The global Mechanical Testing Equipment Market is estimated total USD 6 Billion by 2022, projecting growth at a remarkable CAGR of around 12% to 13% during the forecast period 2022-2032. The sales of mechanical testing equipment are expected to exceed USD 7 Billion by the end of 2032, in comparison to the USD 5.8 Billion registered in the year 2021.
| Report Attribute | Details |
|---|---|
| Mechanical Testing Equipment Market Value (2021) | USD 5.8 Billion |
| Mechanical Testing Equipment Market Estimated Value (2022) | USD 6 Billion |
| Mechanical Testing Equipment Market Anticipated Value (2032) | USD 7 Billion |
| Mechanical Testing Equipment Market Projected Growth Rate (2022 to 2032) | 12% to 13% CAGR |
Mechanical testing equipments are machines used to assess the mechanical properties of different materials. These machines are used during mechanical testing for measuring aspects such as breaking point, tensile strength, adhesion, compression strength, and others.
Mechanical tests use torsion, tension, vibrations, drop (shock), and shearing forces among others on samples and are generally conducted in quality testing laboratories using mechanical testing instruments such as universal testing machines.
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As the trend of industrialization continues to create deeper inroad, a substantial rise in manufacturer activities is being witnessed, especially across emerging economies such as China, India, Australia, Brazil, and others.
With rising rate of production, it is becoming crucial for manufacturers to integrate mechanical testing equipments in manufacturing processes to maintain and control the quality of the products.
Physical and mechanical tests are of great importance for the purpose of quality control in manufacturing industries as well as assess the product damage after accidents. Thus, growing adoption of quality control and quality assurance process across the industrial manufacturing sector is estimated to create high revenue generation opportunities in the global market.
Extravagant initial cost of mechanical testing equipments, high installation cost, and high cost of maintenance are the factors hindering the sales in the market. In addition to this, need for skilled professionals and stringent regulations & standards for mechanical testing across various countries are restraining the growth in the global market.
FMI reveals that Asia Pacific excluding Japan is estimated to emerge as the most lucrative market for mechanical testing equipment during the forecast period 2022-2032.
Due to the surging trend of urbanization and growing emphasis on sustainable infrastructure developments, a rapid surge in building and construction activities is being witnessed across Asia Pacific.
Hence, governments in several countries are aiming on undertaking numerous initiatives for urbanizing rural areas and constructing smart cities.
For instance, according to a study by the India Brand Equity Foundation, the Indian Government announced allocating around USD 868 Million under the country’s Smart City Mission to build more than 100 smart cities across India for the period 2021-2022.
As mechanical testing equipment plays a critical role in testing the durability, strength, and safety of material used in building activities, such rise in construction activities will bolster the sales in the market.
As per Future Market Insights, North America is expected to account for a significant share in the global mechanical testing equipment market between 2022 and 2032.
Mechanical testing equipment is finding a wide array of usages in the manufacturing industry for various applications ranging from determining the strength of a bridge to the elasticity of a rubber band.
These equipments are increasingly gaining popularity for the testing of packaging materials for food & beverages, industrial goods, medical & pharmaceutical products, and others.
They are extensively used in testing various parameters such as elasticity, flexibility, rigidity, adhesion shock, vibration, tensile, and shear tests of packaging solutions. This is expected to favor the demand for mechanical testing equipments in the North America market.
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Some of the leading players in the mechanical testing equipment market are Torontech Group International, AMETEK, Shimadzu, Applied Test Systems, Hegewald & Peschke, INSTRON, Zwick/ Roell, MTS Systems, and others.
The market is highly competitive attributed to the presence of such a large number of participants and increasing adoption of product launch and collaboration, partnership, and acquisition strategies.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 12% to 13% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
Equipment Type, End Use, Region |
| Countries Covered | North America; Latin America; Europe; CIS & Russia; APEJ; Japan; Middle East and Africa |
| Key Companies Profiled |
Torontech Group International; AMETEK; Shimadzu; Applied Test Systems; Hegewald & Peschke; INSTRON; Zwick/ Roell; MTS Systems; Others |
| Customization | Available Upon Request |
The mechanical testing equipment market is predicted to grow at 12.1% CAGR through 2032.
Asia Pacific mechanical testing equipment market holds the highest revenue potential.
The mechanical testing equipment market is expected to surpass USD 7 Billion by 2032
The mechanical testing equipment market size is anticipated to be over USD 6 Billion in 2022.
| Market Value (2023) | USD 680.0 million |
|---|---|
| Market Expected Value (2033) | USD 1.1 billion |
| Market Projected CAGR (2023 to 2033) | 5.3% |
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