The worldwide test and measurement equipment market size is estimated to expand at a CAGR close to 4% from 2017 to 2023 (forecast period), according to a report by Market Research Future (MRFR). Its valuation is expected to touch USD 28 Bn. by 2023. Test and measurement equipment comprise devices which can display accurate values of electronic devices. Strict regulations and quality standards pertaining to these devices are expected to drive its demand during the forecast period.
Drivers and Restraints
Increasing adoption of modular equipment and adoption of consumer electronic devices are factors anticipated to boost market demand. Popularity of Internet of Things (IoT) and increased budget on quality assurance can elicit demand for test & measurement equipment. Continuous advances in technology coupled with innovations are boosting market growth. Development of the 5G network technology and application in sectors such as automotive and healthcare can open up new growth opportunities. Lack of awareness and variations in price wars of products can pose a challenge to market growth.
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Some of the prominent players in the global test and measurement equipment market are Fortive (U.S.), Rohde & Schwarz (Germany), Anritsu Corporation (Japan), Keysight Technologies (U.S.), Yokogawa Electric Corporation (Japan), National Instruments Corporation (U.S.), EXFO (Canada), Advantest Corporation (Japan), Viavi Solutions (U.S.), Cobham plc. (U.K), Teledyne Technologies, Inc. (U.S.), and Texas Instruments Inc., (U.S.) among others.
The Test and Measurement Equipment Market is segmented on the basis of product, service, application, and region. By product, the market is divided into two major segments, namely general purpose and mechanical. The general purpose segment is set to attain a large market share by 2023 owing to its demand in industrial applications. Emergence of smartphones have been pivotal in driving segment growth during the forecast period. Devices used for general purpose testing include electronic counter, automatic test equipment, spectrum analyzer, modular instrumentation, oscilloscopes, power meter, signal generator, digital multimeter, network analyzer, and logic analyzer. Automatic test equipment are gaining adoption across semiconductor manufacturing firms due to changes in design and miniaturization of chips.
Services offered include calibration and after sales services. The after sales services segment is anticipated to exhibit a higher growth rate amongst the two. Large numbers of electronic devices entering commercialization coupled with a wide scope for revamped electronics is touted to boost segment growth.
Major applications include industrial, electronics & semiconductors, healthcare, IT & telecommunication, aerospace & defense, automotive, and education. The industrial segment is projected to capture a lion’s share of the test and measurement equipment market due to heavy dependency on business operations.
The healthcare segment is anticipated to generate significant revenue for the market owing to demand for patient monitoring systems. Increasing demand for remote monitoring systems coupled with prominence of telemedicine can widen the potential for the segment.
The aerospace & defense segment is touted to evoke market demand due to heavy investments in the defense sector. Security concerns, border tensions, and increasing air traffic are factors fueling segment growth.
Regions covered in the test and measurement market report include Europe, North America, Asia Pacific (APAC), and Rest of the World (RoW).
The APAC market is expected to dominate till 2023, followed by North America and Europe. Rise in technological breakthroughs in Japan and China is predicted to induce demand for testing solutions. Presence of well-established infrastructure coupled with implementation of latest technologies are factors spurring market growth. Presence of various original equipment manufacturers (OEMs), rise of telecommunication protocols, and semiconductor firms are anticipated to drive the market.
The Europe market is predicted to increase in size owing to regions such as the U.K. Rise in number of smartphone users, increase in IP traffic, and evolution of telecommunication standards are expected to fuel market demand in the coming years.
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