The global nanomechanical testing market is expected to grow from USD 279 million in 2018 to USD 345 million by 2023, at a CAGR of 3.65% from 2018 to 2023
NEW YORK, Jan. 14, 2019 /PRNewswire/ -- Nanomechanical testing market to grow at a higher CAGR during 2018–2023
The global nanomechanical testing market is expected to grow from USD 279 million in 2018 to USD 345 million by 2023, at a CAGR of 3.65% from 2018 to 2023. The increasing demand for testing various materials to understand its properties on a nanoscale would increase the market for nanomechanical testing services for several applications, such as life sciences, industrial manufacturing, and material development.
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HARDWARE SEGMENT TO CAPTURE LARGER SIZE OF NANOMECHANICAL MARKET, BASED ON OFFERING, BY 2023
The rising demand for testing various materials to understand its properties on a nanoscale leads to the increasing adoption of nanomechanical testing services for various applications, such has life sciences, industrial manufacturing, and material development. The global market for nanomechanical testing will be dominated by the hardware segment due to increasing advancements by key players toward product innovation leading to the development of systems with higher accuracy.
ADVANCES IN MICRO-ELECTRO-MECHANICAL SYSTEMS (MEMS) TECHNOLOGY WOULD ENABLE GROWTH OF NANOMECHANICAL TESTING MARKET AT HIGHER CAGR FROM 2018 TO 2023
Consumer electronics, industrial electronics, medical devices, gaming consoles, drones, and imaging are a few major applications of MEMS devices.Latest advancements in MEMS technology have led to the development of various new devices.
Further, several MEMS devices can be integrated into a single module.However, these developments in MEMS technology have led to severe complexities in the design process, which further makes quantification and modification of mechanical properties extremely difficult.
MEMS devices comprise complex materials having diverse physical dimensions with large variations in their properties.
NORTH AMERICA TO BE FASTEST-GROWING REGION IN NANOMECHANICAL TESTING MARKET
The nanomechanical testing market in North America is estimated to grow at the highest CAGR during the forecast period due to the dynamic changes in the adoption of new technologies and advancements in organizations across industries, as well as increased use of connected devices.The life sciences industry in North America has a significant impact on its economy.
It is the largest market for nanomechanical testing at present, and a similar trend is likely to continue in the coming years. The US is the most important market for material testing in the region.
Bruker Corporation (US), Micro Materials Limited (UK), Alemnis GmbH (Switzerland), MTS Systems Corporation (US), Quad Group, Inc.(US), Illinois Tool Works Inc. (US), Nanoscience Instruments (US), Biomomentum Inc. (Canada), Micro Materials Limited (UK), Nanomechanics Inc. (US), and Testometric Co., Ltd. (UK) are a few major players in the nanomechanical testing market.
Breakdown of Profile of Primary Participants:
• By Company Type: Tier 1 = 18%, Tier 2 = 22%, and Tier 3 = 60%
• By Designation: C-Level Executives = 21%, Directors = 35%, and Others = 44%
• By Region: North America = 22%, Europe = 26%, APAC = 39%, and RoW = 13%
Research Coverage:
• The market by instrument type covers Transmission electron microscope (TEM), scanning electron microscopes (SEMs), dual-beam (FIB/SEM) systems, and spectroscopes.
• The market by offering covers hardware and services.
• The market by application covers industrial manufacturing, life sciences, material development, and semiconductor manufacturing
• The geographic analysis is based on 4 major regions—North America, Europe, APAC, and RoW. (RoW includes South America, and the Middle East & Africa).
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the nanomechanical testing market and subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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