At what pace is the material analysis and testing equipment market growing, and what is its estimated value?
The material analysis and testing equipment market size has grown strongly in recent years. It will grow from $3.18 billion in 2024 to $3.36 billion in 2025 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased regulatory compliance, increased quality control requirements, increased globalization of supply chains, increased safety concerns.
The material analysis and testing equipment market size is expected to see steady growth in the next few years. It will grow to $4.05 billion in 2029 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to increasing industry 4.0 and smart manufacturing, increasing complexity of materials, growing demand in healthcare, environmental sustainability, emerging markets and infrastructure development. Major trends in the forecast period include technological advancements, product innovations, partnerships.
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How have varous drivers impacted the growth of the material analysis and testing equipment market?
The rising construction industry is expected to propel the growth of the material analysis and testing equipment market going forward. The construction industry encompasses the planning, design, and execution of building structures, infrastructure, and related projects. It arises because of various factors, such as population growth, urbanization, and new demand of housing project, which contribute to increased demand for buildings and facilities. The construction industry utilizes material analysis and testing equipment to ensure the quality, durability, and safety of materials, validating compliance with standards and specifications for robust and reliable structures. For instance, in July 2024, according to the United States Census Bureau, a US-based government administration, in June 2023, 1,493,000 privately owned housing units were allowed by building permits at a seasonally adjusted annual rate. This is 3.1 percent higher than the May rate of 1,399,000. In June 2023, privately owned home starts at a seasonally adjusted annual rate of 1,415,000. This is 4.4 percent higher than the May 2023 rate of 1,314,000. Furthermore, in September 2022, according to a report published by the Center for Sustainable Systems, a US-based research center, by 2050, commercial building floor space is expected to reach 124.6 billion square feet, a 35% increase from 2021. Therefore, the rising construction industry is driving the growth of the material analysis and testing equipment market.
What are the primary segments of the material analysis and testing equipment market?
The material analysis and testing equipment market covered in this report is segmented –
1) By Test Type: Mechanical Testing, Non-Destructive Testing
2) By Location: On-Site Testing Equipment, Laboratory Testing Equipment
3) By End-Use: Aerospace And Defense, Automotive, Oil And Gas, Electronics And Semiconductors, Other End-Users
Subsegments:
1) By Mechanical Testing: Tensile Testing, Compression Testing, Fatigue Testing, Hardness Testing, Impact Testing, Creep Testing, Bending Testing
2) By Non-Destructive Testing (NDT): Ultrasonic Testing (UT), Radiographic Testing (RT), Magnetic Particle Testing (MPT), Dye Penetrant Testing (DPT), Eddy Current Testing (ECT), Visual Inspection (VT), Acoustic Emission Testing (AET)
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Which firms are leading the material analysis and testing equipment market?
Major companies operating in the material analysis and testing equipment market are Thermo Fisher Scientific Inc., Carl Zeiss AG, Agilent Technologies LLC, AMETEK Incorporated, Keysight Technologies Inc., Olympus Corporation, Hitachi High-Tech Corporation, PerkinElmer Holdings Inc., MKS Instruments Inc., Shimadzu Corporation, Waters Corporation, Bruker Corporation, HORIBA Ltd., JEOL Ltd., NETZSCH Group, Mistras Group Inc., Malvern Panalytical Inc., ZwickRoell Group Inc., Rigaku Corporation, Instron (a division of ITW Inc.), Anton Paar GmbH, Tescan Inc., Thwing-Albert Corporation, Elvatech Ltd., Rheonik Messgeräte GmbH
How will industry trends affect the trajectory of the material analysis and testing equipment market?
Major companies operating in the material analysis and testing equipment market are focusing on the development of innovative products, such as proprietary material testing equipment and advanced material testing equipment, to enhance performance and meet evolving industry demands. This equipment ensures precise analysis and validation of materials’ mechanical, thermal, and chemical properties for quality assurance and innovation in diverse industries. For instance, in October 2022, MP Machinery and Testing LLC, a US-based provider of material testing services, launched proprietary material testing equipment that non-destructively assesses the material properties of components and structures in service. Additionally, this system has a broad spectrum of advanced technologies, including miniaturized mechanical property tests, advanced fracture toughness measurement, and specialized tools like drop tower impact test machines, shock test machines, and high temperature and pressure reference electrodes.
Which geographic trends are shaping the material analysis and testing equipment market, and which region has the highest market share?
Asia-Pacific was the largest region in the material analysis and testing equipment market in 2024. The regions covered in the material analysis and testing equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Material Analysis And Testing Equipment Market Report 2025 Offer?
The material analysis and testing equipment market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Material analysis and testing equipment refers to a wide range of instruments and tools utilized in various industries to examine the properties, characteristics, and behavior of materials. These tools are crucial for quality control, research and development, manufacturing processes, and ensuring compliance with industry standards.
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