Acoustic Camera Market to Reach $274.6 Mn, Globally, by 2026 at 11.3% CAGR: Allied Market Research
Maintenance optimization in different industries to enable safety and efficient performance of machines and surge in usage of acoustic camera in the oil & gas and power generation projects drive the growth of the global acoustic camera market
PORTLAND, Oregon, Feb. 26, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Acoustic Camera Market by Array (2D and 3D), Type (Far Field and Near Field), Application (Noise Source Identification and Leakage Detection), and Industry Vertical (Aerospace, Automotive, Industrial, Energy & Power, Electronics, and Education): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global acoustic camera industry garnered $122.6 million in 2019, and is estimated to garner $274.6 million by 2026, registering a CAGR of 11.3% from 2020 to 2026.
Drivers, restraints, and opportunities
Maintenance optimization in different industries to enable safety and efficient performance of machines, surge in usage of acoustic camera in the oil & gas and power generation projects, and stringent safety & government regulations drive the growth of the global acoustic camera market. However, high cost of manufacturing and maintenance of acoustic camera hinder the market growth. On the other hand, rise in usage of advanced NDT equipment expected to offer new opportunities in the market.
The 2D segment to continue its leadership status during the forecast period
Based on array type, the 2D segment held nearly three-fifths of the total share of the global acoustic camera market in 2019, and is expected to continue its leadership status during the forecast period. This is due to surge in usage in planer surface applications and deployment in automotive workshops and factories for variant analysis and other measurement processes. However, the 3D segment would portray the highest CAGR of 13.1% from 2020 to 2026, owing to increase in usage in various industry verticals such as automotive, energy, environment, transportation, and aerospace.
The noise source detection segment to maintain its lead position in terms of revenue by 2026
Based on application, the noise source detection segment accounted for the largest market share of the global acoustic camera market in 2019, holding more than one-third of the total share, and will maintain its lead position in terms of revenue during the forecast period. This is attributed to the adoption in aerospace, automotive, and manufacturing units for detection of any sort of noise source. However, the leak detection segment is expected to grow at the highest CAGR of 13.0% from 2020 to 2026. This is due to demand for detection of leakages in doors and windows along with containers used in manufacturing units & plants.
Asia-Pacific to lucrative opportunities, North America to trail
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue, contributing to nearly two-fifths of the global acoustic camera market in 2019, and is estimated to continue its dominant share during the forecast period. Moreover, this region is estimated to witness the highest CAGR of 12.6% from 2020 to 2026. This is due to availability high-end technologies, increase in demand for smart electronics, and rise of manufacturing industries. North America is estimated to contribute the second-highest market share by 2026.
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