Test and Measurement Equipment Market Trend Analysis, Latest Revenue Figures, Business Outlines, Growth Insights, Industry Supply, and Forecasts until 2029 | Yokogawa Electric (Japan), Keysight Technologies (US), Rohde & Schwarz (Germany), Fortive (US), A

Test and Measurement Equipment Market by Product Type (General-purpose Test Equipment and Mechanical Test Equipment), Service Type (Calibration Services and Repair/After-sales Services), Vertical and Region - Global Forecast to 2028

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The major players of 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) among others.

Increased demand of test and measurement equipment in healthcare as well as IT &Telecommunication sectors due to high adoption of latest technologies in these sectors are driving the test and measurement equipment market.

The test and measurement equipment market is projected to reach USD 42.9 billion by 2028 from USD 34.3 billion in 2023, at a CAGR of 4.6% from 2023 to 2028.

Repair/ After-sales services is expected to grow at the highest growth rate in test and measurement equipment services market during the forecast period

Almost all the companies provide repair services to its customer for instance Keysight Technologies helps to restore equipment with its original specifications and smooth working condition, the access to diagnostic guidelines, firmware updates, verification software, test fixtures and service notes is available to our qualified technicians. As well as companies like Fluke, Rohde & Schwarz, Anritsu and Yokogawa Electric also provide after sales and repair services. Market participants in this industry also provide training and development initiatives to their customers or end users. These training programs aim to enhance users' comprehension of the technical and operational aspects, enabling them to minimize error rates. For example, Yokogawa Electric delivers training programs covering fundamental concepts, practical applications, control technologies, and maintenance. Similarly, Rohde & Schwarz offers a range of services, including repair, warranty extension, repair packages, express repair, and spare parts, as part of its comprehensive repair services.

North America is holds the second highest market share in 2022

North America is holds the second highest market share in 2022 The region demonstrates a proactive approach in adopting cutting-edge technologies at an early stage. The growth of the market in this region is primarily driven by the substantial presence of test and measurement equipment manufacturers in the United States. These industry players allocate significant resources to research and development (R&D) endeavors, enabling them to deliver innovative solutions within the market. For instance in February 2023, TCS (tata consultancy services) signs an expansion agreement with Keysight Technologies, with that TCS will work with Keysight to develop an enterprise-wide integrated IT services strategy that covers apps, complete IT infrastructure services, and workplace services. In line with the press release, Keysight will be able to easily capture synergies across the value with the help of a new operating model, which will also improve company agility and operational resilience. The company will be able to innovate more quickly because of this programme as it brings improvements in design, emulation, and test solutions.

Whereas Fortive has come in the partnership with the Pioneer Square Labs with the purpose to create Team sense, it is the first company to form by their joint innovation studio. This studio was established to introduce new companies in the industrial technology space from scratch.

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Reasons to buy the report:

The report will help the market leaders/new entrants in this market with information on the closest approximate revenues for the overall test and measurement equipment market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.

Research Coverage

The report segments the test and measurement equipment market and forecasts its size based on instrument, sampling techniques, application, and region. The report also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.

This release was published on openPR.