Rising digitization is impacting the growth of engineering & construction (E&C) sector. Need for better and affordable society is growing with rising urban population mainly in developing economies. Expansion of construction industry is accelerating the demand for advance construction material testing equipments across the globe. However, engineering & construction industry is facing a slower pace to adopt innovative technology as compared to other end-user industries.
Construction and education industry is expected to witness promising growth for construction material testing equipments as the governments of developing economies such as India and Brazil are encouraging Foreign Direct investment (FDI) for infrastructure development. However, ongoing slowdown in growth of global economy and currency devaluation is affecting the engineering & construction business which is likely to hamper the demand for construction material testing equipments in the near future.
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Global Construction Material Testing Equipment Market key Players are Humboldt Mfg., Matest, ELE International, CONTROLS Group, Myers Associates, Inc., EIE Instruments Private Ltd., Applied Test Systems, Illinois Tool Works, NL SCIENTIFIC INSTRUMENTS, Papworths Construction Testing Equipment, Shimadzu Corporation, Tinius Olsen Testing Machine Company, Zwick Roell, GlobalGilson, CMT Equipment
Market Drivers and Challenges
Rapid expansion of infrastructure industry in developing nations is key driving factor for the growth of global construction testing material equipment market. Low cost testing equipment provided by local group of companies is increasing the demand among smaller construction companies. Moreover, strict government regulations and standards for construction materials are increasing the necessity for the development of advanced testing equipment for construction material. These regulations will bring positive business opportunities for construction testing material equipment market in the near future. Educational institutes are also using advanced construction material testing equipment for learning purpose which is bolstering the demand for construction testing material equipments across the globe.
However, high initial cost of material testing equipment is limiting adoption among small construction companies and contractors of developing countries. Industrial and laboratory based construction material testing equipment has high operational and maintenance cost. For educational institute, high operational & maintenance cost of equipments is expected to obstruct the adoption of new construction material testing equipments and eventually will suppress the growth of the market.
Market Size and Forecast
Global construction material testing equipment market valued USD 1.63 billion in 2015 and is projected to grow at a CARG of 3.92% during the forecast period.
Asia-Pacific (APAC) region accounts for over 42% revenue share of global construction material testing equipment market in 2015. Asia-Pacific region will continued to be the largest market owing to rising per capita income along with increasing urbanization in the region. Rapid urbanization in emerging economies like China and India and development of new cities in the region are the major driving factors for the growth of infrastructure segment in Asia-Pacific region. Expansion of construction industry in Asia-Pacific will eventually boost the demand for construction material testing equipments in the region.
North America and Europe, being mature markets are estimated to witness moderate growth with 10% of global market share of construction material testing equipment market by the end of 2024. Middle East and Africa region is anticipated to experience high growth in global construction material testing equipment market over the forecast period. MEA is accounted for approximately 35% market share of the global market for construction material testing equipment in 2016. Huge investment in infrastructure and building construction in countries such as Qatar, Saudi Arabia, Oman and the United Arab Emirates (UAE) is fuelling the growth of construction material testing equipment market in the region.
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Construction Material Testing Equipment Market Segmentation by Geography
o North America (U.S., Canada)
o Asia-Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and ROAP)
o Europe (The UK, Germany, France, Italy, Spain, , Russia, Poland, Sweden, and ROE)
o Latin America (Brazil, Mexico and ROLA)
o Middle East and Africa (GCC, North-Africa, South Africa and ROMEA)
o Rest of the World
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