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Strong Growth Ahead: Material Analysis And Testing Equipment Market Size To Grow At Arecord 4.8% Cagr By 2029
Material Analysis And Testing Equipment
How Big Is the Material Analysis And Testing Equipment Market Size Expected to Be by 2034?
In recent years, the market size for material analysis and testing equipment has experienced significant growth. It's projected that the market will expand from a value of $3.18 billion in 2024 to $3.36 billion in 2025, representing a compound annual growth rate (CAGR) of 5.8%. This growth during the historic period can be credited to stricter regulatory compliance, heightened quality control demands, broader globalization of supply chains, as well as growing safety concerns.
In the coming years, the market size of material analysis and testing equipment is anticipated to witness consistent growth. It is set to rise to $4.05 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 4.8%. The expansion over the predicted period can be credited to factors such as the growth of industry 4.0 and smart manufacturing, the rising complexity of materials, boosted demand in the healTH*Care sector, environmental sustainability, developing markets, and progression in infrastructure. Notable trends during this forecast period encompass technological advancements, product innovations, and partnerships.
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What Are the Emerging Segments Within 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 Long-Term Drivers Are Shaping Material Analysis And Testing Equipment Market Trends?
The burgeoning industry of construction is predicted to spur the development of the market for material analysis and testing equipment. This industry involves the conceptualization, drafting, and implementation of building, infrastructure, and associated projects. It emerges due to a multitude of factors like burgeoning population, urbanization, and surge in housing project demand, leading to a higher requirement for buildings and facilities. Material analysis and testing equipment are critical for the construction industry to ascertain the material's quality, durability, and safety, ensuring they meet the imposed standards and criteria for reliable and robust structures. For example, the United States Census Bureau, a domestic government administration, cited in July 2024 that in June 2023, 1,493,000 privately owned residential units had obtained building permits at a seasonally adjusted annual rate, a 3.1% increase from the May rate of 1,399,000. Furthermore, in June 2023, privately-owned housing beginnings marked an annual adjusted rate of 1,415,000, rising 4.4% from the May 2023 rate of 1,314,000. Additionally, in September 2022, a publication by the Center for Sustainable Systems, a domestic research institution, projected the commercial building floor space to swell to 124.6 billion square feet by 2050, a 35% surge from 2021. Hence, the escalating construction industry is steering the growth of the material analysis and testing equipment market.
Who Are the Top Competitors in Key Material Analysis And Testing Equipment Market Segments?
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 Material Analysis And Testing Equipment Market Trends Are Gaining Traction Across Different Segments?
Leading firms in the material analysis and testing equipment sector are prioritizing the creation of novel products. These include unique material testing devices and sophisticated material testing hardware, designed to improve efficiencies and accommodate the progressing needs of different industries. Such equipment guarantees exact analysis and verifies the mechanical, thermal, and chemical attributes of materials for quality control and innovation across diversified sectors. In particular, MP Machinery and Testing LLC, a US-based material testing services company, made its mark in October 2022 by introducing proprietary material testing equipment. This new system non-destructively evaluates the physical properties of components and structures while in use. Furthermore, it employs an extensive range of cutting-edge technologies such as miniaturized mechanical property exams, advanced fracture toughness metrics, and unique apparatus like drop tower impact test devices, shock test machines, and high temperature and pressure reference electrodes.
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Which Regions Are Becoming Hubs for Material Analysis And Testing Equipment Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Material Analysis And Testing Equipment Market?
2. What is the CAGR expected in the Material Analysis And Testing Equipment Market?
3. What Are the Key Innovations Transforming the Material Analysis And Testing Equipment Industry?
4. Which Region Is Leading the Material Analysis And Testing Equipment Market?
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