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Ultrasonic Technologies Market Growing at 10.9% CAGR to Hit $3.80 billion by 2030| Growth, Share Analysis, Company Profiles
Ultrasonic Technologies Market
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High efficiency in maintenance of systems and industrialization in emerging countries drive the growth of the global ultrasonic technologies market. However, high initial investment restrains the market to some extent. On the other hand, introduction of IoT presents new opportunities in the upcoming years.
High efficiency in maintenance of systems and industrialization in emerging countries drive the growth of the global ultrasonic technologies market. However, the outbreak of COVID-19 pandemic led to halted construction and manufacturing activities across the world. Also, hotels and tourism industries were majorly affected due to temporary closure, which led to decline in manufacturing of ultrasonic technologies as well as their demand in the market.
COVID-19 scenario:
The outbreak of COVID-19 pandemic led to halted construction and manufacturing activities across the world, which in turn, hampered ultrasonic technologies market.
At the same time, offices, hotels and tourism industries were majorly affected due to temporary closure, which led to decline in manufacturing of ultrasonic technologies as well as their demand in the market.
However, the global situation is getting better at a slow & steady pace, and the market is anticipated to recover by end of 2021.
The report offers detailed segmentation of the global ultrasonic technologies market based on sales type, end use industry, application, and region.
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Based on application, the welding segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. However, the inspections segment is estimated to register the highest CAGR of 12.1% from 2021 to 2030.
Based on end use industry, the food & beverage segment held the largest market share in 2020, holding more than one-third of the total market share, and is expected to continue its leadership status during the forecast period. However, the healthcare segment is projected to register the highest CAGR of 12.0% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, LAMEA is projected to manifest the fastest CAGR of 11.8% during the forecast period.
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Leading Players:
Leading players of the global ultrasonic technologies market analyzed in the research include Advanced Sonics, LLC, Crest Ultrasonics Corp., DPR Ultrasonic Technologies, Emerson Electric Co. (Branson), International Ultrasonic Technologies, Mosca GmbH, MS Industrie AG, Sonotronic Nagel GmbH, Telsonic AG, and Ultrasonic Technologies, Inc.
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