Test & Measurement Equipment Market Analysis
The Test & Measurement Equipment Market Size is predicted to touch USD 34,586.38 million at a 4.85% CAGR between 2023- 2030, states the recent Market Research Future (MRFR) analysis. Test and measurement equipment, simply put, is used for designing, manufacturing, deploying, and ensuring the utmost customer satisfaction with services and products. They play a pivotal part in delivering customers with quality products and services. Owing to its alluring features and an array of benefits, test and measurement equipment have wide applications in various end use industries such as automotive, electronics and semiconductor, healthcare and medical equipment, telecommunication, aerospace and defense, industrial and manufacturing, and others.
Various factors are propelling the global test and measurement equipment market share. According to the recent MRFR report, such factors include the increasing use of consumer electronic devices, advances in technology in telecommunication & networking, commercialization of IoT, increasing adoption of 5G cellular technology, and the development of new patient-monitoring systems, personal emergency reporting systems, and healthcare equipment. Besides, the burgeoning demand in various end-use industries such as healthcare, industrial, semiconductor and electronics, education and government, IT and telecommunications, aerospace and defense, automotive and transportation, and others are also adding market growth.
On the contrary, price sensitivity, growing penetration of leasing and rental services, and the on-going COVID-19 impact are factors, which may impede the global test and measurement equipment market growth over the forecast period.
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Test & Measurement Equipment Market Regional Analysis
Based on the region, the global test and measurement equipment market report cover recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. The booming IT and telecom industry is adding to the global test and measurement equipment market growth over the forecast period.
The test & measurement equipment market in the APAC region is predicted to grow at a fast pace over the forecast period. The presence of technical expertise and effective facilities, the presence of several test & measurement equipment suppliers, presence of multiple auto producers, the existence of lead consumer electronic device manufacturers such as laptops, smartphones, and consoles, and the presence of prominent hub of different industries like automotive, electronics, and electrical are adding to the global test and measurement equipment market growth in the region.
The global test and measurement equipment market in Europe is predicted to have healthy growth during the forecast period, and in the Rest of the World is predicted to have sound growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global test and measurement equipment market based on application, component, product, and service.
By component, the global test and measurement equipment market is segmented into cable assemblies, connectors, and value-added accessories.
By service, the global test and measurement equipment market is segmented into managed services and professional services.
By application, the global test and measurement equipment market is segmented into automotive, electronics and semiconductor, healthcare and medical equipment, telecommunication, aerospace and defense, industrial and manufacturing, and others. Of these, the automotive segment will lead the market over the forecast period.
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Test & Measurement Equipment Market Key Players
Key test and measurement equipment industry manufacturers profiled in the global test and measurement equipment market report include Spectris PLC (UK), Fortive Corporation (US), ADVANTEST Corporation (Japan), Spirent Communications PLC (US), Yokogawa Electric (Japan), EXFO INC (Canada), IKM Instrutek AS (Norway), Anritsu Corporation (Japan), VIAVI Solutions Inc (US), ROHDE&SCHWARZ (Germany), Teledyne Technologies Incorporated (US), Keysight Technologies (US), and National Instruments (US). Key players have encompassed strategies such as acquisitions, mergers, joint ventures, and product launches to stay at the forefront.
