With 4.6% CAGR, Test and Measurement Equipment Market Growth to Surpass USD 42.9 billion

The test and measurement equipment market is estimated to be worth USD 34.3 billion in 2023 and is projected to reach USD 42.9 billion by 2028, at a CAGR of 4.6% during the forecast period.

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Different types of test and measurement equipment are used to examine and analyze the performance of newly developed products during various production phases, such as R&D, designing, and manufacturing. These instruments help make decisions regarding product efficiency and quality, as well as identify risks and flaws in the product or the system that can be corrected to ensure product reliability and effectiveness. The market for test and measurement equipment has witnessed substantial growth in the past few years owing to their increasing demand from several verticals, such as aerospace & defense and automotive.

The market is highly competitive with the presence of many players, including Tier I, mid-tier, and startup companies. However, major players dominate the market by adopting organic strategies such as launching new products and modifying or upgrading the ones. Many players are also adopting inorganic strategies to expand their product and service offerings by acquiring small- and mid-tier companies.

Devices such as oscilloscopes, spectrum analyzers, signal generators, network analyzers, power meters, logic analyzers, electronic counters, power supply devices, and multimeters are among a few key test and measurement equipment. Industries such as IT & telecommunications, aerospace & defense, and consumer electronics use these instruments for testing their design prototypes and finished products and check if they conform to the required specifications and fulfill their intended use.

Setting up test systems that accommodate traditional test instrumentation methodology can become extremely expensive as they require high maintenance. Also, it is highly difficult to configure them according to the exact requirements of the device under test.

On the contrary, modular instruments enable the development of systems that easily meet the exact requirements as they rely primarily on the VME eXtensions for Instrumentation (VXI), PCI eXtensions for Instrumentation (PXI), Programmable Automation Controllers (PACs), Laboratory Virtual Instrument Engineering Workbench (LabVIEW), AdvancedTCA Extensions for Instrumentation and Test (AXIe), and General-Purpose Interface Bus (GPIB) standards. All these platforms have their own bus arrangements and standards. PXI/PXIe and AXIe are among the latest modular instrument formats that provide flexibility to change test functions by modifying slide-in modules in a chassis. Further, modular instruments can provide significant cost benefits, a smooth upgrade path, and improved operational performance over traditional testing instruments. A modular approach helps manufacturers and design engineers to develop specific modules for specific technologies and meet their future design requirements. If a new version of technology is introduced, a new module for testing advanced technology can be created and swapped.

Due to high testing and measurement speed, greater flexibility, and precise functionality of modular instruments, they are preferred over traditional testing instruments in research and development pertaining to software upgrades and high-end communication technologies, thereby creating a requirement for improved testing and measurement equipment that are flexible enough to expand their capabilities with evolving standards.

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Key players in the Test and measurement equipment market are Yokogawa Electric (Japan), Keysight Technologies (US), Rohde & Schwarz (Germany), Fortive (US), Anritsu (Japan), Advantest (Japan), National Instruments (US), EXFO (Canada), VIAVI Solutions (US), OWON Technology (China), Teledyne Technologies (US), GW Instek (Taiwan), AMETEK (US), ADLINK Technology (Taiwan), Leader Instruments (US), RIGOL Technologies (China), Dynamic Signal (US), Astronics Test Systems (US), Vaunix (US), DS Instruments (US), Saluki (Taiwan), IKM Instrutek (Norway), Uni-Trend Technology (China), Particle Measuring Systems (US), and Mextech Technologies (India).

News also Covered: https://www.prnewswire.com/news-releases/test-and-measurement-equipment-market-worth-42-9-billion-by-2028---exclusive-report-by-marketsandmarkets-301835561.html

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