Nanomechanical Testing Market estimated to be worth $345 million by 2023

(IT-NEWSWIRE.COM, November 09, 2021 ) According to the new market research report on "Nanomechanical Testing Market by Offering (Hardware, Services), Application (Material Development, Life Sciences, Industrial Manufacturing, and Semiconductor Manufacturing), Instrument Type (SEM, TEM, & Dual-Beam), and Geography - Global Forecast to 2023", The global nanomechanical testing market is estimated to grow from USD 279 million in 2018 to USD 345 million by 2023, at a CAGR of 3.65% from 2018 to 2023. The increasing demand for testing various materials to understand its properties on a nanoscale would increase the market for nanomechanical testing services for several applications, such as life sciences, industrial manufacturing, and material development.

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Hardware Segment to Account for Larger Size of Nanomechanical Testing Market, Based on Offering, By 2023

The market for hardware will continue to dominate the overall market for nanomechanical testing in the near future due to the increasing advancements by key players toward product innovation leading to the development of systems with higher accuracy. The increasing demand for testing various materials to understand its properties on a nanoscale would increase the market for nanomechanical testing services for several applications, such as life sciences, industrial manufacturing, and material development.

Nanomechanical Testing Market Expected to Grow at Higher CAGR From 2018 To 2023 Because of Advances in Micro-Electro-Mechanical Systems (MEMS) Technology

MEMS devices comprise complex materials having diverse physical dimensions with large variations in their properties. These dimensions could vary from nanoscale to microscale due to the microstructural differences, residual stress, and surface- or edge-driven effects. Additionally, mechanical and tribological properties of thin films and small structures are often strongly affected by the manner in which they have been processed earlier, such as the method of deposition and exposure to temperature, pressure, and etchant.

The current trend is to produce smaller, lighter, and more effective devices at a lower cost than ever before. In addition, the finished product is required to be operated at the very low power and assure reliable performance. Hence, the MEMS nanoindentation technique is used to perform the stiffness- and fracture-resistance characterization of the compliant MEMS structure.

APAC to Hold Largest Size of Test and Measurement Market By 2023

Based on geographical regions, the nanomechanical testing market has been segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). North America is expected to account for the largest share of the overall nanomechanical testing market in 2018. North America is also expected to be the fastest-growing region during the forecast period from 2018 to 2023. On the other hand, the APAC region is expected to witness expedited growth during the forecast period. The rapid industrialization and high demand for nanomechanical testing instruments for several R&D activities performed by many engineering institutions in this region propel the nanomechanical testing market growth in APAC.

Bruker Corporation (US), Micro Materials Limited (UK), Alemnis GmbH (Switzerland), MTS Systems Corporation (US), Quad Group, Inc. (US), Illinois Tool Works Inc. (US), Nanoscience Instruments (US), Biomomentum Inc. (Canada), Micro Materials Limited (UK), Nanomechanics Inc. (US), and Testometric Co., Ltd. (UK) are the major players in the nanomechanical testing market.

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Nanomechanical Testing Market estimated to be worth $345 million by 2023