APAC Test and Measurement Equipment Market Size Forecast to Reach $7.3 Billion by 2026
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APAC Test and Measurement Segment Analysis - By Equipment
Communications test equipment are a major market for APAC test and measurement market and are set to grow at 5.9% through 2026. The demand for test and measurement equipment from APAC region is growing enormously in telecommunication sector. Countries having dense population such as India and China contributes large market for telecommunication industry. For instance, in India number of mobile phone subscribers were 91.11 (per 100 inhabitants) in 2017 but in 2018, the number raised to 91.51. The number is likely to increase due to improvement in telecom infrastructure in the country. Growing need for communication tests and measurement equipment is set to witness a significant growth in test and measurement market owing to increase in communication infrastructure.
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APAC Test and Measurement Segment Analysis - By Industry vertical
The test and measurement equipment market is poised to grow at a rapid pace owing to wide range of applications in the battery and hybrid electric vehicles in the automotive sector. This sector is projected to grow at 6.5% through 2026 after a decline in the automotive industry during 2019 and 2020. According to next green car report, UK had 220,000 plug in cars by the end of June 2019. These included both hybrids and fully-electric vehicles. The growing adoption of electric and hybrid vehicles, and emerging demand for autonomous vehicles is likely to accelerate the market growth during the forecast period. Most of the autonomous vehicle use wireless communications standards such as long term evolution (LTE) and Wi-Fi for their infotainment system and other automobile accessories. By 2022, about 180 million vehicles are likely to be connected via Wi-Fi, and 60% to 75% of them will be capable of consuming, creating, and sharing Web-based data. These modern electronic devices in automobiles are boosting the need of RF automated testing equipment for calibration services and bit error rate testing significantly.
APAC Test and Measurement Segment Analysis - By Geography
China is the largest region for the test and measurement market due to presence of strong manufacturing base accounting for 36% of the market. Most of the demand from APAC region is experienced from China India, Taiwan, and Japan due to growth in electronics and automotive industry particularly for calibration services. China’s National Bureau of Statistics estimated the sale of consumer goods up by 9.2% in 2018 than the previous, which values up to approximately $1,436.8 billion. Similarly, India started producing wide range of electronic products under major standards with latest government initiatives such as T&M India 2020. According to the Department of Electronics and Information Technology (DeitY), approximately 2,000 chips are being designed every year in India. Under the initiative of Make in India campaign, India is likely to see an investment of $1.5 billion in electronics sector during 2018-2020. Expansion of these new plants is likely to bring rapid growth for test and measurement equipment, especially automated test equipment, in the country. China is set to grow at a CAGR of 6.2% during 2021-2026.
APAC Test and Measurement Drivers
Development communication infrastructure coupled with rising popularity of IoT based technology:
Testing and measurement of equipment, devices, and signals are the integral part of communication network. Thus, any new development in communication network will have a positive impact on testing and measuring equipment for bit error rate testing. Presently, communication industry is witnessing several transformations due to evolution of 5G technology and data centers. In 2019, Bharati Airtel has announced to invest approximately $8 billion by 2022 towards building 5G infrastructure and 4G expansion. Similarly, in 2019, Vodafone has prepared its road plan to invest approximately $3.08 billion in next 15 years to expand its network. It has tied up with Ericson to deploy 5G ready devices into these newly expanded network. These new investments are expected to bring more opportunity for test and measurement primarily calibration services.
Increasing demand from power management and consumer electronics application:
Power sequencing and power supplies are few of the major power management applications that are augmenting the need of electronic test equipment. Similarly, the growing design complexity of modern consumer electronics are augmenting the need for precision testing equipment. For instance, in power management and consumer electronics applications, 8-bit oscilloscope were used traditionally. However, with strict margins for design, the engineers are now looking for high resolution oscilloscope with analog-to-digital converters (ADC) and high number of bits. These new applications are creating opportunities for advanced test and measurement equipment.
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APAC Test and Measurement Challenges
Designing challenge coupled with high cost
With the growing advancement in electronic device, systems are moving towards a complex setup which needs advance test and measurement equipment too. This leads to development of multi-functional test and measurement equipment. Manufacturers are facing both designing and cost challenge to meet the emerging need of end users. As per major electronic instrument manufacturers the cost of a modern network analyzer has increased by 15%-20% due to the use of advanced and expensive component.
APAC Test and Measurement Market Landscape
The major players in the test and measurement market include Fortive Corporation, Rohde & Schwarz GmbH & Co. KG, Anritsu Corporation, Keysight Technologies, Yokogawa Electric Corporation, National Instruments Corporation, Teledyne and Advantest. Thus, major vendors are looking forward to consolidate this market through merger and acquisition. While expertise and economy of scale is the key strength for major vendors, small vendors will optimize the supply chain to reduce the operational cost.
In February 2021, Thermo Fisher Scientific announced that it completed the acquisition of Mesa Biotech. Mesa Biotech develops the Accula system for point-of-care PCR-based testing for infectious disease diagnoses.
In 2019, Liquid Instruments announced to raise $8.16 Mn to increase its product line for research, education, and industrial measurement markets in the US, Europe, and Asia.
Modern electronic devices in automobiles are boosting the need for RF testing equipment (Radio Frequency testing equipment) significantly, especially automated testing equipment.
China holds the majority market share owing to large demand from telecom and automotive industry due to rising Battery and Hybrid Electric Vehicle market.
Changing landscape of communication infrastructure and digital transformation in various industries is uplifting the test and measurement equipment market particularly for bit error rate testing and calibration services.
Test and and measurement market is fragmented however major vendors are looking forward to consolidate the market through merger and acquisition.
Related Reports :
A. Test and Measurement Market
B. RF Test Equipment Market
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