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Steel Testing Equipment Market

Market Insights on Steel Testing Equipment covering sales outlook, demand forecast & up-to-date key trends

Steel Testing Equipment Market By Tests (Compression Test, Tensile Test, Bend Test, Elongation Test), Modularity (Stationary, Portable) & Region - Forecast 2022-2032

Steel Testing Equipment Market Overview

Global Steel Testing Equipment Market demand is anticipated to be valued at US$ 3.4 Billion in 2022, forecast to grow at a CAGR of 3.2% to be valued at US$ 4.7 Billion from 2022 to 2032. The growth of the Steel Testing Equipment Market is attributed to its global utilization across the Testing Equipment industry.

Report Attribute

Details

Estimated Base Year Value (2021)

US$ 2.1 Billion

Expected Market Value (2022)

US$ 3.4 Billion

Anticipated Forecast Value (2032)

US$ 4.7 Billion

Projected Growth Rate (2022-2032)

3.2% CAGR

Steel testing equipment is an equipment, which is used for test on steel, that includes universal electromechanical and hydraulic machines to perform tensile, compression, flexural, bending and resilience tests on metallic materials (i.e. control test on steel bars for reinforced concrete). These equipment can also be used to carry out tests on plastic, composed and textiles materials, wires, ropes, paper and rubber.

North America is considered to be a dominant region for the Steel Testing Equipment Market, owing to the increase in the adoption of steel testing equipment market in various industries across the US and Canada.

A major factor expected to propel the growth of the steel testing equipment market during the forecast period includes the increase in demand for steel testing equipment in construction industry, automobile industries, among others.

The factor that is expected to hinder the growth of the Steel Testing Equipment Market during the forecast period includes high maintenance expenses associated with the steel testing equipment.

Which are Some Prominent Drivers Spearheading Steel Testing Equipment Market Growth?

The major factor that is expected to accelerate the growth of the Steel Testing Equipment Market during the forecast period includes the increase in demand for steel testing equipment in construction industry, automobile industries and other related industries for testing the strength and quality of steel. Thus, wide-ranging application areas of steel testing equipment are increasing the use of the steel testing equipment method, and ultimately, driving the growth of the market.

In addition, increasing government investments and funds, and increasing testing and inspection activities in the field of suitable and broadly used metal are some other factors that are augmenting the growth of the steel testing equipment market.

Moreover, the rising focus on addressing environmental and personal safety issues is another major factor that is creating potential growth opportunities for steel testing equipment during the forecast period.

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What are the Challenges Faced by the Steel Testing Equipment Industry?

The major factor that is expected to hamper the growth of the Steel Testing Equipment Market includes the maintenance expenses associated with the steel testing equipment. Considering the small industries, the expenses of the steel testing equipment are not bearable.

How is North America Emerging as an Opportunistic Steel Testing Equipment Market?

North America is expected to account for a significant Steel Testing Equipment Market share, attributed to the increase in the adoption of steel testing equipment market in various industries across the US and Canada.

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How is Europe Contributing to Growth of the Steel Testing Equipment Market?

The major factor that is expected to propel the growth of Steel Testing Equipment in Europe during the forecast period includes increasing government investments in automation technologies across Germany, France and UK.

Market Competition

Some of the key participants present in the global Steel Testing Equipment Market include Aimil Ltd., Controls S.p.A., Universal Motion Inc., Matest S.p.A., CMT Equipments, Applied Test Systems, OLSON INSTRUMENTS INC., Qualitest International Inc., and Papworths Construction Testing Equipment, among others.

Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as Aimil Ltd., and Controls S.p.A. account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the North America.

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Scope of Report 

Report Attribute

Details

Growth Rate

CAGR of 3.2% 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

Segments Covered

  • Test
  • Industries/End Use
  • Modularity
  • Region

Key Segments Profiled in the Steel Testing Equipment Industry Survey

Tests:

  • Steel Compression Testing Equipment
  • Steel Tensile Testing Equipment
  • Steel Bend Steel Testing Equipment
  • Steel Elongation Testing Equipment

End Use Industry:

  • Steel Testing Equipment for the Aerospace & Defense Industry
  • Steel Testing Equipment for the Automotive Industry
  • Steel Testing Equipment for Electrical & Electronic Industry
  • Steel Testing Equipment for Construction Industry
  • Steel Testing Equipment for Piping Industry
  • Steel Testing Equipment for Machine Tools Industry
  • Steel Testing Equipment for Home Appliances
  • Steel Testing Equipment for Metal Analysis
  • Steel Testing Equipment for Educational Institutes

Modularity:

  • Stationary Steel Testing Equipment
  • Portable Steel Testing Equipment

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

Frequently Asked Questions

FMI projects the global Steel Testing Equipment Market to expand at a 3.2% value CAGR by 2032

North America is expected to be the most opportunistic steel testing equipment market

Aimil Ltd., Controls S.p.A., Universal Motion Inc., Matest S.p.A., CMT Equipments, Applied Test Systems, OLSON INSTRUMENTS INC., Qualitest International Inc., and Papworths Construction Testing Equipment, among others are some prominent Steel Testing Equipment Market players

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Steel Testing Equipment Market