Micromaterials Mechanical Testing Equipment Market Overview
Recent studies show that micromaterials mechanical testing equipment market would constitute around 20% – 25% of the total material testing market through 2025. Advancements in miniaturization of electronic products and increasing focus on improving product quality and performance are some of the major factors contributing to the growth of the micromaterials mechanical testing equipment industry. Besides, the rising complexity of designs and growing focus on compliance with industry standards among end-users are expected to propel the micromaterials mechanical testing equipment market growth. On the flip side, factors such as lack of technical knowledge for data interpretation, complicated and time-consuming processes, and increasing outsourcing of testing requirements by SMEs are expected to hamper the market growth.
To maintain profitability and succeed in the long run, companies in the micromaterials mechanical testing equipment market will need to assess the micromaterials mechanical testing equipment market size and identify key application areas other than electronics. This is where Infiniti steps in with its best-in-class custom market research solution. Infiniti’s custom market research solution can help companies in the micromaterials mechanical testing equipment market to assess the market trends, drivers, challenges, and key leading players in the micromaterials mechanical testing equipment market.
Every industry is grappling with the business impact of the COVID-19 outbreak in its own way and the micromaterials mechanical testing equipment market is no exception. Our business continuity support solutions can help companies in the mechanical testing equipment market to identify COVID-19’s impact on their business operations and prepare for the rebound. RFP here.
Business Challenges Faced
The client is a micromaterials mechanical testing equipment manufacturer based out of the United States.
The client encountered a steady decline in sales of micromaterials mechanical testing equipment for two consecutive years. Also, the client saw its selling price collapse. Recognizing the need for dramatic improvement, the client collaborated with Infiniti Research to develop a growth strategy that would address the cost issues, strengthen customer experience, and drive profitable sales growth.
Other challenges faced by the client were:
Lack of technical knowledge for data interpretation: The client’s lack of technical knowledge for data interpretation and inadequate understanding of new technologies such as micropillar compression impacted the company’s overall revenues. The client, therefore, wanted to identify cost-effective technologies leveraged by their competitors.
Complicated and time-consuming processes: As the measurement of mechanical properties on a micro-scale for materials such as thin films and coatings was complicated and time-consuming, the client encountered a decline in sales of micromaterials mechanical testing equipment. To reverse the decline in sales, they wanted to focus on developing test equipment that can simplify the testing process and reduce time significantly.
Increasing outsourcing of testing requirements: As small and medium enterprise considered outsourcing their testing requirements to third party labs for quality control, the sale of micromaterial testing equipment to SMEs declined gradually.
Owing to the government initiatives to contain the spread of COVID-19, the micromaterial mechanical testing equipment market is undergoing major transformations. Our team of analysts and industry experts can help companies in the micromaterial mechanical testing equipment market to keep pace with market changes and industry developments. Contact us here.
Our Integrated Approach
To help the client tackle their business challenges and achieve business objectives, the experts at Infiniti Research recommended market research solution.
Infiniti’s market research engagement involved a four-phased approach:
- The experts at Infiniti Research interviewed micromaterial mechanical testing equipment suppliers that cater to different application areas to gather their views on top end-user segments and estimate the share of end-user industries in the market.
- Our experts also interviewed sales representatives of micromaterial mechanical testing equipment suppliers to identify the top competitors in the US micromaterial testing equipment market. Based on the data gathered, we shortlisted the top 5 players in the US micromaterial testing equipment market and analyzed their business models and strategies.
- In the next phase, our experts assessed the market size and identified key application areas other than electronics.
- The final phase involved assessing the market trends, driver, challenges, and key leading players in the micromaterials mechanical testing equipment market.
By collaborating with Infiniti Research, the micromaterial mechanical testing equipment market client assessed the micromaterials mechanical testing equipment market size and identified key application areas other than electronics. Besides, the client assessed the market trends, driver, challenges, and key leading players in the micromaterials mechanical testing equipment market
The experts at Infiniti Research also helped the client to estimate the average growth rate of themicromaterial mechanical testing equipment market for the next five years. Also, we helped the client to identify top end-user segments including, electronics, polymer, automotive, and aerospace and evaluate their market value. This helped the micromaterial mechanical testing equipment market client to identify the segments to invest on to drive profitability.
By conducting technology assessment, our experts helped the client to gain detailed insights into new technologies such as micropillar compression. Also, we identified the companies providing these technologies for the client. The implementation of new technologies and processes helped the client to modify their micromaterials mechanical testing equipment.
As recommended by the experts at Infiniti Research, the client provided training for researchers and production managers performing different mechanical tests in SMEs. This subsequently increased the sale of micromaterial testing equipment to SMEs.
Within ten months of leveraging our custom market research solution, the client was able to increase sales by 30% and save 17% of overall spend in operations.
Want to know how our market research solution can benefit your business? Request more info here.