Rockville, MD , Sept. 23, 2024 (GLOBE NEWSWIRE) -- According to a new industry report by Fact.MR, a market research and competitive intelligence provider, turnover of the global Acoustic Emission-Based NDT Market is projected to touch US$ 307.5 million in 2024 and thereafter forecasted to expand at 4.5% CAGR from 2024 to 2034.
The capabilities of acoustic emission-based NDT techniques are being improved by constant developments in sensor technology. The accuracy and dependability of these inspections are rising due to advancements in acoustic emission sensors, including increased sensitivity, enhanced signal processing, and better noise suppression. Acoustic emission-based NDT methods are becoming more efficient for critical applications such as infrastructure, nuclear power, aerospace, and others due to advancements in the identification of material defects, stress sites, and structural weaknesses.
The North American region is leading globally due to stringent safety and quality standards in several sectors such as aerospace, defense, and oil & gas. Because of ongoing industrial expansion, the East Asian market is projected to grow at a noteworthy compound annual growth rate over the next ten years.
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Key Takeaways from Market Study:
- The global market for acoustic emission-based NDT is projected to reach US$ 477.6 million by 2034.
- Demand for multiple channel source location techniques is forecasted to touch US$ 143.8 million by the end of 2034.
- North America is poised to account for a 35% share of the worldwide market in 2024.
- The market in the United States is analyzed to touch a valuation of US$ 119.1 million by 2034-end.
- Demand for acoustic emission-based NDT in South Korea is estimated at US$ 11.5 million in 2024 and is forecasted to reach US$ 21.5 million by 2034.
- Demand for acoustic emission-based NDT in East Asia is approximated to advance at 6.3% CAGR through 2034.
- Based on axis, the multi-axis linear motors segment is analyzed to account for a 59% market share by 2034.
“To strengthen or preserve their position in the market, prominent players are funding R&D to develop advanced acoustic emission-based NDT systems with superior features such as higher sensitivity, accuracy, and data analysis capabilities,” says a Fact.MR report
Leading Players Driving Innovation in the Acoustic Emission-based NDT Market:
Key players in the acoustic emission-based NDT market are Parker Hannifin Ltd., Score Atlanta, General Electric, Vallen Systeme GmBH, Cybernetix, KRN Services, Inc., MISTRAS Group, Inc., Arudra Engineers Pvt. Ltd., Olympus Corporation, TechnipFMC, Cygnus Instruments, SPIE, Precision Aerospace Group, XCEL NDT.
High Preference for Multiple Channel Source Location Technique:
Multiple-channel source location techniques are in high demand compared to other methods because they offer enhanced accuracy and reliability when locating the source of defects or malfunctions. Several channels are used in this procedure to increase the sensitivity and spatial resolution of the testing process, which enables more accurate identification of issues with complex structures or materials.
To ensure performance and safety and to meet the requirements of thorough and accurate inspection, industries including aerospace, automotive, and infrastructure depend on this capability.
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Acoustic Emission-based NDT Industry News:
- In July 2024, SPIE, the autonomous European leader in multi-technical services for the energy and communications industries, announced that it will acquire all of SIRAC, ABC, and ETC, the leaders in non-destructive inspections and testing in the nuclear industry.
- Precision Aerospace Group (PAG) purchased Aerofab NDT, a Kent, Washington-based company that creates specialized non-destructive testing (NDT) equipment to safeguard the integrity of aerospace parts, in March 2024. PAG is a leading provider of products and services with added value to the space, defense, and aerospace sectors.
- Graycliff Partners announced in October 2023 that it would be acquiring XCEL NDT, a non-destructive testing company that provides services for critical infrastructure assets in the pipeline, general industrial, and petrochemical industries.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the acoustic emission-based NDT market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on technique (multiple channel source location, linear location, zonal location, point location), axis (single-axis linear motors, multi-axis linear motors), detection method (sensors, piezoelectricity), and application (cranes, bridges, pipelines, pressure vessels, storage tanks, aircraft, bucket trucks), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Segmentation of Acoustic Emission-based NDT Market Research:
- By Technique :
- Multiple Channel Source Location
- Linear Location
- Zonal Location
- Point Location
- By Axis :
- Single-Axis Linear Motors
- Multi-Axis Linear Motors
- By Detection Method :
- Sensors
- Piezoelectricity
- By Application :
- Cranes
- Bridges
- Pipelines
- Pressure Vessels
- Storage Tanks
- Aircraft
- Bucket Trucks
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