LONDON, March 27, 2012 /PRNewswire/ -- The material testing market is currently undergoing a period of recovery and stabilization after significant losses sustained during the economic downturn. The recovery of its key traditional end-user industries has been pivotal in driving this revival.
New analysis from Frost & Sullivan (http://www.testandmeasurement.frost.com), Analysis of the Material Testing Equipment Market, finds that the market earned revenues of $495.6 million in 2010 and estimates this to reach $591.1 million in 2015.
Market recovery has been fuelled by demand from traditional end-user markets. Although the impact of the downturn continues to linger, the recovery has been remarkable.
"2009 was one of the most difficult periods for the material testing market," explains Frost & Sullivan Program Manager Vijay Mathew. "However, demand from traditionally strong users of material testing equipment such as automotive, aerospace, primary metals, and plastics have helped the industry bounce back."
In addition to traditionally large end-user sectors, novel applications in the fields of biomedical, composites, medical devices and nanotechnology are expected to boost the market in the coming years.
While new opportunities are emerging, a key challenge remains the presence of established participants in the market. This has limited the business opportunities for smaller companies.
"The material testing market comprises a range of competitors of varying size and reach," says Mathew. "The top three market participants occupy a significant amount of market and mind share, and drive critical parameters that define this market – such as price points and regulatory and standardization trends – making it difficult for emerging participants to gain a foothold."
While this is both a restraint and challenge for newer and smaller material test equipment vendors, it can be overcome by focusing on emerging opportunities from geographical, technological, and application perspectives.
"With the emergence of new application markets and technology areas, niche opportunities do exist," concludes Mathew. "Also, certain customers located in specific regions prefer working with local test equipment vendors rather than multinational organizations."
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Analysis of the Material Testing Equipment Market is part of the Test & Measurement Growth Partnership Service program, which also includes research in the following markets: World NVH Test Equipment Market, World Nondestructive Test (NDT) Equipment Markets and World Condition Monitoring Equipment Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan