Future Market Insights has announced the addition of the “Construction Material Testing Equipment Market: Global Industry Analysis and Opportunity Assessment, 2018-2027" report to their offering
Valley Cottage, NY -- (SBWIRE) -- 02/06/2019 -- Construction material testing equipment sales surpassed 1 million units in 2018, equaling a market value worth US$ 2.5 billion. A new study by FMI projects revenues to grow at 4.9% y-o-y in 2019. The overall growth of the construction material testing equipment market can be attributed to,
Growing interest of property buyers to investigate the quality of construction before the purchase
Rising importance of durability of construction projects in a bid to ensure public safety
Bullish growth of the construction materials market and introduction of innovative products
Stringent regulatory standards for construction material testing
"Civil engineering projects are largely dependent on the quality of construction materials as they help builders in identifying problems before utilizing the resources, thereby ensuring the economic output of the construction project. This puts construction material testing equipment at hotspot wherein their operations determine the longevity of any infrastructure while lowering future investments in repair and maintenance," says FMI.
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As construction material testing equipment is an integral part of construction projects, their demand is likely to remain steady in the construction sector. The study finds that demand for construction material testing equipment market is likely to remain higher in on-site locations – in 2018, 5 in 10 construction material testing equipment were sold in on-site location projects.
R&D laboratories and educational institutes also use construction material testing equipment, wherein construction materials are tested during the process of materials production or pilot studies. Extensive research and development activities in the construction materials industry to introduce innovative yet durable materials further increases the importance of construction material testing equipment.
Over 3 in 10 Testing Equipment Sold in Commercial Applications in 2018
Material testing plays a crucial role throughout construction testing as it provides affordable as well as important measures required to ensure long-term sustenance of all infrastructures. With the rising commercial building constructions in developed as well as developing regions, application of construction material testing equipment is likely to consolidate in the commercial application which accounted for over one-third of total sales in 2018.
The FMI study finds that commercial applications accounted for nearly 30% of global sales of construction material testing equipment, whereas transport applications accounted for nearly 20% sales. Residential application also contributed to a significant demand for construction material testing equipment as manufacturers now deliver residential application-specific testing equipment.
Soil Testing Equipment Remain Highly Sought-After
The FMI finds that demand for soil testing equipment remains highest in the construction material testing equipment market and accounted for over 4 in 10 testing equipment sold in 2018. Inspection of soil properties is essential to implement any infrastructure project successfully. Henceforth, soil testing equipments play crucial role in helping builders to understand the behavior of soil which will be used in construction projects as a structural or filling material.
The study opines that remaining 60% share of the construction material testing equipment sales was attributed to equipments that test materials such as aggregate, concrete and other construction materials.
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According to the FMI study, APEJ accounted for one-third of the global demand for construction material testing equipment in 2018. Over the past few years, investments in infrastructure have been one of the key drivers of the region's economic development.
The region has a dynamic construction sector wherein some countries are engaged in developing domestic infrastructure whereas others are leveraging the potential of export market. In particular, China remains a highly competitive market for construction material testing equipment and accounted for over one-fourth of APEJ demand in 2018.
Europe follows APEJ in terms of construction material testing equipment units sold in 2018. Demand remains concentrated in Germany, whereas the UK also accounts for a significant share of demand in the construction material testing equipment market.
The FMI report tracks the construction material testing equipment market for the period 2019-2027. According to the report, the construction material testing equipment market is projected to grow at 4.9% CAGR through 2027.