In 2022, the market for manufacturing test systems is anticipated to grow to $4 billion. Sales will grow at a rate of 3-5% CAGR during the forecast period due to a surge in demand for these systems for quality control in industrial production lines. In light of this, the market’s overall demand will reach US$ 5 Bn by 2032.
In the upcoming years, the market is likely to prosper due to the growing need to confirm the functionality and specifications of automotive parts to reduce the risk of accidents.
In addition, it is anticipated that the rapid expansion of the electronics industry across a number of developing economies will increase demand for manufacturing tests systems in the years to come.
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Market Competition
Key players profiled in the global manufacturing test systems market report include
- Lockheed Martin Corporation,
- Raytheon Company,
- United Technologies,
- Northrop Grumman,
- CACI International Inc.,
- Boeing, and
- OSHKOSH DEFENSE, LLC, among others.
Some of the leading players are focusing on integrating advanced technologies such as automated processes and artificial intelligence into manufacturing test systems to improve sales. They are also investing in such as mergers, collaborations, acquisitions, and partnerships to gain a competitive edge.
Which are the factors Elevating Sales in the Manufacturing Test Systems Market?
Increasing emphasis on the safety and security of defense personnel is increasing the adoption of military-grade electronic systems such as first in, first out (FIFO), non-volatile memory, data converters, dynamic random-access memory (DRAM) and processors. This is encouraging sales of manufacturing test systems in the military sector across the globe.
Also, increasing government investments in military research and development activities is estimated to augment sales of the manufacturing test system in the forthcoming years.
Technological advancements such as the integration of artificial intelligence (AI), automation, and wireless technology in manufacturing test systems will broaden the scope of its applications across various sectors.
Subsequently, stringent government regulations regarding the production of high-quality and safe products are anticipated to stir up demand for these systems in the upcoming years.
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Which are the Challenges Restricting Growth in Manufacturing Test Systems?
High installation costs of manufacturing test systems are estimated to limit their usage among price-conscious end-users.
Additionally, lack of skilled professionals to perform testing activities in developing countries as per established regulations might hinder the growth in the market.
Furthermore, rising demand for low-cost manufacturing test systems without compromising the quality of devices is likely to restrain sales in the forthcoming years.
Key Segments Profiled in the Manufacturing Test Systems Market
Equipment Application:
- Aviation
- Marine
- Ground
Equipment Technology:
- Manual Manufacturing Test Systems
- Automated Manufacturing Test Systems
Service:
- Sales Services
- Rental Services
- Maintenance Services
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa
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