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.
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Construction material testing equipment finds significant applications in the infrastructure building process, primarily owing to the requirement to ensure the safety of the humans, goods and amenities in the building. Requirement of elimination of hazards from every individual building procedures, from selection of lands, concrete & aggregates, cements, bituminous materials, steel, masonry, steel to the mission critical testing of pavements and roads.
Requirement for compliance with the national and state directives and regulations regarding the infrastructure will further propel market growth
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.
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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