Underwater Magnetic Particle Inspection Equipment Market size is likely to expand at significant growth rate during the forecast period i.e., between 2024-2036. 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.
Growth Drivers
Challenges
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2023 |
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2024–2036 |
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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.
Our in-depth analysis of the global market includes the following segments:
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By Application |
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By End-User |
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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 industry is expected to dominate majority revenue share by 2036, attributed to 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 underwater magnetic particle inspection equipment 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.
Various companies are investing in advanced technologies, as underwater magnetic particle inspection equipment. The major companies operating in the market are
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.
Author Credits: Abhishek Verma
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