Portland, OR, June 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Latin America measurement and test equipment market was estimated at $1.54 billion in 2020 and is expected to hit $2.78 billion by 2030, registering a CAGR of 6.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for modular instruments by product designers & manufacturers and increase in adoption of electronic devices drive the growth of the Latin America measurement and test equipment market. On the other hand, strong inclination of customers toward adoption of measurement and test equipment on rental basis is one of the prime factors impeding the growth to some extent. However, advent of 5G technology and deployment of LTE and LTE-Advanced (4G) networks is expected to provide lucrative opportunities in the industry.
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COVID-19 Scenario:
- Lack of skilled workforce and delay or cancelation of projects during the pandemic impacted the Latin America measurement and test equipment market negatively.
- Nevertheless, with the manufacturing and industrial sectors getting back to normalcy, the market has started recovering at a swift pace and is expected to get back on track soon.
The Latin America measurement and test equipment market is analyzed across product type, service type, and industry vertical. Based on product type, the general purpose test equipment segment accounted for the major share in 2020, holding nearly three-fifths of the total market. The mechanical test equipment segment, however, would exhibit the fastest CAGR of 7.0% throughout the forecast period.
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Based on service type, the calibration services segment generated the highest share in 2020, accounting for more than two-fifths of the total market. The Repair or After Sale Services segment, on the other hand, would exhibit the fastest CAGR of 6.7% from 2021 to 2030.
Based on industry vertical, the healthcare segment held the lion’s share in 2020, garnering nearly one-fifth of the total market. The automotive segment, on the other hand, is expected to cite the fastest CAGR of 8.5% by 2030.
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The key market players analyzed in the Latin America measurement and test equipment market report include Instek, Uni-T, Owon, National Instrument Corporation, Hantek, Fortive Corporation, Rigol, Rohde & Schwarz Gmbh, Anritsu Corporation, Keysight Technologies, Yokogawa Electric Corporation. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
