New York, US, June 24, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Test and Measurement Equipment Market information by Product, by Wireless Test Equipment, by Component and Region – forecast to 2027” market was valued USD 23320.4 million in 2018 and is expected to reach USD 30400.8 million by 2025 at a compound annual growth rate of 4.85%.
Market Scope:
Test and measurement equipment, simply put, are the equipment that is utilized to design and manufacture a service or product to ensure the highest customer satisfaction level with services and products. They play a pivotal part in the delivery of service and product quality to the customer. Some of its components include value-added accessories, connectors, and cable assemblies, and its different applications include telecommunication, automotive, aerospace and defense, healthcare and medical equipment, industrial and manufacturing, and electronics and semiconductor.
Dominant Key Players on Test and Measurement Equipment Market Covered Are:
- Spectris PLC (U.K.)
- Fortive Corporation (U.S.)
- VIAVI Solutions Inc (U.S.)
- IKM Instrutek AS (Norway)
- Anritsu Corporation (Japan)
- Yokogawa Electric (Japan)
- EXFO INC (Canada)
- ADVANTEST Corporation (Japan)
- Keysight Technologies (U.S.)
- Teledyne Technologies Incorporated (U.S.)
- National Instruments (U.S.)
- Spirent Communications PLC (U.S.)
- ROHDE&SCHWARZ (Germany)
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Market USP exclusively encompassed:
Market Drivers
As per the MRFR report, there are numerous factors that are propelling the test and measurement equipment market growth. These include the increasing demand in different end use industries such as healthcare, semiconductor and electronics, education and government, IT and telecommunications, aerospace and defense, and automotive and transportation, development of new healthcare equipment, personal emergency reporting systems, and patient-monitoring systems, the growing adoption of IoT devices and electronic devices, the advent of 5G technology, deployment of 4G networks, and growing penetration of modular instrumentation. Additional factors adding market growth include technological advancement by test and measurement equipment manufacturers towards communication and networking, growing demand for power-efficient and high-performance electronic devices, growing need for electronic devices, and rapid penetration of IoT devices.
On the contrary, the high cost of test and measurement equipment, penetration of rental and leasing services, absence of protocols and standards, and lack of skilled workforce may limit the global test and measurement market growth over the forecast period.
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Segmentation of Market covered in the research:
The Market Research Future report offers an inclusive analysis of the test and measurement equipment market based on component, service, product, and application.
By component, the global test and measurement equipment market is segmented into value-added accessories, connectors, and cable assemblies. Of these, the cable assemblies will lead the market over the forecast period.
By service, the global test and measurement equipment market is segmented into professional services and managed services. The professional services are again segmented into repair/support and maintenance services, integration services, and consulting services. Of these, the professional services will lead the market over the forecast period.
By product, the global test and measurement equipment market is segmented into semiconductor test equipment, wireless test equipment, and RF test chambers. The semiconductor test equipment is again segmented into signal generators, analyzers, oscilloscopes, meters, thermal imagers, bit error ratio testers (BERT), general-purpose test equipment, and others. The wireless test equipment is again segmented into spectrum analyzers, logic analyzers, network simulators, and network analyzers. Of these, the general-purpose test equipment segment will dominate the market over the forecast period.
By application, the global test and measurement equipment market is segmented into telecommunication, automotive, aerospace and defense, healthcare and medical equipment, industrial and manufacturing, and electronics and semiconductor. Of these, the automotive segment will spearhead the market over the forecast period.
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Regional Takeaway
APAC to Remain at the Forefront in Test and Measurement Equipment Market
By region, the global test and measurement equipment market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East and Africa (MEA). Of these, the APAC region will remain at the forefront over the forecast period. Surging need in the IT & telecom industry, some favorable initiatives in China, India, and Japan, encouragement offered to research and development centers to test products, the rollout of new communication networking technologies and testing of new spectrum ranges, a wide range of electronic products, the adherence to new standards, encouragement given by governments to support domestic companies, and strong presence of leading manufacturers of consumer electronic devices like gaming consoles, smartphones, and laptops. China has the utmost market share as it is the hub for semiconductor fabrication and manufacturing and is also involved in the development and implementation of the internet of things.
North America to Have Notable Growth in Test and Measurement Equipment Market
The test & measurement equipment market in North America is predicted to have notable growth over the forecast period for the growing demand from different end use sectors like electronics, electrical, and automotive, and the presence of several top industry players.
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COVID-19 Impact on the Global Test and Measurement Equipment Market
The COVID-19 pandemic had a positive impact on the test and measurement equipment market growth for the high need for efficient diagnostic equipment. This is used to rapidly detect COVID-19 cases and take appropriate measures to stem its proliferation. The development of vaccines and cures can rest on the laurels of effective testing and measurement equipment. Besides, the digital transformation across various industries can have a positive impact on market growth.
During the first quarter of 2020, the outbreak has thrown the supply and demand chain of the market out of gear due to lockdowns and physical distancing trends imposed by the government. This disruption had left multiple test and measurement market companies to struggle in such pressing times. But fortunately, with the relaxation of lockdowns, the global economy is recovering slowly and steadily and is likely to resume on track soon.
Industry News
February 2021- Logic Fruit and Achronix have introduced IP solutions for various test & measurement applications.
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