The Test and Measurement Equipment Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Test and Measurement Equipment market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Test and Measurement Equipment. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2032. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.
The Test and Measurement Equipment Market has witnessed substantial growth in recent years, driven by pivotal factors. Firstly, the market has been propelled by stringent governmental regulations mandating the use of reliable and precise testing instruments across diverse industries. Adherence to these regulations has become imperative, resulting in a notable uptick in the demand for top-tier test and measurement equipment.
According to projections by Future Market Insights, the test and measurement equipment market is poised to escalate from its 2021 valuation of US$ 30.9 billion to reach US$ 54.9 billion by 2032, reflecting a Compound Annual Growth Rate (CAGR) of 5.6%.
The surge in demand for test and measurement equipment is further fueled by rigorous governmental regulations and an escalating necessity for superior maintenance standards. Moreover, the COVID-19 pandemic prompted a surge in the production of pharmaceuticals and various medical supplies, thereby contributing to the heightened demand for such equipment.
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The surge in demand for test and measurement equipment within the healthcare and pharmaceutical sectors has significantly impacted the adoption of such equipment, alongside the demand for associated products and solutions. Key factors propelling the growth of the test and measurement equipment market encompass heightened end-user requisites for comprehensive solutions, continual technological advancements, and an upsurge in the market for electronic devices. This strategic approach toward test and measurement equipment is deemed highly favorable within the industry.
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 anticipated growth of the test and measurement equipment market is expected to be impacted by various factors, including price sensitivity within the industry. Throughout the forecast period, these factors are forecasted to exert significant influence on market dynamics.
The advent of 5G technology, alongside the widespread implementation of LTE and LTE-Advanced (4G) Networks, as well as the increasing adoption of IoT devices, is poised to create new avenues for expansion within the test and measurement equipment market.
North America currently commands the largest market share in the test and measurement equipment sector, attributed to the presence of several prominent industry players.
Meanwhile, the Asia-Pacific region is projected to experience the most rapid growth, driven by government initiatives aimed at fostering innovation and research and development (R&D) activities. Notably, advancements in connected and autonomous vehicles are expected to bolster the automotive industry’s uptake of test and measurement equipment.
Furthermore, the healthcare sector is anticipated to be a significant driver of market growth, fueled by the development of novel healthcare devices, patient-monitoring systems, and personal emergency reporting systems. These developments are poised to positively shape the trajectory of the test and measurement equipment market.
KEY TAKEAWAYS:
- In the United States, the test and measurement equipment market is estimated to reach US$ 1.3 Billion by 2032, increasing at a CAGR of 10.7% through 2032.
- The test and measurement equipment market in the United Kingdom is expected to be worth US$ 154.2 million by 2032, with a CAGR of 9.8% through 2032.
- The test and measurement equipment market’s services segment form the component category is predicted to develop at a CAGR of 10.4% through 2032.
- Through 2032, Threat Intelligence in the test and measurement equipment market’s application sector will grow at a CAGR of 10.1% through 2032.
- China’s test and measurement equipment market is expected to reach US$ 275.2 million by 2032, with a CAGR of 10.2% through 2032.
- The market for test and measurement equipment in Japan is expected to be valued at US$ 221.9 million by 2032, expanding at a 9.2% annual rate through 2032.
- South Korea is expected to reach a market size of US$ 136.7 million in test and measurement equipment by 2032, with a CAGR of 8.6% through 2032.
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)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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