Portland, June 09, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global acoustic camera market was estimated at $122.6 million in 2019 and is expected to hit $274.6 million by 2026, registering a CAGR of 11.3% from 2020 to 2026. The report provides an all-inclusive analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in need to enable safety and efficient performance of machines, increase in usage of acoustic camera in the oil & gas and power generation projects, and strict safety & government regulations propel the growth of the global acoustic camera market. On the other hand, high cost of manufacturing and maintenance of acoustic cameras curtail down the growth to some extent. Nevertheless, surge in usage of advanced NDT equipment is anticipated to offer lucrative opportunities in the industry.
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COVID-19 scenario-
- The outbreak of COVID-19 has impacted the global acoustic camera market badly. The global lockdown has minimized the need to combat noise pollution in metropolitan cities and accordingly, there’s been a significant decline in the demand for acoustic cameras worldwide. Also, the pandemic has brought forth major disruptions in the supply chain and thus, the global market has been affected significantly.
- However, certain relaxations are now being imposed, by several government bodies, on the existing regulations and it’s projected that the global acoustic market would recoup the loss soon.
The global acoustic camera market is divided on the basis of array type, measurement type, application, end-use, and region. By array type, the 2D segment accounted for three-fifths of the total market revenue in 2019, and is anticipated to lead the trail by the end of 2026. Simultaneously, the 3D segment would manifest the fastest CAGR of 13.1% throughout the forecast period.
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By application, the noise source detection segment contributed to more than one-third of the total market share in 2019, and is expected to rule the roost till 2026. At the same time, the leak detection segment is expected to register the fastest CAGR of 13.0% during the study period.
By geography, Asia-Pacific generated the major share in 2019, holding nearly two-fifths of the global market. Moreover, this region would also portray the fastest CAGR of 12.6% by 2026. The other provinces analyzed through the market report include North America, Europe, and LAMEA.
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Key players in the industry-
The key market players analyzed in the global acoustic camera market report include Bruel & Kjaer, Norsonic AS., CAE Sofwtare & Systems, Polytec GmbH, Siemens PLM Software (Siemens AG), Microflown, Signal Interface Group, Inc., Sorama, GFAI Tech GmbH, and ZIEGLER-Instruments. These market players have implemented several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
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