Global Underwater Magnetic Particle Inspection Equipment Market Highlights over 2022 – 2031
The global underwater magnetic particle inspection equipment market is estimated to grow at a robust CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing need for underwater mining, backed by the rising consumption of metals, and minerals. Moreover, the depleting resources on non-renewable minerals and ores on land is estimated to raise the demand for underwater inspection for mineral reserves. Along with this, the growing research and academic activities in the depths of oceans and seas, are projected to boost the market growth. Furthermore, the growing investment in the research and development activities across the globe is estimated to boost the market growth. According to the data by the World Bank, 2.203% of the global GDP was spent on research activities in 2018.
The market is segmented by application into research, underwater mining, oil inspection, and others, out of which, the underwater mining segment is anticipated to hold a notable share in the global underwater magnetic particle inspection equipment market over the forecast period on account of increasing demand for minerals and other mining products, that are available in the sea bed. Moreover, growing use of these minerals in semiconductors and electronics, is estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Underwater Magnetic Particle Inspection Equipment Market Regional Synopsis
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:
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North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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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
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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
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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
Market Segmentation
Our in-depth analysis of the global underwater magnetic particle inspection equipment market includes the following segments:
By Application
- Research
- Underwater Mining
- Oil Inspection
- Others
By End-User
- Industrial
- Commercial
- Others
Growth Drivers
- Growing Underwater Research Activities
- Increasing Inspection Activities to Support Underwater Mining
Challenges
- High Production Cost of Equipment
Top Featured Companies Dominating the Market
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.
