Test and measurement equipment refers to tools and devices used to measure, analyze, and test various parameters. These instruments are designed to provide accurate measurements, ensure quality control, troubleshoot issues, and verify the performance of electronic devices, components, and systems.
Sizing and Forecast
The test and measurement equipment market size has grown strongly in recent years. It will grow from $31.92 billion in 2023 to $33.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growth in telecommunications industry, increasing complexity of electronic devices, expansion of the aerospace and defense sector, rise in demand for quality control in manufacturing, regulatory standards and compliance requirements.
The test and measurement equipment market size is expected to see strong growth in the next few years. It will grow to $41.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to expansion of electric vehicle production, increasing demand for high-speed data transmission, advances in wireless communication standards, rise in demand for precision measurement. Major trends in the forecast period include development of compact and portable testing equipment, adoption of artificial intelligence in test and measurement processes, integration of automation and robotics in testing, rise of modular and software-defined instruments, increased focus on energy efficiency in testing equipment.
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Segmentation & Regional Insights
The test and measurement equipment market covered in this report is segmented –
1) By Product: General Purpose Test Equipment (GPTE), Mechanical Test Equipment (MTE)
2) By Service Type: Calibration Services, Repair Services Or After-Sales Services
3) By Vertical: Automotive And Transportation, Aerospace And Defense, Information Technology (IT) And Telecommunication, Education And Government, Industrial, Healthcare, Semiconductor And Electronics
Asia-Pacific was the largest region in the test and measurement equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the test and measurement equipment market report during the forecast period. The regions covered in the test and measurement equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing automotive industry is expected to propel the growth of the test and measurement equipment market going forward. The automotive industry is a sector that encompasses numerous organizations and firms involved in the design, development, manufacture, marketing, selling, and maintenance of motor vehicles. Test and measurement equipment is used for quality control, performance testing, safety assessment, and compliance verification of automotive components. For instance, according to the Bureau of Transportation Statistics (BTS), a US-based agency that publishes information on transportation systems, new vehicle sales increased to 11,741 (Thousands of vehicles) in 2021 from 11,041 (Thousands of vehicles) sales in 2020. Therefore, the growing automotive industry is driving the test and measurement equipment market.
Key Industry Players
Major companies operating in the test and measurement equipment market report are Texas Instruments Inc., Agilent Technologies Inc., AMETEK Inc., Fortive Corporation, Tektronix Inc., Teledyne Technologies Incorporated, Keysight Technologies Inc., Mouser Electronics Inc., Advantest Corporation, Rohde & Schwarz GmbH & Co. KG, Yokogawa Electric Corporation, Bruker Corporation, National Instruments Corporation, Fluke Corporation, Viavi Solutions Inc., EXFO America Inc., Anritsu Corporation, AEM Holdings Ltd., TestEquity LLC, Chroma Systems Solutions, RIGOL Technologies, OWON Technology Inc., Scientech Technologies Pvt. Ltd., GW Instek, B&K Precision Corporation, Tegam Inc.
The test and measurement equipment market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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