PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485847
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485847
Acoustic Emission (AE) Testing Market size was valued at USD 387.78 Million in 2023, expanding at a CAGR of 4.5% from 2023 to 2030.
A non-destructive testing (NDT) method called acoustic emission (AE) testing finds and tracks the discharge of ultrasonic stress waves. Ultrasonic stress waves are released during acoustic emission testing, an inspection technique used to find material flaws. Unlike conventional ultrasonic testing, these ultrasonic waves are not introduced from an outside source.
Acoustic Emission (AE) Testing Market- Market Dynamics
Increasing demand for AE testing equipment from medical and electronics applications is to propel market demand
Over the forecast period, rising demand for reducing corrosion cracking, leak monitoring in the oil & gas and energy sector to foster market growth. Further, the market is anticipated to grow due to the increasing emphasis on improving production quality and the necessity of increasing productivity. Various manufacturers are concentrating on choosing to test their materials for acoustic emissions, which will augment the AE testing market's growth throughout the projected era. In recent years, there has also been a rise in the necessity for asset health monitoring and a growing awareness of plant safety.
In addition, in the past few years, the power generation industry has seen a major increase in demand for acoustic emission monitoring technology. It is expected that it will provide new additional global market opportunities for market growth. Further driving the market over the projection period will be the notable growth in ageing infrastructure, which is creating a need and demand for acoustic emission testing services.
Acoustic Emission (AE) Testing Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2030)
Based on Equipment Type segmentation, the sensor segment was predicted to show maximum market share in the year 2023, owing to high demand in oil & gas and energy, power detection at power plants.
Based on Application segmentation, the corrosion & leak detection segment was the leading application in 2023, mainly due to the increasing demand for oil & gas detection.
Based on End User segmentation, automotive was the leading end user in 2023, mainly due to the high demand for AE testing in monitoring & detecting flaws in automotive applications.
Based on region, North America was the leading revenue generator in 2023, owing to the presence of technologically advanced AE testing solutions.
The Global Acoustic Emission (AE) Testing Market is segmented based on Equipment Type, Application, End User, and Region.
The market is divided into four categories based on Equipment Type: sensors, amplifiers, detection instruments, and others. The sensors segment dominates the market. The technology development and growing need for AE testing in leak detection are likely to contribute to market growth.
The market is divided into five categories based on Application: electronics, medical, corrosion & leak detection, power distribution, and others. The corrosion & leak detection segment dominates the market and is likely to maintain its dominance during the forecast period. Rising demand from electronics & medical applications is also expected to boost the market growth.
The market is divided into seven categories based on End User: chemical, oil & gas, energy & power, food, automotive, healthcare, and others. The automotive dominates the market and is likely to maintain its dominance during the forecast period. Further, the food & beverages industries are gaining more traction at a fast pace which is also contributing to market growth.
Acoustic Emission (AE) Testing Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
To increase their market share, businesses are engaging in strategic initiatives like joint ventures, mergers, acquisitions, clinical trials, and strategic agreements to expand their product line. Industry participants are also focusing on product releases AE testing and global expansion to maintain their position in the global market. The worldwide Acoustic Emission (AE) Testing market has been further impacted by supportive government collaborations. For example, SGS SA has collaborated with different companies Exova, X-R-I testing to strengthen its position in the market.
In 2022, Mistras Group collaborated with Innerspec to enhance their footprints in the European market.