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Material Analysis And Testing Equipment Global Market 2024 - Growth Opportunities, Top Countries, Future Trends, Revenue And Forecast 2033
Material Analysis And Testing Equipment Global Market
According to The Business Research Company's, The material analysis and testing equipment market size has grown strongly in recent years. It will grow from $3.00 billion in 2023 to $3.18billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased regulatory compliance, increased quality control requirements, increased globalization of supply chains, increased safety concerns.
The material analysis and testing equipment market size is expected to see strong growth in the next few years. It will grow to $3.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to increasing industry 4.0 and smart manufacturing, increasing complexity of materials, growing demand in healthcare, environmental sustainability, emerging markets and infrastructure development. Major trends in the forecast period include technological advancements, product innovations, partnerships.
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Market Drivers and Trends:
The rising construction industry is expected to propel the growth of the material analysis and testing equipment market going forward. The construction industry encompasses the planning, design, and execution of building structures, infrastructure, and related projects. It arises because of various factors, such as population growth, urbanization, and new demand of housing project, which contribute to increased demand for buildings and facilities. The construction industry utilizes material analysis and testing equipment to ensure the quality, durability, and safety of materials, validating compliance with standards and specifications for robust and reliable structures. For instance, in September 2023, according to reports shared by the United States Census Bureau, a US-based government agency, the overall value of residential and non-residential construction in the US increased by over 8% between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, global construction output in 2020 stood at US$10.7 trillion. It is projected to experience substantial growth of approximately 42%, adding US$4.5 trillion and reaching a total of US$15.2 trillion by the year 2030. Therefore, the rising construction industry is driving the growth of the material analysis and testing equipment market.
Major companies operating in the material analysis and testing equipment market are focusing on the development of innovative products, such as proprietary material testing equipment and advanced material testing equipment, to enhance performance and meet evolving industry demands. This equipment ensures precise analysis and validation of materials' mechanical, thermal, and chemical properties for quality assurance and innovation in diverse industries. For instance, in October 2022, MP Machinery and Testing LLC, a US-based provider of material testing services, launched proprietary material testing equipment that non-destructively assesses the material properties of components and structures in service. Additionally, this system has a broad spectrum of advanced technologies, including miniaturized mechanical property tests, advanced fracture toughness measurement, and specialized tools like drop tower impact test machines, shock test machines, and high temperature and pressure reference electrodes.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
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
Material Analysis And Testing Equipment Market 2024 Key Insights:
• The Material Analysis And Testing Equipment Market is expected to grow to $3.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Construction Industry Surge Fuels Expansion In Material Analysis And Testing Equipment Market
• Advancements In Material Analysis And Testing Equipment Transforming Industries
• Asia-Pacific was the largest region in the material analysis and testing equipment market in 2023. 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.
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