The Evolution of Test and Measurement Equipment: Driving Innovation Across Industries

The Test and measurement equipment industry size is expected to reach USD 42.9 billion by 2028 from USD 34.3 billion in 2023, at a CAGR of 4.6% during the 2023-2028 period. The major factors driving the market growth of the test and measurement equipment industry include growing adoption of electronic devices, surging deployment of advanced networking and communication technologies, rising demand of high-performance and power-efficient electronic devices, etc.

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Calibration Services Sub-Segment Expected to Dominate Test and Measurement Equipment Industry Market Share by Service Type

Periodic calibration and servicing are essential to maintaining high standards for test instruments. Calibration extends the equipment's lifespan by comparing its actual performance to standard benchmarks. Any deviations are identified and corrected to meet these standards. Calibration evaluates and adjusts the precision and accuracy of measurement tools, establishing relationships between the instrument's readings and reference standards under specific conditions. Regular calibration ensures precision, quality assurance, and compliance with quality standards throughout production, maintenance, and servicing phases. Consequently, consistent calibration not only guarantees optimal performance but also prolongs the equipment's operational life.

Increased Demand for Improved Medical Devices To Drive Test And Measurement Equipment Market

The test and measurement equipment market is witnessing significant growth due to the increasing demand for improved medical devices. Advancements in medical technology, such as wearable health monitors and smart diagnostic tools, require rigorous testing for accuracy and reliability, driving the need for high-precision test and measurement equipment. Stringent regulatory standards necessitate extensive testing to ensure medical device safety and efficacy, further boosting market demand. Additionally, the rise of personalized medicine, growing investments in healthcare infrastructure, and the integration of IoT in medical devices contribute to this growth. The COVID-19 pandemic has also highlighted the critical need for reliable medical devices, accelerating market expansion. As healthcare continues to evolve, the demand for advanced test and measurement solutions is expected to rise, ensuring the market's sustained growth.

Industrial Vertical to Lead Market Share in Test and Measurement Equipment Industry During Forecast Period
Test and measurement equipment are essential to the industrial sector, used throughout the product life cycle, from design and manufacturing to maintenance. They test a wide range of products, including solar inverters, MP3 players, cell phones, and radar systems. Additionally, they ensure the reliability and performance of mechanical engineering products such as wind turbines, car suspensions, machine health monitoring systems, and steel manufacturing assemblies. Consequently, test and measurement equipment are highly important in the industrial vertical.

Asia Pacific is projected to grow at the highest CAGR of the test and measurement equipment market size by 2028
The country is becoming a new hub for companies from all over the world which in turn increases the demand for test and measurement equipment in the country. There are many test and measurement manufacturers in India such as MEXTECH, Rishabh Instruments, Meco Instruments, Fluke Corporation, Rohde & Schwarz India Pvt Ltd, Microtek Instrument, Metro Electronic, Anritsu Corporation, Aplab Ltd and Tektronics. The Indian government is all ready to accept Micron Technology's investment request for USD 1 billion to build an ATMP plant in India. The fifth-largest semiconductor manufacturer in the world, Micron Technology is headquartered in Idaho, USA. The company operates 11 production facilities in the US, China, Japan, Taiwan, Malaysia, and Singapore. During the Commercial Dialogue March 2023, India and the US inked an MoU of partnership aims to create a collaboration framework between the two governments on supply chain resiliency and diversity for semiconductors.

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The major players in the test and measurement equipment Companies include 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). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the market.

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