The Industrial Ultrasonic Transducer Market Is Expected To Grow At A CAGR Of 6.7% During The Forecast Period

The Industrial Ultrasonic Transducer Market Is Expected To Grow At A CAGR Of 6.7% During The Forecast Period

Date:Sep 11, 2020

In 2018, the global industrial ultrasonic transducer market size was US$609.5 million. It is expected to grow at a compound annual growth rate of 6.7% during the forecast period from 2019 to 2027, and reach US$1.0614 billion by 2027.

As more and more emerging regions invest in local manufacturing plants, the global manufacturing and oil and gas industries are developing rapidly. It is expected that the expansion of the manufacturing and oil and gas industries will include technological advances to increase factory productivity, maintain an advantage with customers and gain a competitive advantage. The development of these industries is driven by global economic growth. In addition, it is currently found that the industry is in the middle of a technological revival, which is changing the appearance, systems and processes of modern factories. In addition, ultrasonic transducers are installed in these industries. Since the combination of these transducers and delay lines provides a good near-surface solution, the higher frequency of the transducer also helps to improve resolution. Likewise, these transducers should help enhance the ability to measure thin materials or find small defects using the direct contact method. The positive outlook for these industries on a global scale is driving the adoption of ultrasonic sensors in the manufacturing sector and production lines in the oil and gas industry.

The Asia-Pacific region is the fastest growing region in the world. In the Asia-Pacific region, the Indian government has launched the "Made in India" program to promote the growth of automobiles, textiles, construction and manufacturing. The Indian government is launching "Made in India 2.0", which is the next round of Made in India. The plan will focus on turning India into a global manufacturing center.

The overall market size of industrial ultrasonic transducers is derived using primary and secondary sources. The research process starts with a detailed secondary study using internal and external resources to obtain qualitative and quantitative information related to the industrial ultrasonic transducer market. It also provides an overview and forecast of the global industrial ultrasonic transducer market based on all the market segments provided, which involve five main reasons, such as North America, Europe, Asia Pacific, Middle East and Africa, and South America. In addition, preliminary interviews were conducted with industry participants and commentators to verify the data and analysis. Participants who usually participate in this process include industry experts, such as vice presidents, business development managers, market intelligence managers, and country sales managers, as well as external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in industrial ultrasound. Market.

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