Material analysis & testing equipment is gaining the momentum in the analyzing the material physical and mechanical attributes. Increasing penetration of automation in the material testing space is projected to drive the emergence of advanced equipment with the integration of automation technologies. Currently, companies including Zwick Roell, Instron and some other companies are actively focusing on the integration of automation technologies in their material testing equipment.
Increasing number of stringent regulations has been creating the need for the development of innovative, light weight and efficient materials and material testing equipment has been gaining popularity in the R&D phase in automotive, aerospace & defense and electronics & semiconductor industries. Non-destructive type testing equipment is projected to continue its market dominance during the period 2016-2023 and is projected to grow with the steady growth rate of CAGR of 5.08% during 2017-2023. Destructive or mechanical material testing equipment is estimated to grow with the CAGR of 4.41% during 2017-2023 to reach $1.2 billion by the end of 2023.
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The overall market value is estimated to grow at a CAGR of 4.82% during the forecast period (2017-2023) to reach $3.07 Billion by 2023. APAC is projected to witness brisk growth rate of 7.03% during 2017-2023 to reach $820.91m by the end of 2023 owing to the increasing material testing equipment utilization in the electronics and semiconductor industries especially in the economies including South Korea, India, China and some other economies. Americas is the dominating market for the material testing and is projected to grow with a CAGR of 4.44% during 2017-2023. Key companies for the material analysis & testing equipment market include MTS Systems Corporation (U.S.), Shimadzu Corporation (Japan), General Electric (U.S.), Olympus Corporation (Japan), Mistras Group, Inc. (U.S.) and some others.
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