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.
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.
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.
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.
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.
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.
| 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 |
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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
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