Frost & Sullivan's recent analysis of the global material test equipment market finds that end verticals'—automotive, aerospace, primary metals, and plastics—emphasis on zero-defect manufacturing is inflating the demand for material test equipment, assuring high-quality products with international standards. Classified as universal testing machines (UTM), servo-hydraulic testing machines (SH), impact testing (IT), and hardness testing (HT) machine based on product segmentation, the material test equipment market is estimated to reach $816 million by 2025 from $689.9 million in 2020, registering moderate growth at a compound annual growth rate (CAGR) of 3.4%. However, the decline in capital expenditure (CAPEX) by the automotive and aerospace industries due to the COVID-19 outbreak has impacted the testing equipment industry. Despite these issues, as countries begin to lift lockdowns and relax restrictions, the market is expected to recover in 2021 and return to the pre-COVID levels by 2022.
Frost & Sullivan - Global material test equipment market
"Growing interests and research in reducing the weight of vehicles in both the automotive and aerospace industries to improve fuel efficiencies will create opportunities for material test equipment," said Ram Ravi, Measurement & Instrumentation Research Analyst at Frost & Sullivan. "The convergence of multiple technologies/products such as automation, robotics, cloud computing, software, and machines is key to realizing the smart factory vision. As organizations continue to drive their digitalization efforts, the need for process automation will trigger demand for automated test equipment."
Ravi added: "With a healthy economic recovery projected for China and India, Asia-Pacific (APAC) will remain the largest market for material test equipment over the forecast period, registering growth at a 4.2% CAGR, followed by North America, Europe, and the Rest of World at 3.3%, 2.8%, and 2.1%, respectively. Further, the UTM segment is projected to occupy the largest market share due to these machines' modular ability to perform different tests with one piece of equipment, followed by SH, HT, and IT."
Testing newer materials in applications across industries such as medical, construction, and electronics will further boost the material test equipment market, presenting lucrative opportunities. Participants should look into the following:
Emphasis on Zero-defect Manufacturing Powers the Demand for the Global Material Test Equipment Market is the latest addition to Frost & Sullivan's Measurement & Instrumentation research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.