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Analysis of the Material Testing Equipment Market
Frost & Sullivan, Jan 2012, Pages: 145
2009 was one of the most difficult years for the global economy, the material test equipment market being no exception, witnessing a strong decline in revenues. During the 2008-2009 downturn, with economic uncertainty looming, key test equipment end users were forced to cut down on their testing and quality control budgets as well as new equipment purchases. Since then however, the market has demonstrated a strong recovery with traditional as well as emerging end user segments driving new equipment sales. Currently the market is poised for robust development as global markets stabilize and industrial activity among emerging economies continues at a rapid pace.
Drivers Explained
Market Recovery Driven by Demand from Traditional End-user Markets
- 2009 was one of the most difficult years for the global economy, and the material test equipment market was no exception, witnessing an almost xx percent decline in revenue.
- During the 2008–2009 downturn, with economic uncertainty looming, key test equipment end users including automotive, aerospace and metals were forced to cut down on their testing and quality control budgets as well as new equipment purchases.
- Although the impact of the downturn continues to linger, the recovery has been remarkable. The automotive industry, traditionally the biggest user of material testing equipment, announced drastic expenditure cuts which were primary factors behind the steep decline in 2009.
- Since the market has recovered—although not back 2008 levels. Delayed spending as a result of the downturn has created significant latent demand across various end-user markets, and vendors expect this growth to sustain till the end of the forecast period.
- Research indicates that in addition to traditionally strong users of material testing equipment such as automotive, aerospace, primary metals, and plastics.
- New applications areas in the fields of biomedical, composites, medical devices and nanotechnology are expected to drive the market in the coming years.
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