Test and Measurement Equipment Market:
The GMI Research’s latest analysis reveals that the Test and Measurement Equipment Market is slated to register a significant CAGR over the forecast period. This is attributed to the increasing adoption of IoT devices, the deployment of 4G networks, and strong demand for this equipment in various end-user industries, such as IT & Telecommunications, semiconductor & electronics, aerospace & defense.
Test and Measurement Equipment Market’s leading Manufacturers:
- Fortive
- Keysight Technologies
- Rohde & Schwarz USA, Inc.
- ADVANTEST CORPORATION
- National Instruments Corp.
- VIAVI Solutions Inc.
- Anritsu, Yokogawa India Ltd.
- EXFO Inc.
- Texas Instruments Incorporated
Test and Measurement Equipment Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The strong demand for this equipment in various end-user industries, such as IT & Telecommunications, healthcare, semiconductor & electronics, aerospace & defense, education & government, and the aerospace sector is one of the key drivers contributing to the growth of the test and measurement equipment market size. Moreover, the increasing adoption of IoT devices and the deployment of 4G networks will further surge the growth of the test and measurement equipment market. The rapid digital transformation in the automotive sector is rising the retrofitting of devices and equipment fitted with numerous test and measurement equipment like automotive, digital advanced telecom infrastructure, and electrical tester. There has been an upsurge in demand for the data centers for many test and measurement equipment for the tracking of device condition, signal strength, and data transmission condition. On the other edge, the high cost of test and measurement equipment is a major factor hampering the growth of the test and measurement equipment market. In addition to this, the increasing penetration of rental and leasing services will hinder the market growth.
Product Segment Drivers
Based on the Product, the general-purpose test equipment is predicted to rise at a faster CAGR over the coming years due to the rising demand for various kinds of general-purpose testing equipment that include digital multimeter, Bit Error Rate Tester (BERT), oscilloscopes, Automated Test Equipment (ATE), electronic counters, power meters, network analyzers, and logic analyzers will further stimulate the growth of the market. The remarkable features of this equipment, like bulky displays, large size, and complicated control systems, are certain factors that are expected to drive the growth of the test and measurement equipment market. Additionally, the strong demand for small-sized tools and the integration of numerous test and measurement equipment into one offering is expected to bring various growth opportunities for the market.
Regional Drivers
Based on the region, Asia-pacific is predicted to lead the market due to the presence of major players of consumer electronic devices, including smartphones, laptops, and gaming consoles. China is becoming the hub for semiconductor fabrication and manufacturing and has been included in the introduction and development of IoT, which is leading to the growth of these industries, thereby bolstering the demand of the market.
Test and Measurement Equipment Market Segmentation:
Segmentation by Product:
- General Purpose Test Equipment (GPTE)
- Mechanical Test Equipment (MTE)
Segmentation by Service Type:
- Calibration Services
- Repair Services/After-Sales Services
- Other Services
Segmentation by End-Use Sector:
- Automotive & Transportation
- Aerospace & Defense
- Equipment in Aerospace & Defense
- Education & Government
- Semiconductor & Electronics
- Industrial
- Healthcare (Medical)
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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