DUBAI. U.A.E., Sept. 10, 2020 /PRNewswire/ -- According to a new market study by Future Market Insights (FMI), the global universal testing machine market is forecasted to witness substantial growth in terms of value between 2019 and 2029.
The growth is primarily driven by the surging adoption of universal testing machines in material testing applications across automotive, construction, and paper & plastic industries. The automotive industry is projected to remain a key end-use sector, where it is used to test multiple parameters including design stiffness, and material rigidity.
Furthermore, the universal testing machine is capable of testing a wide range of mechanical properties such as tension, compression, shear, bending, hardness, fatigue, and others, universal testing machines. This makes these machines ideal for usage during the production of glass, metal, polymer, rubber & ceramic, and wood products.
"Market players are focusing on developing machines with a wide measuring range to leverage the growing demand for testing diverse materials and are opting for a customer-centric approach by enhancing service quality," opines FMI analyst.
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Universal Testing Machine - Key Takeaways
- The global universal testing machines market is forecasted to surpass a valuation of US$ 590 M by the end of 2029.
- Based on end-use, textile and paper & plastics industries are expected to cumulatively account for a revenue of more than US$ 200 Mn by the end of the forecast period.
- By product, four-column universal testing machines are currently the most sought out types, on the back of simple test fixtures and minimum sample machining requirements.
- Single column universal testing machines are expected to dethrone the four-column machines segment in the years to come owing to a growing preference among paper & plastic, polymer, textile, and electronics & electrical industries owing to their low cost as compared to the latter.
Universal Testing Machine - Key Trends
- Due to budget constraints, end-users are opting for upgrading existing devices instead of purchasing new machines, thereby enabling market players to customize pre-installed systems.
- Growing preference for multi-purpose universal testing machines over other testing machines will continue to boost the growth of the market.
Universal Testing Machine - Regional Analysis
- North America and Europe are forecasted to cumulatively account for over 45% of overall market value, with the US and the UK leading the regional markets respectively.
- East Asia is exhibiting tremendous growth potential owing to the presence of a flourishing construction, automotive, and electronics & electrical sectors in the region's emerging economies.
Universal Testing Machine - Competitive Landscape
Major market players in the universal testing machines market such as Instron (Illinois Tool Works), AMETEK, Shimadzu Corporation, Keysight Technologies, Zwick/Roell, and MTS Systems Corporation account for over 30% of market share. The competitive landscape represents a fragmented structure with new entrants and established players focusing on widening their product portfolio to gain competitive advantage.
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Universal Testing Machine - Taxonomy
- Single Column Testing Machines
- Dual Column Testing Machines
- Four Column Testing Machines
- Paper & Plastic
- Electronics & Electricals
- Aerospace Material Testing
- Construction Material Testing
- Research & Academia
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Get Valuable Insights into the Universal Testing Machine Market?
Future Market Insights, in its new offering, provides an unbiased analysis of the global universal testing machine market, presenting historical demand data and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the universal testing machines market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights