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|NDT.net Issue - 2008-09 - NEWS |
|Wellesley, MassAccording to a new technical market research report, Ultrasonics: Global Markets and Technologies (MFG013C) from BCC Research (www.bccresearch.com), the global market for ultrasonic technology was worth $10.8 billion in 2007. This is expected to increase to $12.4 billion in 2008 and reach $18.8 billion by 2013, a compound annual growth rate (CAGR) of 8.7%.
The market is broken down into applications of ultrasonic motors, flowmeters and spares, ultrasonic medical technology, and ultrasonic assembling/processing technology. Of these, the ultrasonic motors, flowmeters and spares segment is expected to have the highest value and growth rate over the study period. Worth an estimated $4.9 billion in 2008, it is expected to increase to $8.4 billion in 2013, a CAGR of 11.4%. This growth is anticipated mainly because of increased use of ultrasonic motors and actuators in various digital cameras and cell-phone cameras.
This segment also will grow due to the use of ultrasonic flowmeters in the measurement of fluid flow, in the huge oilfields of the Middle East. The CAGR for ultrasonic flowmeters is expected to be 9.1% over the study period.
The second largest segment, ultrasonic medical technology, will be worth an estimated $3.8 billion in 2008 and reach almost $6.0 billion in 2013, a CAGR of 8.9%. The medical field has embraced ultrasonics, and new applications crop up regularly. The diagnostic ultrasound is a booming market with use of 3D and 4D imaging increasing in many new fields. Similarly, ultrasonic applications in various types of surgical and therapeutic fields are increasing.
The ultrasonic assembling/processing technology segment will increase at a CAGR of 4.4% over the study period. Worth an estimated $3.6 billion in 2008, it will reach $4.5 billion in 2013.
BCC Research, 40 Washington Street, Suite 110, Wellesley, MA 02481, Telephone: 866-285-7215; Email: email@example.com