Test Benches Market Size Worth $1.61 Billion By 2027 | CAGR:
SAN FRANCISCO, May 14, 2020 /PRNewswire/ -- The global test benches market size is estimated to reach USD 1.61 billion by 2027, expanding at a CAGR of 4.8% from 2020 to 2027, according to a new report by Grand View Research, Inc. Increasing adoption of test benches in various industrial applications, such as automotive, semiconductor and electronics, industrial manufacturing, and engineering, is likely to propel the market growth over the forecast period. Need for the testing of appliances and equipment that are under development, such as consumer electronic devices, car components, turbines, and pumps, is estimated to drive the market over the next few years. Testing systems are also used for the measurement and inspection of machines and instruments.
Key suggestions from the report:
- The market is driven by increasing adoption of testing systems in various applications in order to fulfill the customer demand and deliver quality products to the end customers
- Valve test benches dominated the market in terms of revenue in 2019 owing to their benefits, such as ability to test the valves around ten times faster than the conventional testing methods
- Motorized test stands are expected to expand at the highest CAGR during the forecast period owing to their ability to provide constant testing speed as compared to manual stands
- By application, the semiconductor and electronics segment is expected to witness considerable growth over the forecast period owing to rising production, design complexity, and requirement of high performance semiconductor devices used in several electronic products
- Europe is expected to witness the highest growth in the next few years owing to the presence of a large number of manufacturers of testing benches
- Some of the key test benches market players are FuelCon AG (Germany), MCD Elektronik GmbH (Germany), Nidec Industrial Solutions (Italy), and ATEQ (U.S.).
Read 110 page research report with ToC on "Test Benches Market Size, Share & Trends Analysis Report By Test Bench Type (Valve, Force, Torque), By Component, By Test Stands, By Test Material, By Application, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/test-bench-market
Testing systems are used by the semiconductor manufacturing companies to enhance their performance capability and the speed of operation, which, in turn, reduces the cost of the semiconductor device. Furthermore, increasing demand for testing systems from the automotive industry owing to significant increase in the sales of vehicles is boosting the growth of the market. Recent innovation in the automotive industry, such as autonomous cars and electric vehicles, is further driving the demand for testing systems. Lightweight materials including processed steel, carbon fiber, aluminum, and steel are used to enhance the performance of the vehicles and reduce the weight and complexity of the automotive parts.
Companies are significantly investing in the installation of the test benches in order to deliver quality products to the end customers. For instance, in late 2017, Winergy, a business segment for gearboxes of Flender GmbH, a Siemens Company, installed the most extensive testing system in Australia for the testing of wind turbine gearboxes. The company has invested USD 3.95 million in the installation of the 2.8 MW full load test bench.
Europe is expected to register the highest CAGR over the forecast period owing to increasing production of testing benches in the countries, such as Germany, Italy, and U.K. Asia Pacific held the largest market share in 2019 owing to the presence of a large number of semiconductor and electronics manufacturing companies, especially in China. Countries such as U.S., Canada, and India are anticipated to generate considerable revenue over the next few years. Key players operating in the test benches market include Mark-10 (U.S.), Robert Bosch GmbH (Germany); AMETEK Sensors, Test & Calibration (U.S.); Blum-Novotest (Germany); and IAG Industrie Automatisierungsgesellschaft m.b.H. (Austria).
Grand View Research has segmented the global test benches market based on component, test bench type, test stands, test material, application, and region:
- Test Bench Component Outlook (Revenue, USD Million, 2016 - 2027)
- Test Bench Type Outlook (Revenue, USD Million, 2016 - 2027)
- Test Bench Test Stands Outlook (Revenue, USD Million, 2016 - 2027)
- Manual Stands
- Motorized Stands
- Test Bench Test Material Outlook (Revenue, USD Million, 2016 - 2027)
- Test Bench Application Outlook (Revenue, USD Million, 2016 - 2027)
- Semiconductor and Electronics
- Industrial Manufacturing and Engineering
- Automotive and Transportation
- Power Generation and Utilities
- Oil and Gas
- Test Bench Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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