Most residents are unaware of the standards required for the residential and commercial buildings. In order Requirement to keep a check on human safety, national and state regulatory authorities have established various standards, directives and regulations for these buildings. Regulations also cover the different infrastructure categories that include utilities, industries, telecommunication, transport, and others. For instance, Australasian Procurement and Construction Council in Australia, Environmental Protection Agency and national Association of Home Builders in U.S., and Construction Products Regulation by European Council in EU are few among the many regional bodies that are responsible for the building standards. Requirement of compliance with these regulatory bodies and ensure the requirements are met, construction material equipment market will witness substantial growth over the forecast period.
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Proliferation of smart cities and connected infrastructure will propel the industry growth through 2025
According to United Nations’ press release in July 2014, around 54% of the global population lived in the urban areas, which is expected to account for overall 66% by 2050. Rapid urbanization across all the major global economies, specifically in the BRIC countries is expected to drive the demands for the infrastructure. Moreover, increasing population and government interests in the smart city infrastructures will inadvertently fuel the growth prospects. According to the white paper report by Technology that was sponsored by the United Parcel Services and Consumer Technology Association, the smart city initiatives rose to over 235 in 2016, an estimated surge of over 38% in comparison to 2013. Proliferation of such infrastructural activities are expected to present extensive growth prospects to the construction material testing equipment market.
Residential and commercial infrastructure is expected to dominate the global demands over the next few years
Growth of residential housing is anticipated to be the primary growth driver for all the other associated infrastructure that includes transportation, utilities, and other commercial activities. However, according Coherent Market Insights, there have been several incidences of paradigm shifts with the development of commercial and manufacturing activities that in turn led to traction of residential buildings in the vicinity. In both scenarios, residential segment is expected to register highest traction, which is expected to present highest demands for the construction material testing equipment market.
Owing to presence of largest population base, highest number of emerging economies, significant growth in infrastructural activities, Asia Pacific is expected to remain the most lucrative regional segment through the forecast period. Trends such as connected vehicles, smart factories and connected infrastructure is expected to drive the demands in other developed economies that include U.S. and the Western Europe. Moreover, large budget projects in the Middle East which specifically includes Gulf Cooperation Council will provide considerable product requirements.
Chief players in the construction material testing equipment market include Aimil, Humboldt Mfg., ELE International, CONTROLS Group, and Matest. Industry is characterized by high regional consolidation, with few leading global players. Owing to the intensive competitive scenario, industry is expected to witness significant strategic initiatives to strengthen their industry foothold and expand regional presence. For instance in June 2017, University of Missouri System collaborated with Missouri University of Science and Technology for the development of Advanced Construction and Materials Laboratory (ACML), to address public infrastructure challenges.
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