Test and Measurement Equipment Market Poised to Achieve Significant Growth in the Years to Come
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The growing awareness about predictive maintenance among electric and automotive manufacturers is contributing to the growth of test and measurement equipment market. For instance, test and measurement equipment help in detecting failure of the automotive and electronic devices. Automotive industry is focusing on predictive maintenance to avoid loses in the future, that will increase demand for test and measurement equipment in this industry. Increasing customer demands for smart devices, such as smart watches and smart home appliances, will lead to a rise in the adoption of test and measurement equipment among testing managers and engineers to ensure the development of high-quality products and to lower the associated costs.
The companies operating in test and measurement equipment market are focusing on new product developments or enhancing qualities or features of their existing products to gain more market share. For instance, in July 2018, Tektronix launched USB-based spectrum analyzers, such as RSA500, RSA513A, and RSA518A, that can operate in different frequency ranges within 13 GHz and 18 GHz to expand its product line. In June 2018, Keysight Technologies launched a wide range of test and measurement solutions such as RF Test Solution and BSA Spectrum Analyzers for several developing markets such as Hybrid Electric Vehicle (HEV)/Electric Vehicle (EV), Home Energy Management Systems (HEMS), and batteries.
Prominent players operating in test and measurement equipment market are Fortive Corporation, Giga-tronics Inc. Texas Instruments Inc., Keysight Technologies, Microsemi, National Instruments Corporation, Rishabh Instruments Pvt. Ltd., Rohde & Schwarz GmbH & Co. KG, Scientific Mes-Technik Pvt. Ltd., and Teledyne Technologies Inc.
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North America is expected to dominate the test and measurement equipment market due to supportive government initiatives to facilitate the deployment of test and measurement equipment in the IT & telecommunications industry. For instance, in January 2019, the Canadian Department of Innovation, Sciences and Economic Development issued Interference-Causing Equipment Standard (ICES-003), which sets technical requirements related to radio noise generated by Information Technology Equipment (ITE). In March 2018, the U.S. Food and Drug Administration (FDA) implemented Federal Regulations under Section 820.72 that defines the calibration requirements for medical equipment. As per the regulation, manufacturers must inspect, measure, and test equipment to ensure that it is suitable for its intended use, providing valid results. As per the regulation, manufacturers must have provisions to handle, preserve, or store the equipment.
APAC test and measurement equipment market is expected to show rapid growth over the forecast period due to favorable government initiatives in the Asian countries, such as Japan, China, and India, that encourage telecom industries to establish R&D facilities to support activities in all levels covering testing and measurement. The government agencies are also taking steps to address the challenges related to adequate testing infrastructure. For instance, in September 2018, the Telecom Engineering Centre (TEC) passed an order under which equipment such as Wi-Fi access points, satellite equipment, and telephone instruments can be sold only after testing and obtaining a certificate from an authorized agency such as Department of Telecom (DoT).
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