Global Leak Test Equipment Market was valued US$ 4.3 Bn in 2017 and expected to reach US$ 7.78 Bn by 2026, at a CAGR of 7.46 % during forecast period.
Global Leak test equipment market is segmented into components, equipment type, end-use industry, and region. On the basis of components, the market is divided into hardware, software, and services. Based on equipment type, a market is segmented by portable and fixed. For end-use industry, a market is classified into HVAC/R, Automotive & Transportation, Medical & Pharmaceutical, Packaging, Industrial, Others. Geographically market is segmented into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
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Increasing incidents of oil & gas leakages in pipelines and storage tanks at production facilities, strict government regulations pertaining to the implementation of leak test equipment. The leak testing equipment is used to detect manufacturing defects which helps to verify the integrity of products and also improves consumer safety. The use of leak testing equipment allows knowing the escape of liquids, vacuum, or gases from sealed components or systems. At the same time entry of new start-ups in the market are limiting the growth of leak test equipment market.
In terms of components, the services segment is anticipated to surpass US$ 260 Mn, in terms of revenue, by 2026. The calibration sub-segment of the services segment is anticipated 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.
Based on the equipment type, the portable equipment type segment is anticipated 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.
In terms of region, North America is expected to hold a major share of the leak test equipment market during the forecast period. It is home to several well-established players from the leak test equipment market, North America is witnessing a higher rate of implementation of leak test equipment owing to the consistent expansion of the automotive industry in the region.
Key players operated in leak test equipment market are Inficon, ATEQ Corp, LACO Technologies, Pfeiffer Vacuum GmbH , Ceta Testsysteme GmbH , Cosmo Instruments Co., ltd., InterTech Development Company, Uson, L.P, Vacuum Instruments Corporation, LLC, TASI Group, Tecna srl, CETA, Changzhou Changce, Kane International, Rothenberger, HAIRUISI, Hermann Sewerin, Cosmo Instruments, VIC Leak Detection.
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TheÂ Scope of Global Leak Test Equipment Market:
Global Leak Test Equipment Market by components:
Global Leak Test Equipment Market by Equipment type:
Global Leak Test Equipment Market by End-Use Industry:
Global Leak Test Equipment Market by Region:
Middle East & Africa
Key players operated in Global Leak Test Equipment Market:
Pfeiffer Vacuum GmbH
Ceta Testsysteme GmbH
Cosmo Instruments Co., ltd.
InterTech Development Company
Vacuum Instruments Corporation, LLC
VIC Leak Detection.
This post was originally published on The Market Plan