Frost & Sullivan report examines environmental test market
-- Test & Measurement World, 2/20/2008 6:00:00 PM
According to Frost & Sullivan, the world environmental testing equipment market has experienced steady growth in recent times because of the growth of alternative fuel technologies and rising demand from the Asia Pacific region. Vendors must maintain a global perspective since the sale of environmental testing equipment is expected to increase across all regions, not just the Asia Pacific.
The new analysis, entitled World Environmental Testing Equipment Markets, find that the market earned revenues of $653.3 million in 2007 and estimates this to reach $919.3 million in 2012.
“The progression of alternative fuel technology is the single biggest driver for the world environmental testing equipment market,” notes Frost & Sullivan research analyst Vijay Mathew. “Alternative fuel technology, especially solar and fuel cell technology, is progressing at a very rapid pace, and vendors will need to keep pace with these advancements in order to remain competitive.”
The growing demand from the Asia Pacific region for environmental test equipment drives the market. With manufacturers becoming more cost conscious, most test equipment vendors and end-users have shifted base to the region, especially the electronics manufacturing industry.
The highly fragmented market, with well over 80 participants worldwide, has led to fierce competition. The market for environmental testing has become more narrowly focused than it has in the past. In recent years, the smaller companies have been focusing on niche segments and more specialized aspects of environmental testing.
With technological advancements taking place at a very rapid pace, especially in the electronics and fuel cell segments, end-users expect more sophisticated and innovative equipment. Investing more in R&D will help environmental test equipment companies keep pace with the latest technological trends and satisfy the demands of their customers.
World Environmental Testing Equipment Markets is part of the Test & Measurement Growth Partnership Service program. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
www.testandmeasurement.frost.com.
