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.
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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.
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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.
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.
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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
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