Segmentation by Application (Research, Underwater Mining, Oil Inspection, and Others); and by End-User (Industrial, Commercial, and Others) – Global Demand Analysis & Opportunity Outlook 2031
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On the basis of geographical analysis, the global underwater magnetic particle inspection equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness noteworthy growth over the forecast period on the back of increasing research activities in developed countries, such as, the Netherlands, UK, Sweden, Denmark, and France, among others.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing government investment in academic research activities, along growing demand for oil and shale gas. For instance, the United Nations established UN Ocean Science Decade for Sustainable Development for ocean research, monitoring and surveillance.
The global underwater magnetic particle inspection equipment market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global underwater magnetic particle inspection equipment market includes the following segments:
By Application
By End-User
Growth Drivers
Challenges
Various companies are investing in advanced technologies, as underwater magnetic particle inspection equipment. The major companies operating in the market are Oceanscan Ltd., Sea and Land Technologies Pte Ltd., Marshall Underwater Industries, Inc., DJKasia Group, SCM Underwater Work & Salvage, Mectron Inspection Engineering, and others.
December, 2021: The European Marine Board (EMB) along with the Joint Programming Initiative Healthy and Productive Seas and Oceans (JPI Oceans), announced that both these organizations would work towards the 'Ocean Decade', a UN Initiative, to explore resources in the water bodies.
December, 2021: The Ocean Decade has launched a Technology and Innovation Informal Working Group to promote Ocean Tech for sustainable development.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing underwater research activities and underwater mining activities are estimated to boost the market growth.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2031.
Ans: The major players in the market are Oceanscan Ltd., Sea and Land Technologies Pte Ltd., Marshall Underwater Industries, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by application, end-user, and by region.
Ans: The underwater mining segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: High production cost of these equipment is estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing underwater research activities in the region.
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