Press release
Test and Measurement Equipment Market Research Report 2023
Test and Measurement Equipment MarketThe global Test and Measurement Equipment market was valued at USD 10810 Million in 2020 and it is expected to reach USD 16400 Million by the end of 2027, growing at a CAGR of 6.8% during 2021-2027.
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Test and Measurement Equipment Market Trends
Automotive industry expansion
The automobile industry is a fast-changing market. Numerous product launches in the form of hybrid, electrical and autonomous cars, and changes in car components are taking place at a breakneck speed. As the manufacturing of vehicles rises up effective testing strategies are required at every stage of the production. A variety of innovative testing equipment is used such as UV light testers, gloss meters, tensile testing machines, Din abrasion testing, or color measuring devices. This ensures quality, reliability and matches industry standards. Thus the continuous optimization will propel the growth of the test and measurement equipment market during the review period.
Booming IT and telecom industry
The advent of 5G, wireless internet networks, and the growing penetration of IoT has enabled the rise of smart connected devices. The need for maintaining fast internet speed has become a necessity in many end-user industries. Hence telecom operators use testing equipment for load analysis, conformance testing, fault detection, web-based control, and remote accessibility. The significant investments for the up-gradation of IT infrastructure are also contributing towards the growth. These factors will drive the expansion of the test and measurement equipment market during the forecast period.
Use of electronic devices
Consumer electronics such as washing machines, refrigerators, flat-screen TVs, air conditioners, mobile phones are being used extensively. Optimum semiconductor chips are required in high-level electronic appliances. They are continuously monitored for preventing degradation due to vibration, shocks, heating, and environmental conditions. These will increase the use of testing equipment thereby driving the growth of the test and measurement equipment market in the coming years.
Test and Measurement Equipment Market Share
Based on product type, microwave/millimeter-wave is expected to grow the highest in the testing and measurement equipment market share with 31%.
Based on application, the automotive industry is expected to provide huge opportunities for growth in the testing and measurement equipment market share due to the growing number of hybrid, electric vehicles, and autonomous cars which need testing.
Based on region, Asia-Pacific is the largest segment in the testing and measurement equipment market with 47% due to growing demand from the automotive and electronic industry from emerging economies.
By Type
• Microwave/ Millimeter-wave Measuring Instruments
• Photoelectric Measuring Instruments
• Communication Measuring Instruments
• Basic Measuring Instruments
By Application
• Automotive
• Aerospace & Defense
• IT & Telecommunications
• Healthcare (Medical & Pharmaceuticals)
• Semiconductor & Electronics
• Industrial
• Others
By Company
• Keysight
• Anritsu
• Tektronix
• Rohde & Schwarz
• Ametek
• Viavi
• Teledyne
• Ceyear
• Advantest
• National Instruments
• Exfo
• Yokogawa Electric
• Gw Instek
• RIGOL Technologies
• Transcom Instrument
• Siglent
• Uni Trend Technology
• Scientech Technologies Pvt. Ltd
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