Industrial Ultrasonic Transducer Market to 2027 - Global Analysis and Forecast by Type (Contact Transducer, Dual Element Transducer, Immersion Transducer, Shear Wave Transducer, Delay Line Transducer, and Others); Application (Level & Measurement, Non-destructive Testing, Process Control, and Others); Industry Vertical (Oil & Gas, Energy & Power, Pharmaceutical, Pulp & Paper, Metallurgy & Engineering, and Others)
The global industrial ultrasonic transducer market accounted for US$ 609.5 Mn in 2018 and is expected to grow at a CAGR of 6.7% over the forecast period 2019–2027, to account for US$ 1,064.1 Mn by 2027. The global manufacturing and oil & gas industries are rapidly expanding as more and newer regions are investing in adopting manufacturing plants in their localities. The expansion in the manufacturing and oil & gas industry is expected to embrace technological advancements to enhance plant productivity, maintain the edge with the customers, and gain competitive advantage. The development in these industries is driven by economic growth worldwide. Also, the industry is presently found to be in the middle of a technological renaissance, which is changing the outlook, systems, and processes of the modern factory. Furthermore, ultrasonic transducers are installed in these industries. As these transducers combined with delay line offers good near surface solution, with this the higher frequency of a transducer also help in improving resolution. Also, these transducers should help enhancing the ability to measure thin materials or find small flaws while using the direct contact method. The positive outlook of these industries across the globe is driving the adoption of the ultrasonic transducer within the process lines of the manufacturing unit as well as oil & gas sector.
APAC is the fastest-growing region across the globe. In the APAC region, the Government of India has started the “Make in India” initiative to boost the growth of automobiles, textiles, construction, and manufacturing, among others. The Indian government is launching Make in India 2.0, which is the next round of Make in India, and this initiative will focus on turning India into a global manufacturing hub.
The overall Industrial ultrasonic transducer market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Industrial ultrasonic transducer market. It also provides the overview and forecast for the global Industrial ultrasonic transducer market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the industrial ultrasonic transducer market.
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