Albany, NY -- (SBWIRE) -- 02/22/2019 -- The global leak test equipment market is expected to reach US$ 778.5 Mn by 2026. The market is projected to expand at a CAGR of 7.46 % from 2018 to 2026. According to the report, the global leak test equipment market is expected to be influenced by a range of factors such as rising applications of the leak test equipment across automotive, packaging, industrial, and medical & pharmaceutical industries and stringent leak testing procedures that are specified by a variety of standard organizations. Asia Pacific is likely to be at the forefront of global demand, with the market in the region expanding at a CAGR of more than 8% through 2026.

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In terms of components, the global leak test equipment market is bifurcated into hardware, software, and services. The services segment is expected to surpass US$ 260 Mn, in terms of revenue, by 2026. The calibration sub-segment of the services segment is expected to expand at a significant CAGR of more than 9% during the forecast period. The leak test equipment must be calibrated, as it helps in determining the rate of leakage. Furthermore, calibration services are highly important, as they help leak test equipment to comply with required industry standards as well as leak tightness specification. Additionally, calibration also ensures that the leak test equipment is calibrated to the similar to factory standards. Several players operating in the leak test equipment market including Uson, L.P. have developed novel and technologically advanced "Leak Master and Transducer Calibration Laboratory" in order to provide effective and precise calibration services.

Based on equipment type, the leak test equipment market is segmented into portable and fixed leak test equipment. The portable equipment type segment is expected to hold a higher share of the market share, owing to the rising demand for portable leak test equipment. The portable leak test equipment can be used for leak detection both, on-site, i.e., on the premises of the company, and across a variety of remote locations around the globe. Numerous well-established players are witnessing a rise in demand for the portable type leak test equipment. For instance, in 2017, leak test equipment provider named, Pfeiffer Vacuum, announced the sale of multiple ASM 310 portable helium-based leak detectors at the Vacuum Expo 2017.

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In terms of end-use industry, the leak test equipment market is segmented into HVAC/R, automotive & transportation, medical & pharmaceutical, packaging, industrial, and others. The others end-use industry segment includes aerospace & defense and power & energy end-use industries. A large number of automotive manufacturers around the globe rely on higher quality leak test equipment to find out defects in the product or automotive components including power steering, engine blocks, brakes, and emission control. Manufacturing defective products can prove costly, as it results in increasing warranty claims and endangering safety of the consumer. The leak testing procedures for automotive are primarily defined by different standard organizations including the American Society for Testing and Materials and the Society of Automotive Engineers.