Scope of the report
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Technavio has announced its latest market research report titled Global Fatigue Testing Machine Market 2020-2024 (Graphic: Business Wire)
This report provides a detailed analysis of the fatigue testing machine market by application (automotive industry, aerospace industry, composites industry, medical industry, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including ADMET Inc., Bogimac Engineering nv-sa, Cortest Inc., FINE GROUP OF TESTING MACHINES, Illinois Tool Works Inc., MTS System Corp., Shimadzu Corp., SPRANKTRONICS, TA Instruments, and ZwickRoell GmbH & Co. KG. Rising demand for fatigue testing machines from the aerospace industry is a key trend in the global fatigue testing machine market which will lead to significant market growth. Fatigue testing is widely adopted in the aerospace industry to determine the lifespan of parts such as fasteners, engines, structural testing, and seats. With significant growth in the global aircraft production, the demand for fatigue testing is increasing in the aerospace industry. All these factors are leading to a positive outlook for the fatigue testing machine market.
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Fatigue Testing Machine Market: Segmentation by Geography
The market is segmented into five regions encompassing APAC, Europe, MEA, North America, and South America. APAC was the largest market for the fatigue testing machine in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 37% of the market’s growth will originate from APAC during the forecast period. The rapid growth in end-user industries such as automotive, aerospace, and medical is driving the demand for fatigue testing in APAC. In addition, developing countries such as China and India are introducing new policies to attract foreign investments, which is positively influencing the market growth in the region. China, Japan, and South Korea (Republic of Korea) are the key markets for fatigue testing machines in APAC.
Fatigue Testing Machine Market: Segmentation by Application
The fatigue testing machine market is segmented into five segments based on application comprising of automotive industry, aerospace industry, composites industry, medical industry, and others. Materials used in the automotive industry such as rubber, plastic, metals, and alloys undergo multiple cyclic loading and stresses that may damage or fail the substance. Hence, it is crucial for components made of these materials to undergo fatigue testing as they have to endure high loads over the lifecycle of a vehicle. These factors are creating significant growth potential in the automotive segment.
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Fatigue Testing Machine Market: Growth Drivers
Increasing demand for fatigue testing machines from the automotive industry will drive market growth. Fatigue testing machines are essential in the automotive industry to determine the fatigue life of production materials. In addition, the adoption of the "Just in Time" process in manufacturing plants has compelled automotive companies to transition to ultra-high frequency fatigue testing machines. These machines can decrease the turnaround time to a certain extent. With the emergence of electric and advanced vehicles such as autonomous cars, the scope for fatigue testing machines will further increase in the automotive industry during the forecast period.
Fatigue Testing Machine Market: Market Overview
The fatigue testing machine market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. ADMET Inc., Bogimac Engineering nv-sa, and Cortest Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the low data accuracy due to the high level of background variation will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)
Fatigue Testing Machine Market: Parent Market Overview
Technavio categorizes the fatigue testing machine market as a part of the global industrial machinery market. The parent, global industrial machinery market, covers companies engaged in the manufacture of industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications.
Growth in the global industrial machinery market will be driven by the growing industrial output leading to capacity additions in process and discrete industries.
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