Global Ultrasonic Market to Reach Nearly $45.2 Billion in 2020
(PRWEB) May 23, 2014
BCC Research (http://www.bccresearch.com) reveals in its new report, ULTRASONICS: TECHNOLOGIES AND GLOBAL MARKETS, the global ultrasonics market is expected to grow to $45.2 billion by 2020, with a five-year compound annual growth rate (CAGR) of 11.2%.The motors/actuators, spares and consumables category, the fastest performing segment in the overall market, is projected to move at a significant CAGR of 12.6%.
Ultrasonic technologies have become critical tools in almost all the medical and industrial fields. Indeed, the motors/actuators, spares, and consumables category, the largest segment in the overall market, is expected to reach $20.3 billion by 2020.
Medical and miscellaneous equipment is the second fastest and largest segment in this market and is projected to reach $15 billion and register a CAGR of 10.5% in 2020.
“The medical field has taken to ultrasonics and allied equipment in a very big way, with newer applications coming up frequently in various fields,” says BCC Research manufacturing analyst Srinivasa Rajaram. “The diagnostic ultrasound is a booming market with use of three-dimensional (3-D) and four dimensional (4-D) imaging increasing in many new fields.”
It is estimated that ultrasonic technologies will experience higher growth in developing countries, as many of the high growth polluting industries have been shifted to these countries. Similarly the use of ultrasonics in the measurement of fluid flow using ultrasonic flowmeters is increasing, especially with the increased use of ultrasonic flowmeters in the huge oilfields of the Middle East, which is being propelled by the strong growth in the oil and gas industries.
ULTRASONICS: TECHNOLOGIES AND GLOBAL MARKETS provides an overview of the global market for ultrasonics and related technologies and products. It includes analyses of global market trends, with data from 2013, estimates for 2015, and projections of CAGRs through 2020.
Editors and reporters who wish to speak with the analyst, should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
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BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key competitors. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Our clients include the top companies in industries around the world as well as universities, business schools, start-ups, consulting firms and investment companies. BCC Research is a unit of Eli Research LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern time), or email information(at)bccresearch(dot)com.
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