Analysis of the Global Material Testing Equipment Market
Despite headwinds market moves ahead at % CAGR.
The market has been exposed to several high-risk factors such as the global economic instability, turbulent oil prices, and geopolitical factors; however, the market continues to exhibit stable growth.
The automobile industry has benefitted from reduced oil prices.
The automotive industry was the single largest revenue contributor to this market in 2014 with %. Lower fuel price has improved consumer spending and has led to more discretionary spending.
Asia-Pacific continues to shift market away from Europe and North America.
Although the US market has stabilized to some extent, Asia-Pacific, particularly India and China, continues to take market share away from the developed economies.
The preference is for automated solutions.
Improving the quality of management programs, due to rising concerns about maximizing productivity and product quality, is seeing growing adoption of fully-automated material testing systems.
New materials create new opportunities.
Material test equipment plays a critical role in material technology research and leads to the emergence of light substitute materials, such as composites, smart materials, and biomaterials.
About this report
Owing to concerns over the global economy, the material test equipment market has witnessed a gradual slowdown. However, a strong performance from the automotive industry is expected to revive this industry in the mid-term of the forecast period. The rate of technological evolution of these systems still remains a concern. As manufacturing graduates toward concepts such as smart manufacturing and Industry 4.0, the ability of these systems to keep pace with these changes is questionable and could impact the long-term growth prospects of this market.
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