The global leak test equipment market is expected to reach US$ 778.5 Mn by 2026. The market is projected to expand at a CAGR of 7.46 % from 2018- 2026.
Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Leak Test Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years.
Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the Global Leak Test Equipment Market have been elaborated upon in the research report.
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The global leak test equipment market is expected to reach US$ 778.5 Mn by 2026.
The market is projected to expand at a CAGR of 7.46 % from 2018 to 2026. According to the report, the global leak test equipment market is expected to be influenced by a range of factors such as rising applications of the leak test equipment across automotive, packaging, industrial, and medical & pharmaceutical industries and stringent leak testing procedures that are specified by a variety of standard organizations.
Asia Pacific is likely to be at the forefront of global demand, with the market in the region expanding at a CAGR of more than 8% through 2026.
Services component segment is expected to be more lucrative for the global leak test equipment market
In terms of components, the global leak test equipment market is bifurcated into hardware, software, and services. The services segment is expected to surpass US$ 260 Mn, in terms of revenue, by 2026.
The calibration sub-segment of the services segment is expected to expand at a significant CAGR of more than 9% during the forecast period. The leak test equipment must be calibrated, as it helps in determining the rate of leakage.
Furthermore, calibration services are highly important, as they help leak test equipment to comply with required industry standards as well as leak tightness specification. Additionally, calibration also ensures that the leak test equipment is calibrated to the similar to factory standards.
Several players operating in the leak test equipment market including Uson, L.P. have developed novel and technologically advanced “Leak Master and Transducer Calibration Laboratory” in order to provide effective and precise calibration services.
Portable equipment type segment is expected to dominate the leak test equipment market around the globe
Based on equipment type, the leak test equipment market is segmented into portable and fixed leak test equipment. The portable equipment type segment is expected to hold a higher share of the market share, owing to the rising demand for portable leak test equipment.
The portable leak test equipment can be used for leak detection both, on-site, i.e., on the premises of the company, and across a variety of remote locations around the globe. Numerous well-established players are witnessing a rise in demand for the portable type leak test equipment.
For instance, in 2017, leak test equipment provider named, Pfeiffer Vacuum, announced the sale of multiple ASM 310 portable helium-based leak detectors at the Vacuum Expo 2017.
Automotive & transportation end-use industry segment is expected to expand at a significant growth rate during the forecast period
In terms of end-use industry, the leak test equipment market is segmented into HVAC/R, automotive & transportation, medical & pharmaceutical, packaging, industrial, and others. The others end-use industry segment includes aerospace & defense and power & energy end-use industries.
A large number of automotive manufacturers around the globe rely on higher quality leak test equipment to find out defects in the product or automotive components including power steering, engine blocks, brakes, and emission control. Manufacturing defective products can prove costly, as it results in increasing warranty claims and endangering safety of the consumer.
The leak testing procedures for automotive are primarily defined by different standard organizations including the American Society for Testing and Materials and the Society of Automotive Engineers.
North America to hold a significant share in the overall market
North America is expected to hold a higher share of the leak test equipment market during the forecast period. The expansion is primarily due to the presence of well-established players across the region, especially across the U.S.
and Canada. North America is home to several well-established players from the leak test equipment market including Uson, L.P., Vacuum Instruments Corporation, LLC, ATEQ Corp., InterTech Development Company, and LACO Technologies. Furthermore, North America is witnessing a higher rate of adoption of leak test equipment owing to the consistent expansion of the automotive industry in the region.
Several companies across the U.S. are innovating technologically advanced new generation leak testing equipment in order to cater to the demand from various industries.
In November 2017, Uson, L.P. announced the launch of a novel industrial-grade 628, disparity pressure decay leak tester. The new leak tester combines the registered disparity pressure measurement technology in a compressed industrial form factor to help users identify accurate defects in the product before the fabrication process.
The market in Europe is projected to expand at a significant CAGR during the forecast period. The expansion is attributed to the legal initiatives taken by the European Union to reduce the overall leakage.
For instance, the HVAC/R industry in Europe needs to use leak test equipment due to the presence of European Fluorinated Gas (F Gas) Regulations. Under these regulations, all enterprises from the HVAC/R sector need to comply with stringent measures for leakage reduction.
Additionally, numerous market players are entering into strategic M&A to improve their leak test equipment capabilities. For instance, in February 2017, Pfeiffer Vacuum GmbH announced the acquisition of the supplier of an industrial leak and flow test product, named Advanced Test Concepts (ATC), Inc.
This acquisition is expected to help both companies to enhance their leak testing capabilities and help provide superior quality products to customers. There is a legal obligation to reduce the leakage under the European F gas (Fluorinated gas) regulation.
Additionally, the expansion of the market in the region is also due to the presence of a large number of experienced players from the leak test equipment market including Pfeiffer Vacuum GmbH.
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Leak test equipment are gaining popularity across Asia Pacific, especially across economies such as China, Japan, and India. Increased government regulation to reduce environmental pollution and increase energy efficiency, increased quality standards and technology/process control, and general rise in demand for air conditioning are expected to fuel the leak test equipment market in this region.
China is projected to hold a significant share of the market owing to the presence of a large number of leak test equipment manufacturing facilities of well-established players such as INFICON across the country along with the high usage of leak test equipment by predominant industries.
Uson, L.P., Vacuum Instruments Corporation, LLC, CETA TESTSYSTEME GmbH, ATEQ Corp., InterTech Development Company, LACO Technologies, and INFICON are some of the major players operating in the leak test equipment market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players has been duly provided as part of company profiling.
Various players are providing novel leak test equipment in order to find out manufacturing defects, which helps validate the product’s integrity to improve safety of the consumer. Moreover, market players are establishing partnerships, entering into strategic M&As, and expanding in order to enhance their leak test equipment offerings worldwide.
The global leak test equipment market is segmented as follows:
Global Leak Test Equipment Market, by Components
Global Leak Test Equipment Market, by Equipment Type
Global Leak Test Equipment Market, by End-use Industry
- Automotive & Transportation
- Medical & Pharmaceutical
Global Leak Test Equipment Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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