According to a new report by Allied Market Research, the global acoustic emission equipment market is on track for steady expansion, projected to grow from $108 million in 2019 to $130.8 million by 2027 at a CAGR of 3.2%. This growth is primarily driven by the rising demand for non-destructive testing (NDT) technologies used to monitor the integrity of infrastructure and machinery across various sectors.
Acoustic emission testing, an advanced NDT technique, detects stress waves emitted from localized sources when materials are under strain, enabling the monitoring of large structures with minimal disruption. This method has gained traction across industries, particularly in sectors like aerospace, defense, and aging infrastructure, where the technology aids in predicting the remaining lifespan of assets.
North America is expected to lead the global market due to its significant number of aging infrastructures and robust demand in the defense sector. Europe follows as the second-largest market, driven by an increase in new sustainable infrastructure projects. Key drivers for the market include advancements in aerospace, stricter product quality standards in emerging markets, and the rise of new infrastructural developments worldwide.
“The demand for reliable acoustic emission systems is increasing as industries aim to enhance the lifespan and safety of essential infrastructure,” states the report. It highlights that the AE systems segment held the highest market share in 2019, and both AE systems and handheld systems accounted for around 90% of the market that year.
The COVID-19 pandemic presented mixed trends across end-user sectors, with sectors like transportation and construction experiencing reduced demand, while defense, power plants, and oil and gas operations remained steady in their use of acoustic emission equipment.
The report identifies notable players in the market, including Acoustic Monitoring International, Inc., Campbell Scientific, Inc., and Mistras Group, Inc., who are advancing the market through partnerships, acquisitions, and technology innovations. The report emphasizes that the continued integration of big data analytics and investments in R&D to enhance acoustic emission testing methods will provide promising growth opportunities for the market in the coming years.
Reference: https://www.openpr.com/news/3722874/acoustic-emission-equipment-market-set-for-strong-growth
