Testing Equipment Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMEP2657 | Last Updated On: Jun 14 2022 | Available Formats

> Global Testing Equipment Market Expected to reach a high CAGR of 5.3% during the forecast period 2022-2029: DataM Intelligence

Global Testing Equipment Market is segmented By Product Type (Hardware (Leak Detector, Calibrators, Transmission Line/Station Testing, Safety Testing / Surge Testing, Sensor, Multimeter, Others), Software, Service (Calibration, Repair/Maintenance, Rental, Training, Others)), By Type (Portable, Fixed), By End User (Water & Waste Water, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Metals & Mining, Food & Beverages, HVAC, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global Testing Equipment Market is expected to grow at a high CAGR of  5.3% during the forecasting period (2022-2029).

Measurement technology provides the tools for optimizing production processes and dosing operations. In addition to pressure and temperature, the flow rate is one of the most important measured variables

 Testing equipment is an instrument used to check leakage and detection of the unwanted flow of fluid, gas, current, etc. The increased focus on modernizing the processes and operations in industries is set to increase the demand for testing equipment's

The testing equipment market is segmented by product type, type, end-user, and geography. By product type, the market is segmented into Hardware, Software, and Services. By type, the market is segmented into Portable and Fixed. By end-user, the market is further segmented by Water & Waste Water, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Metals & Mining, Food & Beverages, HVAC, and Others. Whereas by geography the market is divided into North America, South America, Europe, Asia Pacific and the Middle East, and Africa

key players in the market mainly focus on new product launches, expansions, and mergers & acquisitions to enhance their position in the testing equipment market.

Market Dynamics

Rising demand for leak detection in water and wastewater management applications across the globe is expected to drive market growth over the forecast period

Adoption of advanced leak detection technologies and instruments is also likely to gain traction in other sectors, such as oil and gas, pulp and paper, food and beverage, and power generation

Moreover, these industries need to monitor the leak and unwanted issues which involve the use of testing equipment. This has led to the increased usage of testing equipment in various sectors of the market

The increased focus on modernizing the processes and operations in industries increased the demand for testing equipment. However, these testing equipment are not compatible with modern machines and need to be replaced by new ones which are smarter and intelligent. However, the cost of replacing the traditional testing equipment is high and is a major factor restraining the growth of the testing equipment market.

Competitive Landscape:

Some of the major players include ABB Ltd, Emerson Electric Co, General Electric, KROHNE Messtechnik, Höntzsch GmbH, Siemens AG, OMEGA Engineering Inc., Honeywell International Inc., Uson, L.P., Yokogawa Electric Co.

These key players mainly focus on new product launches, expansions, and mergers & acquisitions to enhance their position in the testing equipment market.

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