Material analysis and testing equipment market is divided on the basis of testing types and the equipment used in the type of testing, end user and regional wise. If we take on bases of testing type, the market is segregated into destructive testing (DT) equipment and non-destructive testing (NDT) equipment.
Under destructive equipment testing, universal testing machine(UTM), servo hydraulic testing machine (SHTM), hardness testing machine (HTM) and impact testing machine (ITM).
Under non-destructive testing equipment, thickness gauges, flaw detectors, hardness & strength testers and other equipment which comprise of moisture testers, corrosion testers, and some other testing equipment. In this report we can get to know about various industries equipment like oil & gas, Construction, automotive, aerospace & defense, semiconductors and electronics.
Construction is the premium end user of the market and semiconductors and electronics are projected to demonstrated rapid growth in the material analysis and testing equipment market during the forecast period 2018-2023.The total market value of the material analysis & testing equipment is escalate to reach $3.07 Billion by 2023 with a Company Annual Growth Rate of 4.82% during the period 2017-2023.
In terms of Geographical distribution, Americas region is projected to account for more than 36% of the overall material analysis and testing equipment market and the share is expected to grow to 35% by the end of the year 2023.
The Asia-Pacific region however is estimated to reach the highest growth during the forecast period 2018-2023. This is evident from the high sales of non-destructive testing equipment along with the mechanical testing equipment taking place in the emerging economies in the region.