According to the recent market research report published by Growth Market Reports titled, “Global Leak Tester Market by Types, Applications, and Regions: Size, Share, Trends, and Opportunity Analysis, 2019-2027”, the global market was valued at USD 427.9 Million in 2019 and is estimated to expand at a CAGR of 9.5% between 2020 and 2027.
Increasing usage of leak tester in various fields, such as automotive, manufacturing, packaging, and healthcare is anticipated to drive the global leak tester market. Leak tester are capable of performing numerous industry specific tests such as electronic gas detection, colorimetric development, bubble testing, mass flow, mass spectrometry, hydrogen leak detection, and ultrasonic leak testing.
The global leak tester market is driven by the increase in investments in offshore energy resources. Moreover, rising demand for proper leak detection between industries to avoid possible disasters and accidents is creating growth opportunities in the global leak tester market. Additionally, growing demand for effective leak testing techniques to prevent future disasters and incidents and increasing implementation of strict government protection regulations are expected to further propel the market.
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Leak testing is a method used to identify manufacturing defects that help verify product integrity and improve consumer protection. For example, the automotive industry consistently uses leak tester to ensure that assembly operations have been efficiently performed and subcomponents are leak-free.
As per the Growth Market Reports industry analyst Vidya Jadhav, “The global leak tester market is anticipated to grow significantly during the forecast period, from 2020-2027. A significant number of automotive manufacturers across the globe rely on high quality leak test equipment to detect flaws in automotive components or goods. Manufacturing faulty goods can prove costly, as they result increased the claims for warranty and a threat to public safety. Leak Tester are implemented for robust leak testing procedures by government agencies and other industries with sensitive work environments. This is expected to propel the market in the coming years.”
Key Takeaways from the Study:
- Based on the applications, the leak tester market is segmented into industrial, automotive, medical, HVAC/R, laboratories, and energy. Several new end use industries are anticipated to increase its adoption for leak tester. Some prominent of them being aerospace & defense and power & energy industries. The automotive segment is projected to expand at a CAGR of more than 7% during the forecast period.
- North America is home to well-established manufacturers of leak tester such as Uson, L.P., Vacuum Instruments Corporation, LLC, ATEQ Corp., InterTech Production Company, and LACO Technologies. The adoption of leak tester is high in North America due to continuous growth of the automotive industry.
- Several companies across the US are innovating new generation leak tester to meet the needs of different industries. In November 2017, Uson L.P., announced the launch of a novel industrial grade 628, disparity pressure decay leak tester.
- Car manufacturers rely on high-quality leak test equipment to detect product or automotive part faults, such as power steering, engine blocks, brakes, and pollution control. The defects present in the manufacturing process lead to safety concerns and increases warranty claims.
|Market Value in 2019||US$ 427.9 Million|
|Market Growth Rate (from 2019 to 2027)||9.5%|
|Historical Data||2017 & 2018|
|Forecast Period||2020 – 2027|
|Units Considered||Value (US$ Million) & Volume (Units)|
|Market Segments||Types, Applications, and Regions|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Lezyne, Topeak, Blackburn, Bell, Schwinn, Intex, Giant, Giyo, Silca, Specialized, BioLogic (Mobility Holdings, Ltd.), Campagnolo, DT Swiss, and ZEFAL|
|Customization Scope||Report customization available on request|
|Pricing and Purchase Options||Avail tailor-made purchase options to meet your research requirements.|
- Supply-side: Leak tester manufacturers, leak tester OEMs
- Demand Side: Oil & gas companies, industrial production companies, automotive companies, medical institutes & research laboratories
- Regulatory Side: Environmental protection agencies
- Associations and Industry Bodies: International Canine Spill & Leak Detection Association, United States Environmental Protection Agency, National Renewable Energy Laboratory