How Has the Material Analysis And Testing Equipment Market Evolved Historically and What is its Current Size?
The material analysis and testing equipment market has seen considerable growth due to a variety of factors.
• The market size of material analysis and testing equipment has witnessed significant growth recently. It is projected to increase from $3.18 billion in 2024 to $3.36 billion in 2025, with a compound annual growth rate (CAGR) of 5.8%.
This expansion in the past years can be attributed to factors such as stricter regulatory compliance, enhanced quality control standards, the globalization of supply chains and heightened safety concerns.
What is the Forecasted Market Size and CAGR for the Material Analysis And Testing Equipment Market?
The material analysis and testing equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for material analysis and testing equipment is projected to experience consistent growth. By 2029, it is estimated to value at $4.05 billion, with a compound annual growth rate (CAGR) of 4.8%.
Factors such as the rise of industry 4.0 and smart manufacturing, the growing complexity of materials, increased demand in healthcare sector, environmental sustainability, development of emerging markets and infrastructure could contribute to the growth during the forecast period. Anticipated trends within this period include, technological progression, product innovation, and strategic partnerships.
What Key Factors and Trends Are Driving The Growth Material Analysis And Testing Equipment Market?
The expanding construction sector is anticipated to fuel the material analysis and testing equipment market's growth. The construction sector involves the establishment, design, and creation of buildings, infrastructure, and related developments. Numerous factors, including population growth, urbanization, and the requirement for new housing projects, lead to the need for more buildings and facilities. Material analysis and testing equipment are utilized in the construction industry to validate the quality, longevity, and safety of materials, ensuring they meet the necessary standards and specifications for robust and durable constructions. For example, the United States Census Bureau stated that in June 2023, there were 1,493,000 permits for privately owned housing, a 3.1 percent rise from May's 1,399,000. Privately owned home initiations also saw a 4.4 percent rise to 1,415,000 in June 2023 from May 2023's 1,314,000. Moreover, a report by the Center for Sustainable Systems in September 2022 forecasted a 35% increase from 2021 in commercial building floor space to 124.6 billion square feet by 2050. Thus, the upward trend in the construction industry is fueling the material analysis and testing equipment market's growth.
What Are The Market Segments In The Material Analysis And Testing Equipment Market?
The material analysis and testing equipment market covered in this report is segmented –
1) By Test Type: Mechanical Testing, Non-Destructive Testing
2) By Location: On-Site Testing Equipment, Laboratory Testing Equipment
3) By End-Use: Aerospace And Defense, Automotive, Oil And Gas, Electronics And Semiconductors, Other End-Users
Subsegments:
1) By Mechanical Testing: Tensile Testing, Compression Testing, Fatigue Testing, Hardness Testing, Impact Testing, Creep Testing, Bending Testing
2) By Non-Destructive Testing (NDT): Ultrasonic Testing (UT), Radiographic Testing (RT), Magnetic Particle Testing (MPT), Dye Penetrant Testing (DPT), Eddy Current Testing (ECT), Visual Inspection (VT), Acoustic Emission Testing (AET)
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What Trends Are Shaping The Material Analysis And Testing Equipment Market?
Leading businesses in the material analysis and testing equipment market are evolving their product range with an aim to unveil innovative items like proprietary material testing equipment and advanced material testing equipment. The improved performance and ability of these tools to meet changing industry requirements reflect their crucial role in the precise assessment and authentication of mechanical, thermal, and chemical properties of different materials. These pieces of equipment are vital for quality assurance and fostering innovation across various sectors. To illustrate, MP Machinery and Testing LLC, a renowned US firm providing material testing facilities, unveiled its latest proprietary material testing equipment in October 2022. This innovative gadget aids the non-destructive evaluation of the material properties of components and structures that are in active use. Importantly, this system also showcases a range of sophisticated technology including miniaturized mechanical property tests, advanced fracture toughness measurements, and unique tools such as drop tower impact test machines, shock test machines, and high-temperature and pressure reference electrodes.
Who Are the Key Players In The Material Analysis And Testing Equipment Market?
Major companies operating in the material analysis and testing equipment market are:
• Thermo Fisher Scientific Inc.
• Carl Zeiss AG
• Agilent Technologies LLC
• AMETEK Incorporated
• Keysight Technologies Inc.
• Olympus Corporation
• Hitachi High-Tech Corporation
• PerkinElmer Holdings Inc.
• MKS Instruments Inc.
• Shimadzu Corporation
• Waters Corporation
• Bruker Corporation
• HORIBA Ltd.
• JEOL Ltd.
• NETZSCH Group
• Mistras Group Inc.
• Malvern Panalytical Inc.
• ZwickRoell Group Inc.
• Rigaku Corporation
• Instron (a division of ITW Inc.)
• Anton Paar GmbH
• Tescan Inc.
• Thwing-Albert Corporation
• Elvatech Ltd.
• Rheonik Messgeräte GmbH
What Are The Regional Insights Into The Material Analysis And Testing Equipment Market?
Asia-Pacific was the largest region in the material analysis and testing equipment market in 2024. The regions covered in the material analysis and testing equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
