The Construction Material Testing Equipment Market is estimated to be valued at US$3.17Mn or Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Construction material testing equipment are used to test different physical and chemical properties of construction materials such as concrete, cement, soil, aggregates etc. Some common equipment used includes concrete slump testers, concrete cylinder or cube moulds, concrete compression machines, rebound hammers, and soil density and moisture testing equipment. Correct material selection and testing helps ensure longevity and safety of infrastructure projects.
Market Dynamics:
Two key drivers expected to propel the construction material testing equipment market forward include growing infrastructure development projects globally as well as stringent quality control regulations. Governments across countries are significantly investing in infrastructure development such as roads, railways, bridges and buildings to meet rising demand. This will drive demand for material testing equipment. Additionally, standards and codes around material quality are becoming more stringent to ensure public safety, necessitating comprehensive testing of materials used in construction projects. Both these factors are expected to fuel market revenue over the forecast period.
Segment Analysis
The construction material testing equipment market is segmented based on product type into concrete testing equipment, soil testing equipment and others. The concrete testing equipment segment dominates the market owing to increased construction activities across the globe. Concrete needs to be frequently tested to check for properties like workability, strength, density and grading which fuels the demand for concrete testing equipment.
PEST Analysis
Political: Government investments and regulations regarding infrastructure development projects across countries are supporting the growth of the construction material testing equipment market. Economic: Recovery of construction sector post COVID-19 pandemic and growth of emerging economies are contributing to the economic growth of the market. Social: Rapid urbanization and availability of loan facilities for new housing projects are increasing the social demand for construction. Technological: Developments in advanced testing methods like non-destructive testing and automation is facilitating continuous technological upgradations in equipment.
Key Takeaways
The global Construction Material Testing Equipment market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing investments in infrastructure development projects globally. Regionally, Asia Pacific dominated the market and is expected to grow at the fastest rate during the forecast period owing to ongoing infrastructure development activities in major emerging economies like China and India. Key players operating in the construction material testing equipment market are Aimil Ltd., ELE International, Controls S.p.A., Humboldt Mfg. Co., Matest S.p.A., CMT Equipments, Canopus Instruments, Applied Test Systems, OLSON INSTRUMENTS INC., Qualitest International Inc., Papworths Construction Testing Equipment, and Zwick Roell Group among others. This industry is characterized by high regional consolidation, with few leading global players. Owing to the intensive competitive scenario, industry is expected to witness significant strategic initiatives to strengthen their industry foothold and expand regional presence. For instance, in June 2017, University of Missouri System collaborated with Missouri University of Science and Technology for the development of Advanced Construction and Materials Laboratory (ACML), to address public infrastructure challenges.
