The Global Leak Tester Market was valued at USD 427.9 million in 2019 and is projected to reach USD 829.4 million by 2027, expanding at a CAGR of over 9.5% during the forecast period (2020-2027). Leak testing is an industrial procedure required to verify and measure the pneumatic tightness of the components made. Major investments were made in the global leak testing market at the end of the nineties to expand these forms of leak checks to a broad variety of goods. Several end use industries such as automotive, consumer goods, energy, HVAC/R, medical, and military are the downstream sectors of leak testing products. In the recent years, the consumption of leak tester has increased due to the recovery of the global economy, especially in developing countries, which has raised consciousness regarding the usage of quality product. The development and adoption of several types of leak tester has increased in 2019 and this trend is projected to continue during the forecast period.
Market Dynamics
A leak tester is an effective way for conduct industry complaint tests to check for leaks, before delivering it to the customers or before utilization. The accuracy of leak tester over traditional methods is boosting its demand over the past few years. Manufacturers of leak tester are increasingly focusing on the integration of the latest technologies to boost the sale of devices and capture the maximum market share. A significant number of industries are relying on helium leak tester due to increasing shortage of helium gas. Manufacturers of leak tester are increasingly developing products to deliver industry compliant and suitable products to cater to the end-user requirements. Currently, major types of leak tester include compact leak tester and stationary leak tester. End-users are different industry verticals such as automotive, medical, HVAC, laboratories, and energy. Leak testing is performed frequently due to increasing need to prevent leakage for controlling the loss of gases, liquids, and other components and to prevent any hazardous events at factory locations or other areas. This, in turn, fuels the demand for leak tester.
click For Free Sample Report – https://growthmarketreports.com/request-sample/106
Segmental Outlook
On the basis of types, the leak tester market is divided into portable leak tester, compact leak tester, and stationary leak tester. The stationary leak tester segment dominated the global market in 2019 with a market share of over 41.0%. Stationary leak tester is known for its superior performance and lightweight. The voltage range offered includes universal and a fixed voltage, which propels the demand for portable leak tester. A stationary link tester is suitable for in-house testing of materials, gases, and other parameters. The stationary leak tester is preferred for offline testing of the sample. The portable leak tester sub-segment is projected to expand at a high CAGR during the forecast period. Pfeiffer Vacuum, which is one of the leading manufacturers of leak tester, offers advanced forms of portable leak tester. The ASM310, a portable leak tester offered by the company, has a detachable control panel, touchscreen with graphical display, SD card storage capacity, customizable menu, and various other features.
Regional Outlook
In terms of value, North America held a major share of the global leak tester market. The high market share is due to the presence of well-established players in the U.S. and Canada. North America is home to players, including ATEQ Corporation, Vacuum Instruments Corporation, InterTech Development Company, and LACO Technologies, who work in the leak tester market. Additionally, the adoption of leak tests in North America is high due to the steady growth of the automotive industry in the region. Many companies across the US are innovating technologically advanced new generation leak testing facilities to cater to the rising demand for these testers from different industries.
Competitive Landscape
- The prominent manufacturers operating in the global leak tester market include Lezyne, Topeak, Blackburn, Bell, Schwinn, Intex, Giant, Giyo, Silca, Specialized, BioLogic (Mobility Holdings, Ltd.), Campagnolo, DT Swiss, and ZEFAL.
- Leak tester are known for their fast response and easy operation mode. Product manufacturing industries such as electronic components and automotive are focusing on improving the quality of products to improve the lifespan and reduce the failure of products.
- Increasing industrialization at the global level is driving the demand for leak tester. Rapid industrialization caters the maintenance industry for devices and for the products involved in these industries. An increase in the demand for these commodities is fueling the demand for leak tester to test the leakages. Increasing focus on reducing manufacturing defects is propelling the need for leak tester. This, in turn, is expected to have a medium effect on the demand for leak tester.
- These aforementioned market players are increasingly targeting emerging economies to expand their market penetration. Developing economies offer lucrative opportunities for growth in the face of rapidly growing populations. Furthermore, the availability of economic labor and raw materials enables OEMs to reduce production costs.
- Automotive manufacturers are increasingly relying on high quality leak test equipment to detect defects in products or automotive components, including power steering, engine blocks, brakes, and emission control. The defects present in manufacturing processes leads to serious problems, resulting in increasing warranty claims and endangering the safety of the consumers.
- One of the major challenges of using leak tester is that they are highly dependent on the operator’s experience in using them.
About Growth Market Reports:
GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.
Contact:
Growth Market Reports
Phone: +1 909 414 1393
Email: sales@growthmarketreports.com
Web: https://growthmarketreports.com
Follow Us: LinkedIn | Twitter
0
