New FMI Report Explores Impact of COVID-19 Outbreak on Universal Testing Machine Market
The global universal testing
machine market will reach a
valuation of US$ 590 Mn in 2029, witnessing a steady growth outlook during the
forecast period (2019 - 2029). According to a new report by Future Market
Insights (FMI), the market for universal testing machines is largely influenced
by upsurge in demand for multi-purpose testing machines, and the industrial
transition away from conventional, mechanical testing equipment.
"A plethora of
end-use industries are preferring multi-purpose universal testing machines.
Consequently, manufactures have shifted their focus towards
application-specific product development," reveals the FMI report.
Key Research Findings
of FMI's Universal Testing Machine Market Study
- Four column universal testing
machines will account for a major market value share owing to simplified
fixtures and machining requirements.
- Single column universal testing
machine variants is gaining substantial market volume share owing to lower
costs and wider range of applications.
- Growth opportunities in
universal testing machine market are primarily concentrated in Asia
Pacific owing to strong expansion prospects of end-use industries in the
region.
- High adoption rates by the
automotive industry will remain instrumental to the rise of universal
testing machine market, for component testing applications.
- Sales of universal testing
machines will remain concentrated in North America and Europe, which
cumulatively account for 45% of sales.
Key Growth Drivers -
Universal Testing Machine Market
- Uses of UTMs in a wide range of
applications including wood, metal, and glass testing is a key growth
driver for universal testing machine adoption.
- The rise in adoption rates for
automotive, textile, paper, and plastic industries is projected to
increase revenue from sales of universal testing machine.
- Leading manufacturers
increasingly promoting the sales of retrofitting packages for upgrades,
thereby appealing to a wider demographic.
Key Impediments -
Universal Testing Machine Market
- Universal testing machines are
fairly complex to operate, and require a skilled technician for accurate
results, potentially hindering profitability.
- Universal testing machines
often work on material specimens, which may not give an exact
representation of the whole product.
Competition Structure
Analysis - Universal Testing Machine Market
The competition
landscape of universal testing machine market remains moderately fragmented,
driven by the wide range of material testing applications. Key producers are
investing resources into the development of new universal testing machines with
wider measuring ranges, to meet end user needs. Manufacturers are also pushing
for a customer centric business approach through maximizing services.
Some of the key
players in the universal testing machine market include, but are not limited to
MTS Systems Corporation, Instron (Illinois Tool Works), Zwick/Roell, AMETEK,
Keysight Technologies, and Shimadzu Corporation.
About the Report
This report offers
global, regional, and national level analysis on the latest trends in the
industry influencing the universal testing machine market. The study provides
actionable insights on the universal testing machine market on the basis of
product type (single column testing machines, dual column testing machines, and
four column testing machines), end use industry (automotive, paper &
plastic, textiles, electronics & electricals, aerospace material testing,
construction material testing, research & academia, and others) across 30
countries spanning seven key regions (North America, Latin America, Europe, South
Asia, East Asia, Oceania, and MEA).
About Future Market
Insights (FMI)
Future Market Insights
(FMI) is a leading provider of market intelligence and consulting services,
serving clients in over 150 countries. FMI is headquartered in London, the global financial capital,
and has delivery centres in the U.S. and India. FMI's latest market research
reports and industry
analysis help businesses navigate challenges and take critical decisions with
confidence and clarity amidst breakneck competition.
Contact:
Mr Abhishek Budholiya
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
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