London, 14 March 2016: Technavio, the independent tech-focused global research firm, has published a report on the global material testing equipment market, which is expected to grow at a CAGR of almost 4% during the period of 2016 to 2020.
Recent growth observed in the commercial aerospace industry will be the key driver for this market. An aircraft is comprised of various materials such as aluminum, wood, steel, graphite, and titanium. Due to the momentum, air pressure, and friction, the aircraft experiences plenty of stress. Consequently, aircraft manufacturers have to be extra careful regarding the design of the aircraft and materials. These materials have to pass through various rigorous testing procedures to be declared fit for use. The aerospace sector will be the primary end user for material testing equipment during the forecast period.
“The growing demand for miniaturization across manufacturers of computers, mobile phones, and laptops has increased the need for micro and nano testing equipment. Considering the growth rate of the electronics and semi-conductor industries, the growth prospects for the market for micro and nano testing looks promising. Since the market for micro and nano testing requires testing at small-scale places and stringent calculation, the demand for material testing equipment will increase rapidly over the next few years,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
“The use of material testing equipment is increasing in the food packaging industry. This industry uses various materials like plastic, glass, paperboard, and aluminum canning to package foods products like snacks, confectioneries, meat and seafood, fruits, cheese, vegetables, and condiments. The rising need to increase the shelf life of food products will impel the adoption of material testing equipment in this sector during the forecast period.”
Key Market Drivers:
- Rise in construction industry
- Growth in commercial aerospace industry
- Increase in automobile sales
Key Market Trends:
- Increased micro and nano testing
- Growing application in food packaging industry
Key Market Vendors:
- Applied Test Systems
- ElectroForce Systems
- Illinois Tool Works
- MTS Systems
- Zwick Roell
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Material Testing Equipment Market 2016-2020, please send an e-mail to media@TechNavio.com.
