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Comprehensive Test And Measurement Equipment Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Test And Measurement Equipment Market Insights
The escalating growth of the automotive industry is envisioned to spur on the expansion of the market for testing and measurement equipment. The automotive industry constitutes numerous businesses and enterprises engaged in the creation, evolution, production, promotion, sale, and service of automobiles. Vehicles and automotive components undergo testing and measurement for quality assurance, performance verification, safety evaluation, and conformity checks. For example, information from the European Automobile Manufacturers Association, headquartered in Belgium, stated in May 2023 that there was a commendable rise of 5.7%, reaching 85.4 million units in the manufacture of motor vehicles globally in 2022, compared to the previous year. Moreover, in February 2022, as per Brand Finance plc, a brand valuation firm based in the UK, approximately 78 million units were sold in the automobile industry, witnessing a significant surge of 10%. Hence, the burgeoning automotive industry is indeed fueling the growth of the test and measurement equipment market.
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What is the future CAGR of the test and measurement equipment market, and how will it impact industry expansion?
The size of the test and measurement equipment market has seen robust expansion in the recent past. The market is projected to increase from a value of $33.53 billion in 2024 to $35.3 billion in 2025, marking a compound annual growth rate (CAGR) of 5.3%. This impressive growth during the historical period can be credited to several factors including the growth of the telecom industry, the rising complexity of electronic devices, the expansion of the aerospace and defense sector, an increased demand for quality control in manufacturing, and the need to meet regulatory standards and compliance requirements.
The market for test and measurement equipment is projected to undergo significant expansion in the coming years, estimated to reach a value of $43.85 billion by 2029, with a compound annual growth rate (CAGR) of 5.6%. Key factors driving this growth over the projected period include an upturn in the production of electric vehicles, a rise in the need for high-speed data transmission, enhancements in wireless communication standards, and a surge in demand for precise measurement. The forecast period will also see key trends such as the creation of more compact and mobile testing equipment, the implementation of artificial intelligence in testing and measurement procedures, the incorporation of automation and robotics in testing scenarios, the emergence of modular and software-defined tools, and a heightened emphasis on energy efficiency in testing apparatus.
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What are the most significant trends transforming the test and measurement equipment market today?
Major firms in the test and measurement equipment sector are concentrated on creating innovative products like particle measurement equipment to satisfy rising precision and accuracy needs across various sectors. This type of equipment is employed to identify and quantify particle size and concentration in air, gases, or liquids. For example, Advantest Corporation, an automatic test and measurement equipment producer based in Japan, unveiled WEL2100, its high-precision particle measurement equipment engineered for finely detailed particle measurement, particularly lipid nanoparticles (LNP) utilized in drug delivery systems, plus viruses and exosomes, in June 2024. The WEL2100 is equipped with an exact nanopore sensor designed using microcurrent measurement technology and semiconductor manufacturing processes. It offers an efficient and accurate measure of individual particle's quantity, size, and zeta potential.
Which key market segments comprise the test and measurement equipment market and drive its revenue growth?
The test and measurement equipment market covered in this report is segmented -
1) By Product: General Purpose Test Equipment (GPTE), Mechanical Test Equipment (MTE)
2) By Service Type: Calibration Services, Repair Services Or After-Sales Services
3) By Vertical: Automotive And Transportation, Aerospace And Defense, Information Technology (IT) And Telecommunication, Education And Government, Industrial, Healthcare, Semiconductor And Electronics
Subsegments:
1) By General Purpose Test Equipment (GPTE): Multimeters, Oscilloscopes, Signal Generators, Function Generators, Power Analyzers, Spectrum Analyzers, Network Analyzers
2) By Mechanical Test Equipment (MTE): Universal Testing Machines, Hardness Testers, Fatigue Testers, Impact Testers, Materials Testing Systems, Torque Testers
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What regions are at the forefront of test and measurement equipment market expansion?
Asia-Pacific was the largest region in the test and measurement equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the test and measurement equipment market report during the forecast period. The regions covered in the test and measurement equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the test and measurement equipment market?
Major companies operating in the test and measurement equipment market include 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.
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What Is Covered In The Test And Measurement Equipment Global Market Report?
• Market Size Forecast: Examine the test and measurement equipment market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the test and measurement equipment market for a structured understanding.
• Key Players Overview: Analyze major players in the test and measurement equipment market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the test and measurement equipment market.
• Segment Contributions: Evaluate how different segments drive overall growth in the test and measurement equipment market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the test and measurement equipment market.
• Industry Challenges: Identify potential risks and obstacles affecting the test and measurement equipment market.
• Competitive Landscape: Review strategic developments in the test and measurement equipment market, including expansions, agreements, and new product launches.
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