VALLEY COTTAGE, N.Y. – A new Future Market Insights (FMI) report projects the concrete tester market size to exceed US$ 500 Mn by the end of 2029. Growing stringency of regulations on building and construction materials is augmenting the demand for concrete testers. Global sales of concrete testers are poised to grow at a CAGR of 3.9% during the forecast period 2019-2029.
Technological advancements have disrupted the construction industry. Key players in the concrete testers market are currently focusing on using artificial intelligence and machine learning programs for accurate real-time assessment and to speed up the testing process for monitoring the quality of concrete. For instance, in October 2019, Giatec Scientific Inc., a Canada-based company, launched ‘Roxi’ – the first concrete testing technology that uses AI programs to precisely monitor the quality of concrete on-site. Such strategic move is likely to influence other market players to follow suit and direct their investments towards advanced technologies.
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“Implementation of legislation by government bodies such as AASHTO and ASTM regarding safety in the construction industry is influencing investments in development of highly accurate concrete testers. Additionally, the trend of digitalization and rapid penetration of e-commerce are influencing market players to adopt multi-channel sales strategy,” says FMI analyst.
Key Takeaways – Concrete Testers Market Study
- Highly influenced by its versatile quotient, demand for universal testing machines (UTM) continues to move on an upward swing. UTM test allows manufacturers to understand the sustainability of the component for desired application.
Preview of 2019 Analysis and Review of Concrete Testers Market by Product – NDT Machine, Universal Testing Machine, Fresh Concrete Testing, and Flexure Testing Machine for 2019 – 2029:https://www.futuremarketinsights.com/reports/concrete-testers-market
- UTM demand is also consistently rising in the automobile and construction industries, as it allows to determine several properties of the material at a time. On the other hand, NDT machine and flexure testing machine are expected to gain prominence in the future.
- Sales of flexure testing machine is forecasted to grow at a CAGR of 5.2% through to 2028, due to its increasing on-site application scope and compact size.
- According to FMI, sales of concrete testers in North America are relatively high when compared with other regions, owing to the increasing adoption of laboratory analysis services by several industries.
- North America held one-fourth of the revenue share in 2018. Growth potential of the concrete testers market is also expected to be high in Latin America, owing to increasing stringency of regulatory framework imposed by the government to maintain the quality of materials used by application industries such as mining.
- Developing regions such as East and South Asia will continue to remain vital markets for the manufacturers. With rapid pace of urbanization and industrialization, market players are viewing these regions from both target market and manufacturing perspectives.
The global concrete testers market is highly fragmented with the presence of a huge number of local players offering products for various applications.
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