New York, US, July 26, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Renting & Leasing Test and Measurement Equipment Market Information By Product, By Component, By Application and Region - Forecast till 2027” the market is estimated to reach USD 9.43 billion by 2026, registering a CAGR of 5.4%.
Market Scope:
The test and measurement equipment, put simply, is a technique or tool which is used in order to be able to measure, display, analyze, record, or test data. It is used for measuring various components. The best examples of testing and measurement equipment include spectrum analyzers, digital multi-meters, and oscilloscopes. Its different products include RF test chambers, semiconductor test equipment, wireless test equipment, and general-purpose test equipment while value-added accessories, cable assemblies, and connectors are its different components. Testing and measurement equipment have wide applications in automotive, industrial and manufacturing, electronics and semiconductor, telecommunication, healthcare and medical equipment, aerospace and defense, and others.
Dominant Key Players on Renting & Leasing Test and Measurement Equipment Market Covered Are:
- Fluke Networks
- Siemens AG
- National Instruments
- Vanguard, Yokogawa Electric
- Bird
- Megger
- Exfo Inc
- Anritsu Corporation
- Rhode & Schwarz
- General Electric
- Tektronix
- Viavi
- Keysight Technologies
- Transcat Inc
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Market USP Exclusively Encompassed:
Market Drivers
Attractive Features that Bolster Market Growth
As per the latest MRFR report, there are numerous factors that are propelling the global Renting and Leasing Test and Measurement Equipment Market share. Some of these entail the growing adoption of consumer electronics devices, technological advances in networking and telecommunication, the roll-out of 5G network across different regions, increasing applications in material analysis, manufacturing analysis, electronics, research institutes, and laboratories, commercialization of IoT services across the world, high demand for power-efficient and high-performance electronic devices, and rise in penetration of modular instrumentation. The additional factors propelling market growth include the high adoption of consumer electronic devices, accelerating demand in various end user sectors such as aerospace sector, education and government, healthcare, semiconductor and electronics, IT and telecommunications, and aerospace and defense, rising adoption of IoT devices, the deployment of 4G networks, the ongoing digital transformation in the automotive sector, and increasing demand from data centers.
On the contrary, the price sensitivity of this equipment, the absence of standards and protocols, lack of skilled workforce, and the rising penetration of rental and leasing services may limit the renting & leasing test and measurement equipment market growth over the forecast period.
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Segmentation of Market Covered in the Research:
The MRFR report throws lights on an inclusive analysis of the global renting and leasing test and measurement equipment market based on application, component, and product.
By product, the global renting and leasing test and measurement equipment market is segmented into RF test chambers, semiconductor test equipment, wireless test equipment, and general-purpose test equipment. The general-purpose test equipment is again segmented into bit error ration testers (BERT), thermal imagers, meters, analyzers, signal generators, oscilloscopes, and others. The wireless test equipment market is again segmented into network simulators, network analyzers, spectrum analyzers, and logic analyzers. Of these, the general purpose test equipment will lead the market over the forecast period.
By component, the global renting and leasing test and measurement equipment market is segmented into value-added accessories, cable assemblies, and connectors. Of these, connectors will dominate the market over the forecast period.
By application, the global renting and leasing test and measurement equipment market is segmented into automotive, industrial and manufacturing, electronics and semiconductor, telecommunication, healthcare and medical equipment, aerospace and defense, and others. Of these, the telecommunication segment will spearhead the market over the forecast period.
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Regional Analysis
North America to Remain Domineer in Renting and Leasing Test and Measurement Equipment Market
Geographically, the renting and leasing test and measurement equipment market is classified into North America, Europe, the Asia Pacific (APAC), & Rest of the World (RoW). Among these, North America will remain domineer in the market over the forecast period. The presence of several key players, market leaders making constant significant investments towards technological advances, growing development in the IT and telecom industry, growing need for increased operational efficiency, improved safety, new technological breakthrough in the aerospace industry, and high demand for power-efficient and high-performance electronic devices are adding to the global renting and leasing test and measurement equipment market growth in the region.
APAC to Have Significant Growth in Renting and Leasing Test and Measurement Equipment Market
In the APAC region, the renting and leasing test and measurement equipment market is predicted to have significant growth over the forecast period. Strong government initiatives, constant projects, India, China, and Japan undertaking initiatives to encourage industries in establishing manufacturing & R&D facilities in their countries, the strong presence of leading manufacturers of consumer electronic devices like gaming consoles, smartphones, and laptops, China being the major hub for semiconductor fabrication and manufacturing, and implementation and development of IoT. Besides, the region being the hub for several industries such as electronics, electrical, and automotive, and the region being the largest automobile producer in the world are also adding market growth.
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Industry Trends
June 2021- Texas Instruments has unveiled an industry-leading breakthrough in data converters of high-speed. Test and measurement equipment, grid infrastructure systems, plasma cutters, and thermal imaging cameras are all its target applications including many others such as catching a fish.
COVID-19 Impact on the Global Renting & Leasing Test and Measurement Equipment Market
The COVID-19 outbreak has cast a shadow on various industries barring just a few such as the global renting and leasing test and measurement equipment market. The spread of the pandemic resulted to a growing production of medicines as well as other medical equipment. It has boosted the demand for test and measurement equipment in the pharmaceuticals and healthcare industry thus increasing the demand for test and measurement equipment solutions and products.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.