Besides steady demand from the construction and infrastructure industry for aggregates pretesting, the growing inclination of a majority of operators in the construction sector towards meeting the government generated construction material testing standards extends a strong push to the demand for specific gravity bench apparatus at a global level.
According to a new intelligence report released by Future Market Insights, high growth potential areas such as mining and educational institutes are creating potential growth avenues for specific gravity bench apparatus landscape.
“Towards the end of 2019, the worldwide sales of wide range of specific gravity apparatus are likely to approach the valuation worth US$ 68 million. However, despite moderately increasing demand in terms of volume, the year on year projections for market revenue point to a sluggish rate.
Based on the specific gravity bench apparatus market assessment by component type, the report indicates that more than 1/4th of the global market value belongs to buoyancy balance. The yearly revenue growth of this component segment is likely to remain the highest in 2019 and beyond.
As the demand for a significant volume of specific weighting cradles prevails, the report projects steady revenue growth prospects for weighing cradles in the specific gravity bench apparatus space, in coming years. The key factor fueling sustained sales of weighing cradles is their shorter replacement cycles.
Currently accounting for over 70% share of the global specific gravity bench apparatus market value, construction equipment and supplies register the highest consumption of specific gravity bench apparatus. Rampant growth of the commercial construction and infrastructure sector continues to drive escalating demand for specific gravity bench apparatus at a global level. Moreover, with rapidly improving laboratory infrastructure in educational institutes, the demand for specific gravity bench apparatus is growing notably, thereby boosting the revenue growth of the market.
Online sales channel continues to hold an impressive opportunistic share of the entire potential of revenue generation. Towards 2018 end, the total online revenue generated in the global specific gravity bench apparatus landscape is estimated at over US$ 26 million. Gilson, one of the prime manufacturers and suppliers of specific gravity bench apparatus, receive a majority of the revenue through the flourishing online sales channel.
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Key Strategic Insights Drawn from the Competition Analysis
The leaders operating in specific gravity bench apparatus landscape hold a cumulative revenue share of over 35%, at present. FMI identifies that the players such as Gilson Company, Inc., Humboldt Mfg. Co., Durham Geo-enterprises, Inc., and Cooper Technology and Control S.p.A. secure the top performing positions at a global level owing to their highly diverse product offering portfolios.
- Long-term contractual alliances with investment partners for effective RoI growth
- Growing focus on the offerings that cater to product customization requirements
- Strategic acquisitions of businesses as well as specific product lines for an enhanced outreach to new growth markets
Regional Outlook Analysis: Specific Gravity Bench Apparatus Market
Driven by the strong presence of a majority of manufacturers of specific gravity bench apparatus, North America remains the most significant landscape. Although projected for a gradual yearly revenue growth in 2019 as indicated by the report, North America’s specific gravity bench apparatus market continues to be the top supporter of specific gravity bench apparatus innovations and new launches.
The specific gravity bench apparatus markets in Europe and Middle East & Africa are also demonstrating sustained growth in recent years, predominantly attributed to laboratorial usage of specific gravity bench apparatus.
On the other side, developing economies across Asia Pacific are witnessing rapid infrastructural and construction developments that includes massive private as well as government projects such as highways, roads, railway tracks, bridges, commercial buildings, and residential areas. This development thereby is raising the demand for decent volumes of specific gravity bench apparatus, pushing the prospects of market in APEJ.