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Test and Measurement Equipment Market Global Outlook 2024
Test and Measurement Equipment Market Global Outlook
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According to The Business Research Company's, The test and measurement equipment market size has grown strongly in recent years. It will grow from $31.92 billion in 2023 to $33.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growth in telecommunications industry, increasing complexity of electronic devices, expansion of the aerospace and defense sector, rise in demand for quality control in manufacturing, regulatory standards and compliance requirements.
The test and measurement equipment market size is expected to see strong growth in the next few years. It will grow to $41.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to expansion of electric vehicle production, increasing demand for high-speed data transmission, advances in wireless communication standards, rise in demand for precision measurement. Major trends in the forecast period include development of compact and portable testing equipment, adoption of artificial intelligence in test and measurement processes, integration of automation and robotics in testing, rise of modular and software-defined instruments, increased focus on energy efficiency in testing equipment.
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Market Drivers and Trends:
The growing automotive industry is expected to propel the growth of the test and measurement equipment market going forward. The automotive industry is a sector that encompasses numerous organizations and firms involved in the design, development, manufacture, marketing, selling, and maintenance of motor vehicles. Test and measurement equipment is used for quality control, performance testing, safety assessment, and compliance verification of automotive components. For instance, according to the Bureau of Transportation Statistics (BTS), a US-based agency that publishes information on transportation systems, new vehicle sales increased to 11,741 (Thousands of vehicles) in 2021 from 11,041 (Thousands of vehicles) sales in 2020. Therefore, the growing automotive industry is driving the test and measurement equipment market.
Product innovations are a key trend gaining popularity in the test and measurement equipment market. Major companies operating in the test and measurement equipment market are focused on innovative products to sustain their position in the market. For instance, in March 2021, Anritsu Corporation, a Japan-based electronics company, launched the TRX Test module, MU887002A. It is designed to improve the efficiency of production-line inspections of wireless communication devices based on 5G and its space-saving universal wireless test set, MT8872A. The MT8872A is a mass-production measuring device entirely compatible with the MT8870A. Its tiny footprint allows it to fit into tighter locations than a standard 19 rackmount, saving space on complete manufacturing lines.
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Major Key Players of the Market:
Texas Instruments Inc., Agilent Technologies Inc., AMETEK Inc., Fortive Corporation, Tektronix Inc., Teledyne Technologies Incorporated, Keysight Technologies Inc., Mouser Electronics Inc., Advantest Corporation, Rohde & Schwarz GmbH & Co. KG, Yokogawa Electric Corporation, Bruker Corporation, National Instruments Corporation, Fluke Corporation, Viavi Solutions Inc., EXFO America Inc., Anritsu Corporation, AEM Holdings Ltd., TestEquity LLC, Chroma Systems Solutions, RIGOL Technologies, OWON Technology Inc., Scientech Technologies Pvt. Ltd., GW Instek, B&K Precision Corporation, Tegam Inc.
Test And Measurement Equipment Market 2024 Key Insights:
• The test and measurement equipment market size is expected to see strong growth in the next few years. It will grow to $41.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Automotive Industry Growth Fuels Expansion In The Test And Measurement Equipment Market
• Test And Measurement Equipment Market Driven By Product Innovations
• Asia-Pacific was the largest region in the test and measurement equipment market in 2023
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