Shear Testing Equipment Market Size
:
Global Shear Testing Equipment Market size was USD 387.2 million in 2021 and projected to grow from USD 413.3 million in 2023 to USD 557 million by 2032, exhibiting a CAGR of 3.4% during the forecast period.
The global shear testing equipment market refers to the equipment and instruments market used to measure the shear strength of materials. Shear strength is the maximum amount of stress tolerated by a material before it breaks under a shear load. Shear testing equipment perform several tests with great accuracy & precision and is used in various industries like automotive, aerospace, manufacturing construction etc. The market players are focusing on improving the repeatability and reliability of the machines. Few common types of shear testing equipment are Automatic Shear Testing Equipment, Residual Shear Testing Equipment.
Market Highlights
Global Shear Testing Equipment Market is expected to project a CAGR of 3.4% during the forecast period, 2022-2032
Global Shear Testing Equipment Market is expected to reach USD 557 million, growing at a CAGR of 3.4% during forecast period owing to the rising demand for quality control of materials testing in various industries. Factors such as rising investments in research and development activities, growing awareness about the benefits of using advanced testing equipment, and growing acceptance of digitalization and automation technologies in the manufacturing industry are expected to drive the growth of shear testing equipment market.
Global Shear Testing Equipment Market Segmentation:
Automatic Shear Testing Equipment segment is expected to grow with high CAGR during the forecast period
Global Shear Testing Equipment Market is classified based on the Equipment Type into Automatic Shear Testing Equipment, Residual Shear Testing Equipment, Others. Automatic Shear Testing Equipment segment is expected to dominate the market in forecast period owing to the versatility and ability to perform a wide range of shear tests on different materials.
Manufacturing Industries segment is expected to grow with high CAGR during the forecast period
Global Shear Testing Equipment Market is classified based on the End Use Industry into Manufacturing Industries, Construction, Research Laboratories, Educational Institutes, Others. Manufacturing Industries segment is expected to dominate the market in forecast period owing to the rising demand for quality control and material testing in these industries.
Market Dynamics:
Growth Drivers
Increasing Demand for Material Testing is Expected to Boost the Growth of the Market
The demand for QC and materials testing is increasing due to the acceptance of high-quality products in the market which is creating a scope for the growth of the shear testing equipment market. The necessity of precise and authentic shear testing equipment has led to the advancements in testing technology to perform wide range of tests and is expected to boost the growth of the market. The acceptance of automation and digitalization in several industries has created the necessity for shear testing equipment.
Risng Investments in Research and Development is Expected to Boost the Growth of the Market
The investments in research and development activities is increasing and has resulted in the development of novel shear testing equipment which is expected to drive the growth of the market. Increasing demand for shear testing equipment from various end-use industries to test the materials for quality control is expected to drive the growth of Global Shear Testing Equipment Market.
Restraint
High Equipment Cost May Hamper the Growth of the Market
The cost of shear testing equipment is expensive which is a barrier for small companies to adopt, thereby hampering the growth of the market. The operation of shear testing equipment needs skilled personnel but due to the lack of expertise people may lead to restraining the growth of the market. The slow adoption of shear testing equipment by few countries due to lack of awareness may also hamper the growth of the Global Shear Testing Equipment Market.
Recent Developments:
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Lloyd Instruments' had launched LS5-150 twin-column material testing machine to offer improved accuracy, efficiency, and versatility.
- In 2019, TA Instruments acquired ElectroForce Systems Group from Bose Corporation to expand their product portfolios and raise the market share.
Global Shear Testing Equipment Market
Key Players Covered:
- AMETEK.Inc.
- Shimadzu Corporation
- Humboldt Mfg. Co.
- Nordson Corporation
- HOVERLABS
- Controls S.p.A.
- EIE INSTRUMENTS PVT. LTD.
- INSTRON
- WANCE Group
- Zwick/Roell
- Shanghai Hualong
Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Global Shear Testing Equipment Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia-Pacific region dominated the market in 2021 and is expected to dominate the market in the forecast period owing to the rising demand for materials testing in the construction and automotive industries and increasing investments in R&D is expected to boost the growth of the market. The presence of a manufacturers in countries of this region is also expected to boost the growth of the Global Shear Testing Equipment Market.
Impact of Covid-19 on Global Shear Testing Equipment Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 has affected several industries and slowing down of construction, mining, infrastructure projects. There was an increased focus on quality control and testing of materials in various industries especially pharmaceuticals, healthcare, and food and beverage which resulted in increased demand for shear testing equipment. Covid-19 pandemic had positive impact on the growth of the Global Shear Testing Equipment Market.
Global Shear Testing Equipment Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Global Shear Testing Equipment Market Scope and Segments:
|
ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
|
Growth Rate |
CAGR of 3.4% from 2022-2032 |
|
Unit |
Value (USD Million) |
|
Segmentation |
Main Segments List |
|
Equipment Type |
|
|
End Use Industry |
|
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By Region |
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Frequently Asked Questions (FAQ):
Global Shear Testing Equipment Market size was estimated at USD 387.2 million in 2021 and is expected to reach USD 557 million in 2032.
The global shear testing equipment market refers to the equipment and instruments market used to measure the shear strength of materials. Shear strength is the maximum amount of stress tolerated by a material before it breaks under a shear load.
Automatic Shear Testing Equipment and Manufacturing Industries segment accounted for the largest Global Shear Testing Equipment market share.
Key players: AMETEK.Inc., Shimadzu Corporation, Humboldt Mfg. Co., Nordson Corporation, HOVERLABS, Controls S.p.A., EIE INSTRUMENTS PVT. LTD., INSTRON, WANCE Group, Zwick/Roell, Shanghai Hualong and Other Prominent Players are the key players in the Global Shear Testing Equipment Market.
Increasing Demand for Material Testing and Increasing Investments in Research and Development are the factors driving the Global Shear Testing Equipment market
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