Market Scenario
The test and measurement equipment market is not just growing; it is accelerating. Increasing adoption of electronic devices and increased penetration of modular instrumentation are some of the major factors driving the market of test and measurement equipment. Also, high expense on research and development and increasing commercialization of the internet of things are other factors responsible for driving the growth of Test and Measurement Equipment Market in the coming years.
Fortive, Rohde & Schwarz, Anritsu Corporation, Keysight Technologies, Yokogawa Electric Corporation, National Instruments Corporation, Teledyne Technologies, Inc. and Texas Instruments Inc. are a few major players in the global test and measurement equipment market. Increasing adoption of test and measurement equipment solutions in IT & telecommunications and automotive industries is fueling the market growth. This is owing to the advancements in technology towards networking and communication.
The product segment comprises of mechanical test equipment and general-purpose test equipment. However, general-purpose test equipment sub-segment is expected to hold the largest market share of the global test and measurement equipment market. The general-purpose test equipment sub-segment is further classified into oscilloscopes, signal generator, digital multimeter, logic analyzer, spectrum analyzer, network analyzer, power meter, electronic counter, modular instrumentation and automatic test equipment. This is owing to the increasing demand for test and measurement equipment for industrial applications. The growth of general purpose test equipment is attributed to the increasing demand for smartphones in the consumer electronics segment.
The global test and measurement equipment market is expected to grow at a CAGR of approximately 4% during the forecast period 2017-2023.
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Key Players:
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.
Segmentation Analysis
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.
Regional Analysis
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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Intended Audience
- Technology Investors
- Research/Consultancy Firms
- Government Bodies
- Consulting Service Providers
- Technology Providers
- System Integrators
- Software Vendors
- Web Content Developers
- Service Providers
- Cloud Platform Providers
- Mobile Application Developers
- Communication Service Providers (CSPs)
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