Industry Background:
The Tensile Testing Machines market is expected to witness high growth in the forecasted period due to increasing demand from the automotive sector across the globe. Tensile test machines, also called tension test machines are universal testing machines specially configured to evaluate the tensile strength of specimens. Also, it is used to perform other tasks such as compression, cyclic, shear, flexure, bend, peel, and tear just by adding fixtures. Additionally, Tensile Testing Machines are booming the market due to surging usage from the textile industries. The growing cases of COVID-19 across the globe are resulting in an economic slowdown.
According to AMA Research, the market for Tensile Testing Machines is expected to register a CAGR of 3.5% during the forecast period to 2027. This growth is primarily driven by High Adoption due to the increasing demand for tensile testing machines from automotive, and textile sectors..
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | K Unit |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Industrial Machinery sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as ADMET, Inc. (United States), AMETEK (Lloyd) (China), Applied Test Systems (United States), Cometech Testing Machines Co., Ltd. (China), FORM+TEST GmbH (Germany), Hegewald and Peschke (Germany), Illinois Tool Works Inc. (United States), INSTRON (United States), JINAN SHIJIN GROUP (China) and Karg Industrietechnik (Germany), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 22nd Feb 2021, Keysight Technologies, Inc., a leading technology company that helps enterprises, service providers and governments accelerate innovation to connect and secure the world, announced it has completed the acquisition of Sanjole, a leader in solutions for protocol decoding and interoperability of 4G, 5G, and other wireless technologies.
The market is fairly fragmented and the bargaining power of suppliers is low due to several locals, regional, and international players are active in the tensile testing machine market. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
Stringent government regulations regarding quality of tensile strength of specimens and The growing demand to improve the reliability, quality, and stability of products in different industries
Market Growth Drivers:
High Adoption due to the increasing demand for tensile testing machines from automotive, and textile sectors.
Challenges:
The absence of technical skills
Restraints:
The concern related to high upfront costs and Disruption in the supply chain of raw materials also hampers the market
Opportunities:
Growing demand for four column testing machines in the automotive as well as textile industries and Technological advancement associated with Tensile Testing Machines
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Tensile Testing Machines Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Tensile Testing Machines Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Tensile Testing Machines players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Tensile Testing Machines Study Sheds Light on
The Tensile Testing Machines Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Tensile Testing Machines industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Tensile Testing Machines industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.