Composites Testing Equipment Market is Likely to Grow at a CAGR of 6.7% Over the Next Five Years

Stratview Research has launched a new research report on Composites Testing Equipment Market in five ways to provide a 360-degree holistic view.
The forecast of the market has been segmented by-

• by End-Use Industry: (Aerospace & Defense, Transportation and Others)
• by Composite Type: (Polymer Matrix Composites, Ceramic Matrix Composites and Others)
• by Testing Type: (Destructive Testing and Non-Destructive Testing)
• by Technique Type: (Volumetric Examination, Surface Examination and Others)
•  by Region          
  • North America
  • Europe
  • Asia – Pacific
  • Rest of the World

 
The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Composites Testing Equipment Market.
Years considered for this report -

• base year 2017
• trend period 2011 - 2016
• forecast period 2017 - 2022

 
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The Global Composites Testing Equipment Market: Highlights
The global composites testing equipment market is projected to witness a healthy CAGR of 6.7% over the next five years, driven by increasing production rates of the best-selling aircraft coupled with increasing penetration for composites, development of new composite applications in different industries, increasing demand for quality products, increasing research & development activities, increasing demand for the light-weight materials, and introduction of stringent regulations.
 
The global composites testing market is segmented based on the end-use industry as aerospace & defense, transportation, building & construction, wind energy, marine, and others. The aerospace & defense is expected to remain the most dominant segment of testing equipment in the composites industry over the next five years. Increasing production rates of the key commercial and regional aircraft, such as B737, B787, A350XWB, A320, and Bombardier C Series; development of new aircraft or variant of existing programs, such as B737max, A320neo, B777x, and A330 neo; introduction of stringent regulations; and increasing penetration of composites are the major drivers of the market.
 
Transportation is estimated to experience the highest growth during the forecast period, driven by increasing penetration of composites in the structural parts in the automotive industry. Increasing penetration of composites is largely because of implementation of stringent regulations on automakers by governments of many countries regarding the enhancement in the fuel efficiency and reduction in the carbon emissions.
 
Based on the composite type, the global composites testing equipment market is segmented as polymer matrix composites, ceramic matrix composites, and metal matrix composites. Polymer matrix composite generates the highest demand for testing equipment and is expected to remain the largest composite type over the next five years, driven by the dominance of polymer matrix composites in various end-use industries.
 
The global composites testing equipment market is segmented based on the testing type as destructive and non-destructive. Destructive testing equipment is further segmented into impact testing, static testing, dynamic testing, and others. Similarly, non-destructive testing equipment is further segmented into radiography testing equipment, shearography testing equipment, ultrasonic inspection equipment, visual inspection equipment, eddy-current testing equipment, thermography testing equipment, and others. Non-destructive testing equipment is expected to remain the most dominant over the next five years, driven by its higher usage in a wide array of end-use industries ranging from aerospace & defense, transportation, to wind energy.
 
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North America holds the highest share in the global composite testing equipment market, driven by the USA. The region is the manufacturing capital of the advanced composites industry with the presence of all the major players. This region also holds healthy share in the other composite markets including wind energy, transportation, building & construction, and marine. The continuous shift of automobile manufacturing plants to Mexico is likely to create a strong demand for composites as well as the testing equipment.
 
Asia-Pacific is projected to witness the highest growth during the forecast period, driven by China and India. Development of indigenous commercial, regional, and military aircraft, such as COMAC C919, ARJ21, and Mitsubishi MRJ; commencement of assembly plants of major commercial aircraft, such as A320 in the China; the highest wind turbine installation; and increasing penetration of composites in the transportation industry are some of the major growth drivers of the region.
 
General Electric Company, Olympus Corporation, Sonatest Ltd., Mistras Group, Yxlon International GmbH, Zetec, Inc., Ashtead Technology Inc., and Bosello High Technology SRL are the key players of the testing equipment for the composites industry. New product development and collaboration with customers are some of the key strategies adopted by companies to gain a competitive edge over other competitors.
 
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

 
Research Methodology
This report studies the market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -

• Extensive secondary research,
• Rigorous primary interviews with more than 10 industry stakeholders across the value chain.
• Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
• More than 1000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

 
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