Industrial Ultrasonic Transducer Market Growth 2021 to 2031
The Industrial Ultrasonic Transducer Market size is projected to reach US$ 1,332.27 million by 2031 from US$ 823.37 million in 2023. The market is expected to register a CAGR of 6.2% in 2023–2031. The growing industrial automation is likely to remain a key industrial ultrasonic transducer market trend.
Industrial Ultrasonic Transducer Market Analysis
The global industrial ultrasonic transducer market is expanding rapidly due to technological advances and increased demand in industries such as oil & gas, energy & power, and others. The requirement for precise material processing, effective cleaning, and accurate and dependable measurement are some of the main elements propelling its rise. Furthermore, the increasing uptake of IoT and automation technologies is expected to fuel the growth of the market in the forecasted period. Additionally, the development of smaller and highly efficient ultrasonic transducers is projected to drive market expansion.
Industrial Ultrasonic Transducer Market Overview
Ultrasonic transducers are essential in non-destructive testing because they use high-frequency sound waves to analyze important parameters. These invaluable tools are used in many different industries for tasks including weld inspection, thickness measuring, and fault detection. These transducers provide accurate process control in industrial settings, which boosts output and guarantees quality. Thus, the necessity for quality control across multiple sectors is driving the need for industrial ultrasonic transducers. In addition, these instruments are used in non-destructive testing (NDT) processes to identify various kinds of material defects.
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Industrial Ultrasonic Transducer Market: Strategic Insights
Market Size Value in US$ 609.5 Million in 2018 Market Size Value by US$ 1,064.1 Million by 2027 Growth rate CAGR of 6.7% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Industrial Ultrasonic Transducer Market: Strategic Insights
| Market Size Value in | US$ 609.5 Million in 2018 |
| Market Size Value by | US$ 1,064.1 Million by 2027 |
| Growth rate | CAGR of 6.7% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Industrial Ultrasonic Transducer Market Drivers and Opportunities
Rising Demand for Ultrasonic Technology in the Oil & Gas Industry
Non-destructive ultrasonic testing has a significant impact on upstream, middle, and downstream oil and gas safety and production. Ultrasonic testing improves asset uptime and lowers the risk of minor or severe failures in crucial oil extraction, refinery, storage, and distribution systems by enabling effective inspections of welds, pipes, cladding, and risers for cracks, corrosion, or flaws. By lowering the risk of liability and revenue losses and boosting asset uptime, ultrasonic testing equipment yields a return on investment, thus fueling the market growth globally.
Growing Technological Advancement
Sensor technology advances and increased investment in R&D are projected to fuel innovation in the industrial ultrasonic transducer market. To meet a variety of industrial needs, manufacturers are concentrating on creating sophisticated transducers with enhanced performance, robustness, and dependability. Thus, the continuous efforts of manufacturers for the development of technologically advanced ultrasonic transducers are expected to create an opportunity for the growth of the industrial ultrasonic transducer market in the forecasted period.
Industrial Ultrasonic Transducer Market Report Segmentation Analysis
Key segments that contributed to the derivation of the industrial ultrasonic transducer market analysis are type, application, and industry vertical.
- Based on type, the industrial ultrasonic transducer market is segmented into contact transducer, dual element transducer, immersion transducer, shear wave transducer, delay line transducer, and others. The contact transducer segment held a larger market share in 2023.
- By application, the market is segmented into level & measurement, non-destructive testing, process control, and others. The non-destructive testing segment held a larger market share in 2023.
- By industry vertical, the market is segmented into oil & gas, energy & power, pharmaceutical, pulp & paper, metallurgy & engineering, and others. The oil & gas segment held a larger market share in 2023.
Industrial Ultrasonic Transducer Market Share Analysis by Geography
The geographic scope of the Industrial Ultrasonic Transducer Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, Asia Pacific accounted for the largest Industrial Ultrasonic Transducer Market share. The market in this region is segmented into Australia, China, India, Japan, South Korea, and the rest of APAC. The growing need for non-destructive testing solutions and growing industrial automation drives the expansion of the regional market. Furthermore, the market players present in the region are continuously working on technological developments in ultrasound technology, which is further expected to boost the market growth in the forecasted period.
Industrial Ultrasonic Transducer Market Report Scope
Industrial Ultrasonic Transducer Market News and Recent Developments
The Industrial Ultrasonic Transducer Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- PI Ceramic announced that, for the first time, it has presented its new class of power ultrasonic transducers at COMPAMED 2023. These Langevin transducers are used in the preparation of microfluidic samples. In these transducers, piezoelectric rings create ultrasonic waves, which are then amplified to the tip of the device to initiate vibrations in the target media. As well as in microfluidics, this principle can also be used in many other applications in medical technology, for example, the aspiration of tissue, phacoemulsification, or ultrasonic scalpels.. (Source: PI Ceramic, Press Release, 2023)
- Munich-based high-tech startup Toposens announced the release of its 3D Ultrasonic Echolocation Sensor ECHO ONE. Based on the principle of echolocation as seen in bats, Toposens ECHO ONE compensates the drawbacks of optical sensors through sound-based triangulation in combination with sophisticated noise-filtering software. This, in turn, delivers robust 3D data output in real-time for each obstacle detected within the fully adjustable warning- and stopping zones. (Source: Toposens, Press Release, 2022)
Industrial Ultrasonic Transducer Market Report Coverage and Deliverables
The “Industrial Ultrasonic Transducer Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Application ; Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global Industrial Ultrasonic Transducer Market is expected to reach US$ 1,332.27 million by 2031.
The key players holding majority shares in the global Industrial Ultrasonic Transducer Market are Audiowell Electronics (Guangdong) Co., Ltd., APC International, Ltd, Crest Ultrasonics Corporation, OLYMPUS CORPORATION, Optel, Piezo Technologies, Siemens AG, SONOTEC GmbH, Weber Ultrasonics AG, and XARION Laser Acoustics GmbH.
Rising demand for ultrasonic technology in the oil & gas industry is the major factors that propel the global Industrial Ultrasonic Transducer Market.
Growing industrial automation is anticipated to play a significant role in the global Industrial Ultrasonic Transducer Market in the coming years.
The global Industrial Ultrasonic Transducer Market was estimated to be US$ 823.37 million in 2023 and is expected to grow at a CAGR of 6.2% during the forecast period 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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