Rockville, June 08, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global test and measurement equipment market is expected to secure a valuation of US$ 32.3 billion in 2023. During the forecast period of 2023-2033, the market for test and measurement equipment is expected to exhibit a CAGR of 5.7% and reach US$ 56.4 billion by the end of 2033.
The demand for high-speed and dependable electronic products has expanded over the past few years in several industries, including defense, IT & telecommunications, aerospace, and others. As a result, the market for test and measurement equipment has been growing favourably.
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Reliable testing and performance measurement equipment are available for electrical devices. Testing helps in the identification of components that face quick deterioration because the device is subjected to external turbulences such as shocks, heat, vibrations, and changing climatic conditions.
Further, the development of Industry 4.0, the escalating trend towards automation, and the necessity for accurate testing and validation of products to ensure quality and compliance are additional drivers fuelling market growth.
Moreover, Fact.MR suggests that the substantial development of the semi-conductor industry and the introduction of innovative features like robotics & sensors to bring technological advancement in consumer electronics will leverage the demand for efficient testing and measurement equipment.
Key Takeaways from Market Study
- During the historic period (2018-2022), the market has grown with a CAGR of 2.3%
- Among the product type segment, general test and measurement hold the leading share with 47.9% of the share during 2023.
- Europe and North America both account for more than 48% of the share of the global test and measurement equipment market.
- United States is expected to grow with a CAGR of 5.7% during 2023-2033.
- The increasing production of electric vehicle and investment in 5G network infrastructure will escalate the demand for test and measurement equipment in emerging economies during the assessment year.
- Rising importance of cybersecurity feeling sales of test and measurement equipment will create lucrative opportunities for new market players to expand in India.
“Rising Adoption of Automation and Testing across Vivid End-use Industries will Provide Potential Growth” says a Fact.MR analyst.
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Key Companies Profiled in This Report
- Keysight Technologies
- Fluke
- Instek
- Rohde & Schwarz
- Tektronix
- Keithley
- Pico Technology
- RIGOL
- Siglent
- Sorensen
- TDK-Lambda
- Teledyne FLIR
- Vitrek
- Illinois Tool Works Inc.
- Shimadzu Corporation
- Ametek, Inc.
- Matest S.p.A
- Admet, Inc.
- Other Key Players
Market Development
The test and measurement equipment market is highly competitive with the presence of established and the emergence of new market players in the industry. These market players are taking favourable initiatives like product launch as, in March 2021, VIAVI Solutions launched a fibre test and measurement solution, and in February 2021, Yogokawa introduced TB820D, a right-angled scattered light turbidity detector for water treatment facilities. Through this initiative, the companies are strengthening their foothold and expanding their market share within the industry.
The OEMs and market players are witnessed to have a high concentration on manufacturing test and measurement equipment for discrete manufacturing and the automotive industry substantially. Through this, the market players will look after more prominent growth opportunities coming in the future with the development of electric vehicles and the introduction of industry 4.0 & automation.
Segmentation of Test and Measurement Equipment Industry Research Report
- By Product Type :
- General Test and Measurement
- Mechanical Testing Equipment
- Software
- Services
- By Customer Type :
- OEMs (Product Manufacturers)
- OES (Suppliers to final product Cos.)
- Research Lab and Educational Institutions / University
- Others (Service Providers and MRO centers)
- By End-Use Vertical :
- Medical & Life Science
- Automotive
- Consumer Electronics
- Aerospace
- Defense
- IT & Telecommunication
- Power Generation
- Discrete Manufacturing
- Others
- By Application :
- Battery Testing
- Electronic Testing
- 5 G Testing
- EV Testing
- Fuel Cell Testing
- Power Train Testing
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global outdoor barrier, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of product type (general test and measurement (multimeters, borescope, current testers, meghometer, rheometers & viscometers, oscilloscopes and other general test and measurement instruments), mechanical testing equipment (universal testing machine, fatigue testing machine, physical properties testing instruments, pressure testing machine, torsion testing machine, and creep testing machine others), software and service)), by customer type (OEMS, OES, research lab and educational institutions / university and others), by end use vertical (medical & life science, automotive, consumer electronics, aerospace defense, it & telecommunication, power generation, discrete manufacturing and others) by application (battery testing, electronic testing, 5G testing, EV testing, fuel cell testing, power train testing and others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania and the Middle East & Africa).
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