The Global Test and Measurement Equipment Market is estimated to reach around USD 28.6 billion in 2021 and is projected to grow at a CAGR of 4.0% during the forecast period. The test and measurement equipment refers to a device used to simulate actual inputs to a system under test. They assist the designer to test the real-life condition simulations. Various equipment used in a wide variety of applications is electronic test equipment, material testing equipment, laboratory test equipment, measuring microscope, particle analysis, and more.
In order to choose the test and measurement equipment, the following considerations are included - cost & portability, type of material being tested, and which properties need to be measured. For instance, to measure the mechanical properties of manufactured products, the key characteristics tested are hardness, friction, fatigue, compression, impact, and others.
To configure automated test and measurement systems several modular instrumentation platforms are used to do quality assurance checks, inspect, and production testing of devices. For instance, in the automotive sector, test equipment help improves the functionality and operability of vehicles and their parts. Also, safety compliance testing is important for checking the performance of products in the market.
The rising demand for accurate & efficient devices, high performance, and good shelf life will boost the market for test and measurement equipment. Testing helps in identifying timely degradation of components due to external disturbances like vibrations, heat, shock, and other environmental factors. However, the high price of test and measurement equipment and unwanted errors can restrain the growth of the test and measurement equipment market.
Advanced and integrated technologies like 5G technology, LTE & 802.11 WiFi standard, IoT, RF testing, digital transformations of devices like testers, digital multimeters, and other environmental testers in major industries like automobile, aerospace, medical equipment, electronics, and semiconductor will help promote the growth of the test and measurement equipment market.
FIGURE 1: GLOBAL TEST AND MEASUREMENT EQUIPMENT MARKET
The global test and measurement equipment market report have been segmented by product, service, end-user, and region.
FIGURE 2: GLOBAL TEST AND MEASUREMENT EQUIPMENT MARKET SEGMENTATION
Global Test and Measurement Equipment Market, By Product
Based on product, the test and measurement equipment market is segmented into general-purpose test equipment and mechanical test equipment. The general purpose test equipment is expected to grow significantly during the forecast period. Some common devices under general-purpose testing equipment are multimeter, logic analyzer, spectrum analyzer, audio and RF signal generator, oscilloscope, and others. This equipment has a wide variety of applications in the industrial & manufacturing industry, electronics & semiconductor industry, automotive, and aerospace industry.
The mechanical test equipment consists of compression testers, adhesion testers, shear & tensile testers, drop & shock testers, vibration testers, and others. The growing demand for quality control & assurance in manufacturing processes will significantly contribute to the growth of mechanical test equipment over the forecast period.
Global Test and Measurement Equipment Market, By Service
Based on service, the market is segmented into calibration services and repair/after-sales services. The calibration services segment is expected to grow significantly during the forecast period. The routine calibration and proper maintenance of measuring equipment are essential, as it helps the instruments to perform accurately over a long period of time.
The repair services will also have a considerable share in the growth of the test and measurement equipment market. The requirement of up-gradation of equipment in a timely manner, parts replacement, or adjustments will contribute to the growth of the repair/after sales segment.
Global Test and Measurement Equipment Market, By End-User
Based on end-user, the test and measurement equipment market is segmented into aerospace & defense, automotive & transportation, electronics & semiconductor, industrial & manufacturing, healthcare, and education.
The automotive segment is expected to have the largest share in the test and measurement equipment market. The rising safety regulations of the automobile industry and its environmental impact will fuel the growth of the market for test and measurement equipment. The testing and calibration of electronic devices in the aerospace and defense industry is very important and hence will boost the growth of the market.
Global Test and Measurement Equipment Market, By Region
Based on region, the global test and measurement equipment market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The North America region is expected to exhibit significant growth during the forecast period. Advanced technologies including optimization in performance of equipment, data centers, 5G technology, IoT, and power management applications in electronics, automotive, and aerospace industries will fuel the market in this region. The Asia Pacific region is expected to grow significantly due to the presence of some prominent market leaders in countries like China, South Korea, and India.
Recent Developments in the Global Test and Measurement Equipment Market
- In April 2021, during the recent quarter, EXPO has seen an increase in the sales of test and measurement solutions with a loss of USD 2.4 million compared to the second quarter of 2020 with a loss of about USD 9 million.
- Rohde & Schwarz has developed the 5G NonStandalone network in its factories in Germany in April 2021. The network is at the early stage of integration, and the aim of this private 5G network is to optimize the production processes and validate its own network testing solutions.
- In April 2021, Yokogawa Test & Measurement Corporation has announced its development of the current sensor element (760903) to use with power measurement solution, precision power analyzer (WT5000).
FIGURE 3: GLOBAL TEST AND MEASUREMENT EQUIPMENT MARKET (USD MILLION), 2021-2030
What does this Report Provide?
A detailed understanding of the global test and measurement equipment market demand from a qualitative and quantitative perspective. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global market for test and measurement equipment.
The major market drivers, challenges, and opportunities for the global test and measurement equipment market have also been covered in the report. This report further includes the market share of the leading companies operating in the market, along with their production capacities and the growth strategies adopted by them.
- General Purpose Test Equipment
- Mechanical Test Equipment
- Calibration Services
- Repair/After Sales Services
- Aerospace & Defense
- Automotive & Transportation
- Electronics & Semiconductor
- Industrial & Manufacturing
North American Test and Measurement Equipment Market
- North America, by Country
- North America by Product
- North America by Service
- North America by End-User
The European Test and Measurement Equipment Market
- Europe, by Country
- The U.K.
- The Rest of Europe
- Europe by Product
- Europe by Service
- Europe by End-User
Asia Pacific Test and Measurement Equipment Market
- Asia Pacific, by Country
- South Korea
- The Rest of Asia-Pacific
- Asia Pacific by Product
- Asia Pacific by Service
- Asia Pacific by End-User
The Middle East and Africa Test and Measurement Equipment Market
- The Middle East and Africa, by Country
- The UAE
- Saudi Arabia
- South Africa
- The Rest of Middle East and Africa
- Middle East and Africa by Product
- Middle East and Africa by Service
- Middle East and Africa by End-User
South American Test and Measurement Equipment Market
- South America, by Country
- The Rest of South America
- South America by Product
- South America by Service
- South America by End-User
Major Companies: In this report, the major companies studied are: Anritsu Corp, Fortive, Bureau Veritas, Keysight Technologies, National Instruments, Rohde & Schwarz, Yokogawa Electric Corp, EXFO Inc, VIAVI solutions, Advantes Corp, Teledyne Technologies, Texas Instruments, Spectris PLC, IKM Instrutek, and others.
Objectives of this Report:
- Market size estimation of the test and measurement equipment market on a regional and global basis
- Unique research usage for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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