NEWARK, Del, June 25, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the test and measurement equipment market is experiencing a 5.6% CAGR through 2034, with an estimated value of USD 35,684.4 Million in 2024 and a projected value exceeding USD 61,534.3 Million by 2034.
The demand for precise and reliable test and measurement equipment is increasing across various industries such as telecommunications, aerospace, automotive, and healthcare. This trend is driven by the need to ensure quality and performance in these sectors. The growth is also driven by the booming telecom industry, especially in emerging economies.
The increasing complexity of electronic products and systems has led to a growing need for sophisticated testing equipment. This equipment ensures functionality, reliability, and compliance with industry standards and regulations.
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The adoption of test and measurement devices is driven by Industry 4.0 and increasing automation. Their utilization in aerospace, automotive, and healthcare industries has shown significant growth post-pandemic.
Countries like China, Japan, India, and the United States have deployed 5G networks. This has also led to a heightened need for equipment capable of handling the technology's higher frequencies, wider bandwidths, and increased data rates.
What is the Future of the Global Test and Measurement Equipment Market?
The sales of test and measurement equipment have boomed in the past two to three years owing to its higher demand in the healthcare and pharmaceutical industries.
Verification of any type of device’s performance is achieved by many types of testing and measurement equipment. This equipment assists in locating the prematurely degraded units in a lot by recording external responses such as shocks, vibration, or temperature. Electronic device manufacturers are eager to adopt these technologies to enhance their brand value by eliminating defective pieces, thus creating a huge demand for test and measurement equipment in the present market.
The ongoing trend of developing and adopting 5G wave technologies is also expected to drive the test and measurement equipment market future trends in parallel with a surge of new devices with higher bandwidth compatibility. The development of cutting-edge machinery such as robotics, space technology, and others leaves no room for any faults and is predicted to further drive the test and measurement equipment adoption trends in the future.
In line with the adoption of modern-edge digital technologies such as the Internet of Things (IoT), machine learning (ML), or even data analytics, the production volume of semiconductor devices has skyrocketed in many regions. Further advancement in this domain is predicted to be one of the most influencing factors determining the test and measurement equipment market key trends and opportunities during the projected year.
Key Takeaways from the Market Study:
- The calibration services segment dominates the global test and measurement equipment market with a share of 67.4% in 2024.
- Based on product type, the general-purpose test equipment segment leads the test and measurement equipment market with a share of 62.4% in 2024.
- The test and measurement equipment market in Spain is anticipated to grow at a CAGR of 4.2% through 2034.
- The test and measurement equipment market in China is estimated to rise at a 6.3% CAGR through 2034.
- The test and measurement equipment market in India has the potential to increase at an 8.3% CAGR through 2034.
- The United States test and measurement equipment market is predicted to rise by a 3.1% CAGR through 2034.
- The test and measurement equipment market in the United Kingdom is very likely to grow at a CAGR of 2.2% through 2034.
“Companies in the test and measurement equipment market must forge strategic partnerships with technology firms, research institutions, and industry bodies. This approach helps them stay ahead in innovation and expand their market reach,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
The global test and measurement equipment market is highly competitive due to the presence of numerous key players and constant innovation.
- Leading companies such as Agilent Technologies, Keysight Technologies, Tektronix, Rohde & Schwarz, and National Instruments have established loyal consumer bases and extensive distribution networks through their long-standing presence and industry expertise.
- Companies are actively pursuing mergers and acquisitions to broaden their product offerings, enter new markets, and gain access to cutting-edge technologies in addition to competition.
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Recent Developments:
- Electro Rent expanded its services in May 2024 to offer Calibration-as-a-Service (CaaS) for test and measurement equipment in the United States. and Canada, adding to its portfolio.
- In April 2024, FLUKE won a USD 3.8 Million contract from the United States Navy for 5730A multimeter calibrators to enhance the accuracy of the Naval Air Systems Command Metrology and Calibration Program in testing power electronics devices.
Key Players Operating in Test and Measurement Equipment Market:
- Keysight Technologies
- Agilent Technologies
- Tektronix
- Rohde & Schwarz
- National Instruments (NI)
- Fluke Corporation
- Anritsu
- Yokogawa Electric Corporation
- Teledyne LeCroy
- Advantest Corporation
- EXFO Inc.
- VIAVI Solutions
- Texas Instruments
- Rigol Technologies
- B&K Precision
- Chroma ATE Inc.
- GW Instek
- Hioki E.E. Corporation
- OMICRON Electronics
- Ametek (VTI Instruments)
Test and Measurement Equipment Market Segmentation Analysis:
By Service:
- Calibration Services
- After-Sales Services
By Product Type:
- General-Purpose Test Equipment
- Mechanical Test Equipment
By Vertical:
- Healthcare
- Electronics and Semiconductor
- IT and Telecommunication
- Aerospace and Defense
- Automobile and Transportation, etc.
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About the Industrial Automation Division at Future Market Insights (FMI)
The industrial automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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