Major universal testing machine manufacturers are focusing on extending the measuring range of their offerings to a wider field of end use applications.
DUBAI, UAE / ACCESSWIRE / March 17, 2020 / 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.
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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.
Explore the complete universal testing machine market report with 145 illustrative figures, 30 data tables, and the table of contents. Also find a detailed market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-8804
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.
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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.
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SOURCE: Future Market Insights