Back to Newsroom
Back to Newsroom

Universal Testing Machine Market May Exceed a Revenue of US$ 644 Million by 2029 - Attributing to the Rising Influence of the Textile Industries | Future Market Insights, Inc.

Wednesday, 05 April 2023 09:00 AM

Future Market Insights, Inc.

NEWARK, DE / ACCESSWIRE / April 5, 2023 / The global Universal Testing Machine Market is anticipated to create lucrative growth opportunities over the forecast period by registering a double-digit CAGR from 2019 to 2029. The growth of the market is attributed to their simple test fixture and minimum sample machining requirement.

The universal testing machines are predicted to find utilization in several areas including, wood product testing, metal testing, and glass manufacturing. This increasing demand for diverse material testing is accenting specific UTMs. They are further spurring manufacturers to develop UTMs with wide a measuring range.

Get a PDF Sample with the Latest Market Insights @ https://www.futuremarketinsights.com/reports/sample/rep-gb-8804

Compelling Market Trends

The global automotive industry is expected to remain the key contributor to the global revenues of universal testing machines throughout the forecast period. Universal testing machines are used to determine mechanical test data. These comprise design stiffness and material rigidity.

A significant portion of stakeholders' investments is anticipated to remain channelizes towards the universal testing machine market. By meticulously following a similar scenario, the adoption of UTMs in the textile and paper & plastics industries is expected to rise rapidly, accenting collective revenues worth around US$ 644 Million in 2029.

Growth Drivers

  • Universal testing machines are utilized for testing the mechanical properties of materials. These materials consist of tensile strength, compressive strength, flexural, friction, fracture strength, hardness, fracture resistance, creep rate, and others. Therefore, manufacturers prefer UTMs instead of instruments that can measure only one mechanical property.
  • Surging production of materials such as glass, metal, paper & plastic, rubber & ceramic, cement & concrete, automotive materials, and wood products is estimated to drive market growth in the near future.
  • The textile industry has a significant influence on the growth strategies of the universal testing machine market. The textile industry holds a prominent share of the universal testing machine market, and growing demand for universal testing machines from the automotive and paper & plastic industries is projected to boost the market share of these sectors shortly.

Restraints

As four-column testing machines account for nearly half of the market revenues, manufacturers are significantly focused on this product category. However, four-column testing machines are likely to witness a dip in their demand due to their high upfront costs, thus, are likely to lose share to other UTMs - dual and single-column testing machines through 2029.

Speak to our Research Expert @ https://www.futuremarketinsights.com/ask-question/rep-gb-8804

Competitive Landscape

The universal testing machine market shows a perfect competition structure, with a good number of global and regional market players. In the current scenario, industry leaders such as Instron (Illinois Tool Works), AMETEK, Shimadzu Corporation, Keysight Technologies, Zwick/Roell, and MTS Systems Corporation collectively hold more than one-fourth of the total revenue share. Key market players operating in the global universal testing machine market must drive their focus on the application-centric approach in order to expand their global customer base.

Several end users, particularly those facing a budget constraint, prefer retrofitting their older universal testing machines rather than investing in new machines altogether. Upgrades in terms of functions and supplies allow for remarkable cost savings. A number of companies are thus offering universal testing machine retrofitting packages, which would influence new machine sales.

Future Market Insights, Inc., Wednesday, April 5, 2023, Press release picture

Valuable Insights into the Universal Testing Machine Market

The North American and European regions are anticipated to dominate the global universal testing machine market over the projection period. The widespread adoption of UTMs is majorly concentrated in the developed regions of North America and Europe. These regions collectively account for around 45% of total sales.

The US and the UK are spearheading the regional markets respectively, with the market in the former reflecting the most worthwhile sales opportunities. While these developed regional markets continue to lead the pack in the global landscape, market players are also eyeing growth potential in East Asia, owing to the thriving end-use industries - construction, automotive, and electronics & electrical.

The North American region is predicted to remain at the forefront of the universal testing machines market, owing to the high demand from end-use industries. In addition to that, end users of universal testing machines are engaging in expansions, collaborations, and key strategic developments to expand their foothold in this region.

Browse the Full Report with Facts and Figures of the Universal Testing Machine Market Report: https://www.futuremarketinsights.com/checkout/8804

Universal Testing Machine Market Taxonomy

The global universal testing machine market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.

Product

  • Single Column Testing Machines
  • Dual Column Testing Machines
  • Four Column Testing Machines

End Use

  • Automotive
  • Paper & Plastic
  • Textiles
  • Electronics & Electricals
  • Aerospace Material Testing
  • Construction Material Testing
  • Research & Academia
  • Others

Table of Content

1. Executive Summary

1.1. Global Market Overview

1.2. Global Market Analysis

1.3. Demand-Side Trends

1.4. Supply-Side Trends

1.5. FMI Analysis & Recommendations

2. Market Overview

2.1. Market Coverage/Taxonomy

2.2. Market Definition/Scope/Limitations

Complete TOC with Report Preview: https://www.futuremarketinsights.com/reports/universal-testing-machine-market

Have a Look at Related Research Reports in the Industrial Automation Domain:

Power and Control Cable Market Outlook Size - The global power and control cable market size is set to reach US$ 131.61 billion in 2023. Overall sales of power and control cable are likely to surge at 7% CAGR, taking the forecasted market valuation to US$ 258.90 billion by the end of 2033.

Marine Selective Catalytic Reduction Systems Market Share - From 2023 to 2033, the global marine selective catalytic reduction systems market is estimated to be worth US$ 4.77 billion, with a CAGR of 6.0%. The global market is expected to reach US$ 8.54 billion by 2033.

Modular Construction Market Growth - The global modular construction market is estimated to be valued at US$ 97.51 billion in 2023. The demand for modular construction is anticipated to progress at a CAGR of 7.4% to surpass US$ 199.11 billion by 2033.

Single-use Filtration Assemblies Market Trends - The global single-use filtration market is set to reach US$ 3.53 billion in 2023. By 2033, the market valuation is forecast to cross US$ 19.28 billion, with a CAGR of 18.5%.

Americas Steel Pipes Market Forecast - Global America's steel pipes market is set to record a market value of US$ 24.8 million in 2023, pushing the market size to US$ 35.3 million in 2033. A CAGR of 3.6% indicates positive market growth over the forecast period.

About Future Market Insights, Inc.

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S., and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: [email protected]

SOURCE: Future Market Insights, Inc.

Topic:
Company Update
Back to newsroom
Back to Newsroom
Share by: