Owing to their simple test fixture and minimum sample machining requirement, four column testing machines continue to define manufacturers’ bottom lines. As four column testing machines account for nearly half of market revenues, manufacturers are significantly focused on this product category.
However, four column testing machines will see a dip in their demand due to their high upfront costs, thus, are likely to lose share to other UTMs - dual and single column testing machines through 2029.
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The worldwide adoption of UTMs is primarily concentrated at the developed regions of North America and Europe, which collectively account for around 45% of total sales. The US and the UK are spearheading the regional markets respectively, with the market in former reflecting the most worthwhile sales opportunities.
While these developed regional markets continue to lead the pack in the global landscape, market players are also eyeing growth potential in East Asia, owing to the thriving end-use industries - construction, automotive, and electronics & electrical.
Universal testing machines are finding utilization in several areas including, wood product testing, metal testing, and glass manufacturing. This increasing demand for diverse material testing is accenting for specific UTMs, which is further spurring manufacturers to develop UTMs wide a measuring range.
Market players, therefore, must drive their focus on the application-centric approach in order to expand their global customer base.
The automotive industry will remain the key contributor to the global revenues of universal testing machines throughout the forecast period. Used to determine mechanical test data including, design stiffness, and material rigidity, a significant portion of stakeholders’ investments will remain channelized towards this end-use industry. Following the same scenario, adoption of UTMs in the textile and paper & plastics industries is expected to rise rapidly, accenting collective revenues worth around USD 200 Million in 2029.
The global universal testing machine market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
The universal testing machine market is likely to secure a CAGR of 4.2% through 2029.
The universal testing machine market size is estimated to cross USD 644 Million by 2029.
The universal testing machine market is likely to record a value of USD 427 Million in 2020.
North America is likely to lead the universal testing machine market.
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Universal Testing Machine Market
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