Composites Testing Equipment Market
This report, from Stratview Research, studies the composites testing equipment market over the period 2017 to 2022. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities in the market.
The Global Composites Testing Equipment Market: Highlights
The global composites testing equipment market is projected to witness a healthy CAGR of 6.7% over the next five years, driven by increasing production rates of the best-selling aircraft coupled with increasing penetration for composites, development of new composite applications in different industries, increasing demand for quality products, increasing research & development activities, increasing demand for the light-weight materials, and introduction of stringent regulations.
The global composites testing market is segmented based on the end-use industry as aerospace & defense, transportation, building & construction, wind energy, marine, and others. The aerospace & defense is expected to remain the most dominant segment of testing equipment in the composites industry over the next five years. Increasing production rates of the key commercial and regional aircraft, such as B737, B787, A350XWB, A320, and Bombardier C Series; development of new aircraft or variant of existing programs, such as B737max, A320neo, B777x, and A330 neo; introduction of stringent regulations; and increasing penetration of composites are the major drivers of the market.
Transportation is estimated to experience the highest growth during the forecast period, driven by increasing penetration of composites in the structural parts in the automotive industry. Increasing penetration of composites is largely because of implementation of stringent regulations on automakers by governments of many countries regarding the enhancement in the fuel efficiency and reduction in the carbon emissions.
Based on the composite type, the global composites testing equipment market is segmented as polymer matrix composites, ceramic matrix composites, and metal matrix composites. Polymer matrix composite generates the highest demand for testing equipment and is expected to remain the largest composite type over the next five years, driven by the dominance of polymer matrix composites in various end-use industries.
The global composites testing equipment market is segmented based on the testing type as destructive and non-destructive. Destructive testing equipment is further segmented into impact testing, static testing, dynamic testing, and others. Similarly, non-destructive testing equipment is further segmented into radiography testing equipment, shearography testing equipment, ultrasonic inspection equipment, visual inspection equipment, eddy-current testing equipment, thermography testing equipment, and others. Non-destructive testing equipment is expected to remain the most dominant over the next five years, driven by its higher usage in a wide array of end-use industries ranging from aerospace & defense, transportation, to wind energy.
North America holds the highest share in the global composite testing equipment market, driven by the USA. The region is the manufacturing capital of the advanced composites industry with the presence of all the major players. This region also holds healthy share in the other composite markets including wind energy, transportation, building & construction, and marine. The continuous shift of automobile manufacturing plants to Mexico is likely to create a strong demand for composites as well as the testing equipment.
Asia-Pacific is projected to witness the highest growth during the forecast period, driven by China and India. Development of indigenous commercial, regional, and military aircraft, such as COMAC C919, ARJ21, and Mitsubishi MRJ; commencement of assembly plants of major commercial aircraft, such as A320 in the China; the highest wind turbine installation; and increasing penetration of composites in the transportation industry are some of the major growth drivers of the region.
General Electric Company, Olympus Corporation, Sonatest Ltd., Mistras Group, Yxlon International GmbH, Zetec, Inc., Ashtead Technology Inc., and Bosello High Technology SRL are the key players of the testing equipment for the composites industry. New product development and collaboration with customers are some of the key strategies adopted by companies to gain a competitive edge over other competitors.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 700 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We usually conduct more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The composites testing equipment market is segmented into the following categories.
Global Composites Testing Equipment Market by End-Use Industry:
Global Composites Testing Equipment Market by Composite Type:
Global Composites Testing Equipment Market by Testing Type:
Global Composites Testing Equipment Market by Technique Type:
Global Composites Testing Equipment Market by Region:
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