The global microhardness testing system market is estimated at USD 81.29 Mn and USD 85.45 Mn in 2021 and 2022 respectively. The industry is anticipated to secure USD 140 Mn in 2032 while recording a CAGR of 5.1% during the forecast period. The growing popularity of micro testing systems due to their fully automatic operation is expected to play a key role in driving the market during the forecast period.
| Report Attribute | Details |
| Estimated Base Year Value (2021) | US$ 81.29 Mn |
| Expected Market Value (2022) | US$ 85.45 Mn |
| Anticipated Forecast Value (2032) | US$ 140 Mn |
| Projected Growth Rate (2022-2032) | 5.1% CAGR |
Growing application of microhardness testing machines in various research institutes due to their flexibility to measure the hardness of the material is projected to augment the market in the forecast period. Besides, increasing automation in the manufacturing sectors has fuelled the market and grown the supply chain and as well as the value chain.
Expansion of steel and working industries are projected to be some key consumers of the microhardness testing system since the property of the material is a major concern. Increasing demand for efficient testing systems in aerospace, automotive, construction, and electronics among others is expected to make significant contributions in driving the microhardness testing market.
Developing nations such as India and China are predicted to be remunerative regions with lucrative opportunities. China is likely to drive the market in APEJ owing to the large-scale manufacturing and industrial production. Besides, established players of the market are offering cost-efficient solutions for several types of hardness testing as per the ISO 6507, 9385, and ASTM E384 and E92. Owing to the aforementioned factors, the market is likely to flourish in the forecast period.
The aerospace sector demands the advanced standard of equipment and consumables to assure reproducibility of results. This provides security to the players that the scope of failures is nil while offering efficiency. Apart from the material innovations, thorough testing is required to ensure that new materials can withstand operational use for a prolonged tenure.
Players in the market are focusing to expand their market reach by making aggressive investments. For instance, R-Tech Materials invested in the Zwick Roell Group’s latest composites testing technology, 250kN Zwick Universal Testing Machine, to assist the fast-expanding aerospace testing business.
Availability of calibrated equipment is expected to be a key factor slowing down the market growth during the forecast period. Further, trained personnel and appropriate testing environments are other salient causes impeding the market expansion in the coming time.
The outbreak of COVID-19 resulted in the imposition of lockdown across the globe. Owing to the lockdown, various industries such as automotive, construction, and others were shut temporarily. However, the market is likely to regain its momentum in the coming time.
As per the analysis, the global microhardness testing system market in APEJ projected to expand at a CAGR of 3.5% during the forecast period. Expansion of the regional market can be attributed to the presence of emerging countries such as India and China.
China is anticipated to be the key factor strengthening the market in APEJ. The market in China is flourishing owing to the presence of established players. Moreover, the expansion of infrastructure across the country is projected to boost the microhardness testing market. In addition, the rapid growth in the construction industry is another key cause propelling the industry in the country. As per the analysis, China’s construction market is projected to grow at a CAGR of 8.6% during the forecast period.
As per the analysis, the market in North America is anticipated to garner significant market value while recording a healthy CAGR during the forecast period. Growth of the market can be attributed to the presence of developed nations where the U.S and Canada are anticipated to make the maximum contribution.
Robust development of the aerospace sector and the expanding electronics market in the U.S are the major factors boosting demand for the microhardness testing market. Moreover, players in the industry are involved in several partnerships and acquisitions that are projected to augment the market. For instance, in March 2022 Japan-based Hibiki-Seiki and Alberta-based Optima Manufacturing (Optima) announced their strategic partnership to manufacture and supply high-precision machining and components for the North American Aerospace Industry.
Key players of the global microhardness testing system market are AMETEK, Inc., Shimadzu Scientific Instruments, Mitutoyo Corporation, Buehler, Struers, Fischer Measurement Technologies (India) Pvt. Ltd., JINAN PRECISION TESTING EQUIPMENT CO., LTD., Chennai Metco Pvt. Ltd., EMCO-TEST Prufmaschinen GmbH, FUTURE-TECH CORP., Chennai Metco Pvt Ltd. MATSUZAWA CO., LTD., among others.
| Report Attribute | Details |
| Growth Rate | CAGR of 5.1% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
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| Customization | Available Upon Request |
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FMI projects the market to expand at a 5.1% value CAGR by 2032
APEJ is expected to be the most opportunistic market, expanding at a 3.5% CAGR
JINAN PRECISION TESTING EQUIPMENT CO., LTD., EMCO-TEST Prufmaschinen GmbH are some prominent manufacturers of the market.
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Microhardness Testing System Market
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