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Renting & Leasing Test and Measurement Equipment Market Growth Drivers, Trends & Demands - Global Forecast to 2027 | Top Companies are Transcat Inc, Keysight Technologies, Viavi, Tektronix and General Electric
Market HighlightsThe global renting and leasing test and measurement equipment market is expected to register a CAGR of 5.4% during the forecast period of 2020–2026.
The supply and demand sides operating in the global market following a more strategic approach to purchasing or lease the equipment. It becomes challenging for the companies in the test and measurement equipment market to broaden their product base as customers become aware of the benefits of leasing and renting services. The benefit of these services earlier was observed for short-term requirements; however, the current scenario and future trends are expected to change as the customers turn to rental specialists, especially in the telecommunication and IT industry. The current spending on renting and leasing services accounts for nearly 32% of the total spending in the test and measurement market and is expected to reach 57% by 2026.
COVID-19 Analysis
The adoption of renting and leasing test and measurement equipment is high in healthcare and pharmaceuticals, food and beverages, and biological research. Strict government regulations and the growing need for quality maintenance in such industries drive the adoption of such equipment. The COVID-19 pandemic has led to a fall in demand for several products. Manufacturing plants moreover in the different countries have been put on halt to curb the spread of the deadly virus. The spread of this novel coronavirus led to the increased production of medicines as well as other medical equipment. This has boosted the need for renting and leasing test and measurement equipment in pharmaceuticals and healthcare end use industry, resulting to surged need for renting and leasing test and measurement equipment solutions and products.
The COVID-19 pandemic has already made its shadow felt on different industries except a handful like the global renting & leasing test & measurement equipment market. The spread of the virus resulted to a growing production of medicines and other medical equipment. This has fueled the need for renting and leasing test and measurement equipment in the healthcare and pharmaceuticals as mentioned above.
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Market Segmentation
The renting & leasing test & measurement equipment market is segmented based on application, component, and product.
By product, the general-purpose test equipment segment will lead the market over the forecast period and at a 4.6% CAGR.
By component, the connectors segment will dominate the market over the forecast period.
By application, the aerospace and defense segment will spearhead the market over the forecast period.
Regional Analysis
North America to Steer Renting and Leasing Test and Measurement Equipment Market
North America will steer the renting and leasing test and measurement equipment market over the forecast period. The presence of several key players like National Instruments, Keysight Technologies, Teledyne Technologies Incorporated, among others, these companies being market leaders are constantly making significant investments towards technological advancement, growing development in the IT and telecom industry that demands accurate testing of equipment, new technological breakthrough in the aerospace industry, enhanced safety, and increased operational efficiency are adding to the global renting & leasing test & measurement equipment market growth in the region.
APAC to Have Favorable Growth in Renting and Leasing Test and Measurement Equipment Market
The APAC region will have favorable growth in the renting and leasing test and measurement equipment market over the forecast period. Strong government initiatives, continuous projects, Japan, China and India undertaking initiatives for encouraging industries to establish manufacturing and R&D facilities in their countries, the presence of leading manufacturers of consumer electronic devices such as laptops, smartphones, and gaming consoles, China being the hub for semiconductor fabrication and manufacturing, implementation and development of IoT, and the region being the hub for several industries like automotive, electrical, and electronics are adding to the global renting and leasing test and measurement equipment market growth in the region.
Key Players
Key players profiled in the global renting and leasing test and measurement equipment market report include Transcat Inc, Keysight Technologies, Exfo Inc, Viavi, Tektronix, General Electric, Rhode & Schwarz, Anritsu Corporation, Megger, Bird, National Instruments, Yokogawa Electric, Vanguard, Siemens AG, and Fluke Networks.
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Renting & Leasing Test and Measurement Equipment Market Research Report: By Product (General Purpose Test Equipment, Wireless Test Equipment, Semiconductor Test Equipment, RF Test Chambers), By Component (Connectors, Cable Assemblies, Value Added Accessories), By Application (Aerospace & Defense, Healthcare & Medical Equipment, Telecommunication, Electronics & Semiconductor, Industrial & Manufacturing, Automotive, Others) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027
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