The Test and Measurement Equipment Market has experienced significant growth in recent times, driven by two key factors. Firstly, the market has been boosted by stringent governmental regulations that necessitate the use of reliable and accurate testing instruments across various industries. Compliance with these regulations has become paramount, leading to a surge in demand for high-quality test and measurement equipment.
The market for test and measurement equipment is expected to grow at a compound annual growth rate (CAGR) of 5.6% through 2034, driven by the quick improvement of technology in a number of industries, including healthcare, automotive, aerospace, and telecommunications. The industry is expected to reach a valuation of USD 61,534.3 million by the end of 2034, having reached USD 35,684.4 million as of 2024. In order for organizations to guarantee quality and performance, there is also a growing need for accurate and dependable test and measurement equipment.
The demand for test and measurement equipment is boosted by strict governmental regulations and an increase in the need for high-quality maintenance. The COVID-19 outbreak led to an increase in the production of pharmaceuticals and other medical supplies.
This has led to a rise in the demand for test and measurement equipment in the healthcare and pharmaceutical end-use industries, which has affected the adoption of test and measurement equipment as well as the demand for related products and solutions.
The primary reasons driving the growth of the test and measurement equipment market include an increase in end-user demand for test and measurement equipment solutions, technological innovation, and an increase in demand for electronic gadgets. This is regarded as a fantastic test and measurement equipment strategy.
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List of Key Players Covered in Test and Measurement Equipment Market are:
- Fortive Corporation
- Rohde & Schwarz GmbH & Co. KG
- Anritsu Corporation
- Keysight Technologies
- Yokogawa Electric Corporation
- National Instruments Corporation
- EXFO Inc.
- Advantest Corporation
- VIAVI Solutions Inc.
- Texas Instruments Incorporated
The price sensitivity of test and measurement equipment, on the other hand, is projected to limit test and measurement equipment market growth. During the forecast period, each of these factors is expected to have a significant influence on the test and measurement equipment market.
The introduction of 5G technology and the implementation of LTE & LTE-Advanced (4G) Networks, as well as the rapid penetration of IoT Devices, are expected to give potential possibilities for test and measurement equipment market expansion.
North America has the greatest test and measurement equipment market share due to the presence of multiple significant companies.
Asia-Pacific is predicted to develop at the quickest rate, as governments in these areas implement numerous measures to support innovation and R&D in their respective countries. Given current advancements in connected and driverless vehicles, the automotive industry is likely to capture the test and measurement equipment market share.
The healthcare sector is likely to drive the test and measurement equipment market due to the development of new healthcare equipment, patient-monitoring systems, and personal emergency reporting systems, which are some of the other factors expected to positively influence the test and measurement equipment market trends.
KEY TAKEAWAYS:
- In the United States, the test and measurement equipment market is estimated to reach US$ 1.3 Billion by 2034, increasing at a CAGR of 10.7% through 2034.
- The test and measurement equipment market in the United Kingdom is expected to be worth US$ 154.2 million by 2034, with a CAGR of 9.8% through 2034.
- The test and measurement equipment market’s services segment form the component category is predicted to develop at a CAGR of 10.4% through 2034.
- Through 2034, Threat Intelligence in the test and measurement equipment market’s application sector will grow at a CAGR of 10.1% through 2034.
- China’s test and measurement equipment market is expected to reach US$ 275.2 million by 2034, with a CAGR of 10.2% through 2034.
- The market for test and measurement equipment in Japan is expected to be valued at US$ 221.9 million by 2034, expanding at a 9.2% annual rate through 2034.
- South Korea is expected to reach a market size of US$ 136.7 million in test and measurement equipment by 2034, with a CAGR of 8.6% through 2034.
COMPETITIVE LANDSCAPE:
Fortive Corporation, Rohde & Schwarz GmbH & Co. KG, Anritsu Corporation, Keysight Technologies, Yokogawa Electric Corporation, National Instruments Corporation, EXFO, Inc., Advantest Corporation, VIAVI Solutions Inc., and Texas Instruments Incorporated are among the major companies profiled in the test and measurement equipment market.
These companies provide test and measurement equipment solutions to meet test and measurement equipment market demands and needs.
To extend their influence in the test and measurement equipment market trends, these vendors have used a variety of organic and inorganic growth tactics.
RECENT DEVELOPMENT:
A couple of recent developments in test and measurement equipment market are as follows:
- VIAVI Solutions released new fibre test and measurement equipment solutions in March 2021, enhancing the industry’s most comprehensive offering for fiber-optic testing. The company’s new optical power metres, fibre characterization modules, and an enhanced optical time-domain reflectometer (OTDR) solution enable service providers, colocation and hyperscale data centres, enterprises, and contractors to reduce manufacturing costs, improve service quality, minimise downtime, and generate more revenue.
- Anritsu introduced the TRX Test module, MU887002A, in March 2021, to increase the efficiency of production-line inspections of 5G wireless communication equipment, as well as its space-saving universal wireless test set, MT8872A.
- As part of its OpreX analyzer lineup for use in water treatment facilities, Yogokawa launched TB820D right-angle scattered light turbidity detectors, FC800D non-reagent type free available chlorine sensor units, RC800D reagent type residual chlorine sensor units, FLXA402T liquid analyzers for turbidity and chlorine, and PG400 pulse generators for clean units in February 2021.
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Key Segments By Services:
- Calibration Services
- Repair Service or After-sales Services
By Product Type:
- General Purpose Test Equipment
- Mechanical Test Equipment
By Verticals:
- Healthcare
- Electronics & Semiconductor
- IT & Telecommunication
- Aerospace & Defence
- Automobile & Transportation
- Education & Government
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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