-oriented outlook to strengthen its footprint in non-destructive testing as well as inspection capabilities. The company will now be able to offer NDT services in multiple markets across the world.
Recently, Eddyfi Inc. announced the acquisition of a leading NDT Robotics Company Inuktun. The transaction will help in the expansion of the product portfolio and enlargement of the company's customer base in parallel to broadening the scope of product development and adding skilled NDT inspection experts.
KRN Services was incorporated in 1991 and is based in Michigan. The company works with an objective to offer the best quality equipment that suits the need of the customers. Its offering ranges from resonant sensors with and without preamplifiers, specialty sensors, broadband sensors, to underwater sensors. The company also specializes in the development of custom-made acoustic emission testing equipment to meet the specific requirement of the customers.
NDTS India was founded in 2006 and is headquartered in Mumbai. The company works with an aim to help customers tackle challenges pertaining to Non-destructive testing and evaluation. It is dedicated to meeting the needs of the customers and surpassing their expectations in terms of quality. The offerings of the company range from inspection services, third-party inspection, consulting services, equipment rentals, to training and certification.
Applus+ Laboratories was established in 1907 in Barcelona as a testing and research entity. The company boasts its expertise in the development of technical solutions to amplify the competitiveness of the product, fuel innovation, and extend its arms to underpin testing, product development, and quality services along with certification services.
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Acoustic Emission Testing Market - Dynamics
Trend of Miniaturization of Acoustic Emission Testing Equipment to Lend Bigger Sales Prospects
Miniaturization trends will continue to cause a significant paradigm shift in the manufacturing of acoustic emission testing equipment. Manufacturers of the equipment realize the benefits of
portable devices such as material reduction, which further reduces the overall production cost. Lesser space requirement to carry inspection activities have been appealing the end-users and in turn, the sales of the acoustic emission testing equipment are on a notable surge. Convergence of artificial intelligence with inspection activities is anticipated to unlock new avenues for the advancement of the acoustic emission testing market.
Sales of Acoustic Emission Testing Equipment Tumble As Installation Cost Surges
End-users of acoustic testing equipment stick to the conventional NDT methods and exhibit a hesitance for adopting acoustic emission testing methods on account of their high installation costs. Acoustic emission testing equipment requires a quiet environment to function and even a little exposure to noise hamper their operation. Additionally, complexity in their functions demand skilled labors and incur large training cost per labor, which has caused a reluctance among the end-users for the adoption of the equipment. Poor quantitative results of the testing method in terms of size and depth of the inspection could affect the desirability of adoption among the end-users, thereby impacting the growth of the acoustic emission testing market.
North America to Hold a Sizeable Share of the Acoustic Emission Testing Market
Rising concerns pertaining to the aging infrastructures in the developed countries and the aftermaths post their collapse have generated a scope for effective asset health management solutions. With the technological advancements and enhanced capabilities of the systems, the modernistic acoustic emission testing equipment is employed for precise inspection of an area. Cost-effectiveness of the technique remains a significant driver augmenting the demand for acoustic emission testing techniques.
Growth of the acoustic emission testing market is likely to remain sustained on account of the favorable government policies and programs creating awareness pertaining to the health check of aging assets, which has bridged the information gap among the end-users of the developed countries. A cohort of these factors holds promising growth prospects for the acoustic emission testing market in North America.
Acoustic Emission Testing Market - Segmentation
The acoustic emission testing market can be divided on the basis of:
Acoustic Emission Testing Market Segmentation – By Equipment
Based on the equipment, the acoustic emission testing market can be bifurcated into:
Acoustic Emission Testing Market Segmentation – By Service
Depending on the service, the acoustic emission testing market can be classified into:
Acoustic Emission Testing Market Segmentation – By Application
On the basis of the application, the acoustic emission testing market can be fragmented on the basis of:
The study presents reliable qualitative and quantitative insights into:
Market segments and sub-segments
Market trends and dynamics
Supply and demand chain of the market
Market valuation (revenue and/or volume)
Forces defining present and estimated future state of the competitive landscape
Value chain and stakeholder analysis
The regional analysis covers:
Middle East and Africa
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