May 28, 2020 9:46 AM ET
iCrowd Newswire – May 28, 2020
The Global Acoustic Camera Market is estimated to grow at a CAGR of 11.3% during the forecast period 2020-2026. The market research study presents that the acoustic camera industry accounted $122.63 million in the year 2019 and is estimated to reach $274.57 million by the end of the year 2026. The 3D array segment of the market is estimated to witness the highest growth among other arrays with a CAGR of 13.1% during 2020-2026, due to increasing application of 3D acoustic camera in numerous industry verticals such as aerospace, transportation, environment, energy and automotive. Similarly, the leak detection segment is anticipated to record the highest growth at a CAGR of 13% during 2020-2026, among other application segments. While the Asia-Pacific acoustic camera market is predicted to witness the highest growth among all the other regions with a CAGR of 12.6% during the forecast period 2020-2026.
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The acoustic camera industry is driven by various growth factors such as stringent safety & government regulations considering safety and security purposes, increase in usage of acoustic camera in the power generation projects and oil & gas industries and maintenance optimization in various industries to enable efficient performance and safety of machines. However, high cost of maintenance and manufacturing of acoustic camera may act as a growth impeding factor for the global acoustic camera market. While, on contrary, growth in usage of advanced non-destructive testing (NDT) equipment is estimated to offer lucrative opportunities for the global acoustic camera market.
Segmentation Overview of the Global Acoustic Camera Market
The global acoustic camera market is segmented on the basis of various market segments that include array, type, application and industry vertical. These segments are further categorized into various sub-segments to study the market in detail considering various factors and geographical conditions.
The Array Segment of the Global Acoustic Camera Market is Sub-Segmented into:
The Type Segment of the Global Acoustic Camera Market is Sub-Segmented into:
- Far Field
- Near Field
The Application Segment of the Global Acoustic Camera Market is Sub-Segmented into:
- Noise Source Identification
- Leakage Detection
The Industry Vertical Segment of the Global Acoustic Camera Market is Sub-Segmented into:
- Energy & Power
Geographical Overview of the Global Acoustic Camera Market
The global acoustic camera market is segmented on the basis of various geographical regions, such as:
- North America (Canada, U.S. and Mexico)
- Europe (Germany, France, UK, Italy and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the Asia-Pacific acoustic camera market recorded the highest market share in terms of market revenue and contributed ~2/5th of the share in the global marketplace in the year 2019. The region is estimated to hold dominant market position during the forecast period 2019-2026. Also, the Asia-Pacific acoustic camera market is estimated to witness the fastest growth with highest CAGR of 12.6% during the forecast period 2020-2026. The regional growth is attributed growth of manufacturing industries, increase in demand for smart electronics and availability of high-end technologies in the region.
Market Competition Insights of the Global Acoustic Camera Market
Siemens Product Lifecycle Management Software Inc., Microflown Technologies, Ziegler-Instruments GmbH, Sorama, Signal Interface Group, GFAI Tech GmbH, CAE Software, Systems GmbH, Norsonic AS and Brüel & Kjær are some major key players included in the research study of the global acoustic camera market. The market players are adopting various competitive strategies to acquire majority of the market share in the global acoustic camera market.
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Keywords: Acoustic Camera Market, Acoustic Camera Market Size