Test Benches Market to Reach US$ 1,300 Mn by 2023

According to a new market report published by Credence Research Inc “Test Benches Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023,” the global Test Benches market is is majorly driven by the automotive & aerospace segment, as of 2015. Due to strong anticipated growth in the major application sectors, the test benches market is predicted to register strong growth in the coming years. Another major trend observed in the market is emphasis on providing customized solutions to the consumers. As mentioned above, automotive is the largest consumer segment of test benches. However, due to ever-changing combustion engine changes, it becomes challenging for the market players to serve their consumers in the segment. Thus, test bench vendors, as a part of their strategy, provide customized solutions to their customers so as to better meet the requirements. The right bench design is essential to ensure that the automobiles are properly calibrated and tested. This enables better energy efficiency and reduced emissions, thereby supporting manufacturing innovation.

As of 2015, the automotive & aerospace segment dominates the overall test benches market. The segment contributed to over 23% of the total revenue generated worldwide, in 2015. Ever-rising automotive & aerospace industry is the prime factor responsible for the high market share. Due to continual growth observed in the number of vehicles sold, globally, since the past few years, the segment is estimated to retain its dominant position in the market throughout the forecast period. The segment is followed by the power generation, industrial manufacturing and oil & gas segments.

Browse Full Report At : https://www.credenceresearch.com/report/test-benches-market

Asia Pacific was the largest market for test benches in 2015.The growth here is majorly backed by countries such as China, India, South Korea, Japan and some of the Southeast Asia nations. These countries have strong automotive and power generation sectors. As of 2015, China stands as the largest producer of automobiles and electricity worldwide, making the nation prominent market for test benches. Due to strong anticipated growth across the industrial sector of Asia Pacific, the region is projected to retain its dominant position in the test benches market throughout the forecast period. Europe follows Asia Pacific, in terms of revenue and volume, in the overall test benches market. The market here is majorly backed by the Western Europe region, having huge industrial sector.

General Electric Corporation, Robert Bosch GmbH, IAG Industrie Automatisierungsgesellschaft m.b., Atlas Material Testing Technology GmbH, MCD Elektronik GmbH, ETH-messtechnik gmbh, and LIEDTKE ANTRIEBSTECHNIK GMBH & CO. KG are identified as the key test benches manufacturers. The global test benches market is highly competitive with presence of larges number of global and local players. New product development, product innovation and focus on improving energy efficiency of test benches are some of the requisite market strategies adopted by the manufacturers in the market. In order to keep themselves ahead of the competition, the leading players in the industry manufacturers are investing in research and development activities and expand their product and service offerings.