Leak Test Equipment Market - Increasing Warranty Claims and Endangering Safety of The Consumer

The global leak test equipment market was valued at US$ 377.0 Mn in 2016 and is projected to expand at a cumulative annual growth rate (CAGR) of 7.4% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Leak Test Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. The report suggests that expansion of the global automotive, medical & pharmaceutical, and packaging industries along with increasingly stringent regulations pertaining to leakages is likely to spur the demand for leak test equipment during the forecast period (2018 to 2026).

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North America, Europe, and Asia Pacific are likely to dominate the global leak test equipment market, as key players introduce their new leak test equipment in these regions. Rising demand for leak test equipment from the expanding packaging industry in emerging markets such as China and India is likely to boost of the leak test equipment market in Asia Pacific at a CAGR of 8.4% from 2018 to 2026.

Leak testing procedures are essential to ensure superior quality of the product along with safety of consumer. However, a large number of industry verticals are facing problems due to the rising cost of helium gas, as helium supply is facing a shortage worldwide. Helium is a naturally-occurring gas that is utilized for numerous purposes across various fields. A significant number of industries rely on helium leak testing methods, as helium is a highly popular tracer gas in leak testing production. However, the demand for helium is exceeding the available supply, due to the higher usage of helium across various industries, which has been raising the cost of helium in recent years. Several companies are presently using alternative equipment that employ air leak testing method, as this type of leak test equipment utilizes affordable hydrogen gas, rather than costly helium. However, for some companies, altering a procedure that is established can be a difficult task, as wrong decision pertaining to the leak test method can compromise the quality of the products.

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Based on end-use industry, the leak test equipment market is segmented into HVAC/R, automotive & transportation, medical & pharmaceutical, packaging, industrial, and others. The others end-use industry segment includes aerospace & defense and power & energy end-use industries. The automotive & transportation segment is expected to expand at a CAGR of more than 7% during the forecast period.

A large number of automotive manufacturers around the globe rely on higher quality leak test equipment to find defects in automotive components or products. Manufacturing defective products can prove costly, as it results in increasing warranty claims and endangering safety of the consumer. The leak testing procedures for the automotive are primarily defined by different standard organizations including the American Society for Testing and Materials and the Society of Automotive Engineers.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.