North America Material Testing Equipment Market – Growth & Forecast (2024

North America Material Testing Equipment Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

Material testing equipment is generally referred to as analysis of various mechanical properties of materials such as hardness, thickness, moisture, corrosion, and others. Material testing is usually a destructive type of testing used for finding out properties of materials before its use in manufacturing a particular product. Growing importance of manufacturing quality products is driving the growth of the market.

North America Material Testing Equipment Market Segments Size & Growth:

North America material testing equipment market is valued at $639.28 Billion in 2017 and is expected to reach $XX Billion by 2024 at a CAGR of XX%. Key growth factors influencing the market growth involves growing importance of manufacturing quality products, economic benefits, growing demand from composite and plastic and plastic processing industries and investments made by the different organisational bodies are the factors favouring the growth of the market. However, high initial cost of installation and wastage of resources in destructive testing with political and economic uncertainties are hampering the market growth.

North America Material Testing Equipment Market Segments Share:

North America material testing equipment market share is categorised into type, material, end user, and geography. Based on Type, the market is segmented into mechanical testing and non-destructive testing in which mechanical testing is further classified into universal testing machines, servo-hydraulic testing machines, hardness testing equipment and impact testing equipment. Universal testing machines are holding to the major share in the market and accounted for over 56% of the market share. UTM’s perform tests such as

North America Material Testing Equipment Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

bending, compression, tension and some other properties of material and augmented demand for liquid fuel worldwide propelling the demand for the pipeline infrastructure, driving the growth of the material testing equipment market. Non-destructive testing is classified into flaw detectors, hardness & strength testers, thickness gauges and others (moisture, corrosion, and others). It is testing of objects for their flaws and imperfections. NDT methods are expected to witness major technological innovations over the forecast period.

The material is segmented into plastics, metal, rubber & elastomer and ceramics & composites. These materials have their properties and are used according to their functionalities. Ceramics and composites are expected to be the fastest growing material segment of material testing equipment market owing to the high demand from aerospace & defence, automotive and construction industries. Due to its advanced material properties, these materials have great demand in these industries.

End users are automotive, construction, educational institutes, aerospace & defence, medical devices, power, and others. Among which power is projected to be the fastest growing segment attributed to increasing investments in the wind energy sector by emerging economies. Educational institutions are holding the largest share in the market owing to the increasing R&D activities and collaboration with industries for better product developments.

Geographical analysis of material testing equipment market is given as regions North America, U.S, Canada, Mexico, and others. Demand for automated testing systems for a wide range of applications is driving the material testing equipment in this region. These

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North America Material Testing Equipment Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

machines are used for R&D and are used for multiaxial

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