Flaring complexity of machinery, growing requirements of precise product utilization specifications, on-going rigorous implementation of government regulations to ensure the workforce’s safety, and rising rigorous quality control requirements are the key factors that enhance the growth of the inspection & testing equipment market. Preceding evidence of infrastructure failures such as leakages in nuclear refineries, pipeline explosions, and refinery blasts has shown governments worldwide to impose rigorous safety regulations, which have fueled the demand for inspection and testing of equipment and services.
Developing economies such as India, China, Malaysia, and Brazil are experiencing swift infrastructural advancements such as constructing new bridges, dams, railways, power plants, and refineries. This propels the demand for inspection and testing equipment, which, in turn, is anticipated to escalate the growth of the companies providing inspection and testing equipment.
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In addition, it has become important for key players to improve their global presence, and at the same time, make a highly qualified workforce for offering effective inspection and testing equipment. Hence, a qualified workforce with the required for inspection and testing equipment skill-set is a strategic concern for companies.
Market Trends
- Asia-Pacific is likely to be one of the most rapidly-growing region in the inspection and testing equipment market due to the swift infrastructural advancements and automation adoption in manufacturing industries in nations such as India and China. Nations in Asia-Pacific are in the manufacturing of defense aircraft, which is anticipated to accelerate inspection and testing equipment in the defense & aerospace industry. Many infrastructural advancement projects are under construction and are to be constructed in the region during the forecast time. The demand for automobiles is estimated to grow substantially in the coming years.
- Europe is anticipated to observe substantial growth over the forecast time. The segment captured a high number of revenue share and is foreseen to extend at a high growth rate. The presence of many critical automotive industry in Germany and France assists the need to deploy efficient testing and inspection equipment ecosystem in their companies. Moreover, the presence of various fashion brands, consumer goods, and retail corporations in nations such as Italy and the U.K. also assists the development and growth of the regional market.
- Ventures have also began opening new development centers in different regions to raise market penetration. This allows them to form better business relations with customers and clients. Moreover, service providers have began engaging in mergers and acquisitions, which aids in creating new revenue channels. For instance, in 2020, Applus+ bought Soil and Foundation Company Limited and Geo-technical and Environmental Company (SAFCO), a leading construction inspection and testing equipment provider, to expand its service variety in the region.
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COVID-19 Impact analysis
The COVID-19 pandemic has disrupted the inspection & testing equipment market significantly. It has decreased manufacturing and production activities in several regional due to the enforcement of lockdown by many national governments. Nevertheless, the healthcare division witnessed significant inspection & testing equipment practices due to the rising need to acquire healthcare services and related products, including medicinal supplies. The consumer goods domain also embraced inspection and testing equipment practices during the pandemic due to people’s rising demand to access safe and appropriate quality food products.
The spread of COVID-19 led to the acceleration production of medicines and other medical equipment. This has escalated the demand for inspection and testing equipment in the healthcare & pharmaceuticals end-use industry, owing to surged demand for Test and measurement equipment products and solutions.
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