Published Date: 31-Aug-2022
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According to a new report, published by KBV research, The Global Test Benches Market size is expected to reach $1.6 billion by 2028, rising at a market growth of 4.9% CAGR during the forecast period.
The Software segment is showcasing a CAGR of 6.3% during (2022 - 2028). In comparison to hardware testing solutions, there has been a significant increase in software-based testing solutions due to their simplicity and flexibility. When necessary, software-based testing solutions can be quickly modified, which is advantageous for end users. Owing to this, the market would grow in this segment.
The Automotive & Transportation segment acquired maximum revenue share in the Global Test Benches Market by Application in 2021 thereby, achieving a market value of $510 million by 2028. An increase in the demand for high-tech vehicles like self-driving, autonomous, and connected vehicles is leading to a rise in the number of automobile manufacturing facilities. Furthermore, the commercialization of cutting-edge products to simplify and lighten vehicles has increased sales of those particular vehicles.
The Motors segment has shown the growth rate of 5.2% during (2022 - 2028). Testing platforms are frequently used to regulate the speed of electric motors. The segment is expected to be driven by rising sales of electric motors, particularly in North America & Western Europe. Manufacturers of motors perform inspection tests on each assembled motor to check for mechanical and electrical compliance with standards
The Valve Test Benches segment is generating highest revenue share the Global Test Benches Market by Type in 2021 thereby, achieving a market value of $590.3 million by 2028. The oil and gas industry's growing use of valve testing benches to control the flow rate of fluid in pipelines is credited with the segment's expansion. These benches are perfect for a high-volume production setting and can test screwed relief valves at pressures up to 1000 pounds per square inch (psi).
The Manual Test Stands segment is showcasing of 6.5% during (2022 - 2028). These testing platforms are specifically used for testing small samples under compression or tensile conditions. When budgets are tight, simple force testing is possible with manual test stands. It is anticipated that the manual testing machines' observed accuracy will have an effect on the segment's growth.
The Asia Pacific market dominated the Global Test Benches Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $578.1 million by 2028. The Europe market is exhibiting a CAGR of 4.5% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 4.3% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/test-benches-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Robert Bosch GmbH, Nidec Corporation, Ametek, Inc., dSPACE GmbH, PPT Group (Mecmesin), Kern & Sohn GmbH, IMADA, Inc., MCD Elektronik GmbH, Blum-Novotest GmbH, and Haven Automation Ltd.
By Test Material
By Test Stands
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