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Leak Test Equipment market

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Leak Test Equipment market is expected to reach US$ 778.5 Mn, by 2026
The global leak test equipment market was valued at US$ 377.0 Mn in 2016 and is
projected to expand at a cumulative annual growth rate (CAGR) of 7.4% from 2018
to 2026, according to a new report published by Transparency Market Research
(TMR) titled “Leak Test Equipment Market – Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast, 2018–2026”. The report suggests that expansion of the
global automotive, medical & pharmaceutical, and packaging industries along with
increasingly stringent regulations pertaining to leakages is likely to spur the demand
for leak test equipment during the forecast period (2018 to 2026). North America,
Europe, and Asia Pacific are likely to dominate the global leak test equipment
market, as key players introduce their new leak test equipment in these regions.
Rising demand for leak test equipment from the expanding packaging industry in
emerging markets such as China and India is likely to boost of the leak test
equipment market in Asia Pacific at a CAGR of 8.4% from 2018 to 2026.
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Rising cost of helium, used as a tracer gas in leak test equipment, to restrain the
global market
Leak testing procedures are essential to ensure superior quality of the product along
with safety of consumer. However, a large number of industry verticals are facing
problems due to the rising cost of helium gas, as helium supply is facing a shortage
worldwide. Helium is a naturally-occurring gas that is utilized for numerous purposes
across various fields. A significant number of industries rely on helium leak testing
methods, as helium is a highly popular tracer gas in leak testing production.
However, the demand for helium is exceeding the available supply, due to the higher
usage of helium across various industries, which has been raising the cost of helium
in recent years. Several companies are presently using alternative equipment that
employ air leak testing method, as this type of leak test equipment utilizes affordable
hydrogen gas, rather than costly helium. However, for some companies, altering a
procedure that is established can be a difficult task, as wrong decision pertaining to
the leak test method can compromise the quality of the products.
Download Report TOC for in-depth analysis @
https://www.transparencymarketresearch.com/report-toc/42812
Significant expansion of the automotive & transportation end-use industry, making it
highly lucrative to invest in
Based on end-use industry, the leak test equipment market is segmented into
HVAC/R, automotive & transportation, medical & pharmaceutical, packaging,
industrial, and others. The others end-use industry segment includes aerospace &
defense and power & energy end-use industries. The automotive & transportation
segment is expected to expand at a CAGR of more than 7% during the forecast
period. A large number of automotive manufacturers around the globe rely on higher
quality leak test equipment to find defects in automotive components or products.
Manufacturing defective products can prove costly, as it results in increasing warranty
claims and endangering safety of the consumer. The leak testing procedures for the
automotive are primarily defined by different standard organizations including the
American Society for Testing and Materials and the Society of Automotive Engineers.
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monaliraghu
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