Posted On: 2022-02-18
Construction Equipment segment acquired the largest market revenue share in the Malaysia engine testing service market in year 2020 – 6Wresearch
The growth of the construction sector, manufacturing sector, and increasing government investment under the 12th Malaysian Plan 2021-2025, as well as favorable national policies by the Malaysian government, such as National Construction Policy 2030, would become the key market drivers for Malaysia Engine Testing Service market in Malaysia in the coming years. Furthermore, the COVID 19 pandemic in 2020 impacted negatively on Malaysia engine testing service growth due to disrupted supply chain and less demand of machineries in the country reason being the lockdown measures implemented to stop the virus from spreading, resulting in a fall in revenues during the pandemic. Although, once lockdown limitations were gradually lifted, revenues of engine testing service began to pick up as operations in industries and construction resumed, regaining the Malaysia engine testing service market to its growth trajectory.
According to 6Wresearch, Malaysia Engine Testing Service Market revenue size is projected to grow at a CAGR of 7.4% during 2021-2027. The demand for engine testing service increased owing to the growth of construction and manufacturing sector in country during 2017 to 2019. In addition, rise in infrastructure development activities owing to the National Construction Policy 2030 has positively affected the engine testing service market as more machines are being used and same trend is expected to follow in coming years. Additionally, demand from the industrial and manufacturing sector is expected to increase during forecast period due to rise of production capacity of various industries such as oil and gas, iron and steel, electronics, food, and beverages, and automotive, among others in the country.
According to Vatan Saini, Research Associate, 6Wresearch, “In terms of Engine Types, diesel engine accounted for maximum revenue size in 2020 on account of their high preference in major economic sectors including agriculture, construction and marine.”
According to Shubham Deep, Research Associate, 6Wresearch, “Peninsular region accounted for major share in 2020 as it is the most developed region in the country and contributes the highest share to the country’s GDP.”
Some of the major companies in Malaysia Engine Testing Service market include Tai Chong Marine Engineering Sdn. Bhd., SGS Malaysia Sdn. Bhd., MWZ-Consortium Sdn. Bhd., Cummins Sales and Service Sdn. Bhd., Mitsubishi Heavy Industries Engine System Asia Pte. Ltd., Pansar Company Sdn. Bhd., Kubota Malaysia Sdn. Bhd., Deere & Company, Caterpillar Inc. and Wärtsilä Corporation.
“Malaysia Engine Testing Service Market (2021-2027)” report provides an in-depth analysis with 15 figures and 5 tables, covered in 76 pages. The report estimates and forecast the overall Malaysia engine testing service market by types, engine types, end users. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.