The Global Test and Measurement Equipment Market has been estimated to reach USD 28.6 billion in 2021 and is projected to grow at a CAGR of 4.0% during the forecast period till 2030.
Pune, May 17, 2021 (GLOBE NEWSWIRE) -- The Global Test and Measurement Equipment Market Size has been estimated to reach USD 28.6 billion in 2021 and is projected to grow at a CAGR of 4.0% during the forecast period till 2030.
The test and measurement equipment refers to a device used to stimulate actual inputs to a system under test. They assist the designer to test the real life condition simulations. Various equipment used in a wide variety of applications are electronic test equipment, material testing equipment, laboratory test equipment, measuring microscope, particle analysis, and others.
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The following factors are considered while choosing right measurement equipment - cost & portability, type of material being tested, and which properties need to be measured. For instance, to measure mechanical properties of manufactured products, the key characteristics tested are hardness, friction, fatigue, compression, impact, and others.
To configure automated test and measurement systems several modular instrumentation platforms are used to do quality assurance check, inspect, and production testing of devices. For instance, in the automotive sector, test equipment help to improve functionality and operability of vehicles and its parts. Additionally, safety compliance testing is important for checking the performance of products in the market.
Over the forecast period, rising demand for accurate & efficient devices, high performance, and good shelf life will boost the market for test and measurement equipment. Testing helps in identifying timely degradation of components due to external disturbances like vibrations, heat, shock, and other environmental factors. However, the high price of test and measurements equipment and unwanted errors can be barriers in the growth of the test and measurement equipment market.
The growing advanced and integrated technologies like 5G, big data , LTE & 802.11 Wifi standard, IoT, RF testing, high speed digital standards, software models, power applications, environmental testers in major industries like automobile, aerospace, medical equipment, electronics, and semiconductor will open up new opportunities in the test and measurement equipment market.
Some Significant Market Developments Considered in the Report:
Rohde & Schwarz has developed the 5G NonStandalone network in its factories in Germany in April 2021. The network is at the early stage of integration, and the aim of this private 5G network is to optimize the production processes and validate its own network testing solutions.
In April 2021, Yokogawa Test & Measurement Corporation has announced the development of its current sensor element (760903) to use with power measurement solution, precision power analyzer (WT5000).
Fluke Corporation, in April 2021, has introduced the new clamp meters, which minimize the risk of electric shock and are the only clamps without test leads that accurately make non-contact voltage measurements.
COVID-19 Impact on the Global Test and Measurement Equipment Market
The QMI team is closely monitoring the impact of COVID-19 on the global test and measurement equipment industry, and it has been observed by our team that the demand for test and measurement equipment is slowing down during the pandemic time. But it is anticipated to grow with a healthy rate from mid-2021. To control the spread of the pandemic, many countries across the globe have put a strict lockdown norm, which is hampering all kinds of business activities.
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The demand for and supply of raw materials and product manufacturing and distribution have been completely disrupted due to the closing down of the marketplace. Among various industries, transportation, aviation, automotive, and electronic industries have suffered huge financial losses. This has created weak demand for several products and components, and test and measurement equipment are one of them. All these factors have been analyzed in details in this report.
Global Test and Measurement Equipment Market, By Product
Based on product, the test and measurement equipment market is segmented into general purpose test equipment and mechanical test equipment. The general purpose test equipment is expected to grow significantly during the forecast period. Some common devices under general purpose testing equipment are multimeter, logic analyzer, spectrum analyzer, audio and RF signal generator, oscilloscope, and others. These equipment have a wide variety of applications in industrial & manufacturing industry, electronics & semiconductor industry, automotive, and aerospace industry.
The mechanical test equipment consist of compression testers, adhesion testers, shear & tensile testers, drop & shock testers, vibration testers, and others. The growing demand for quality control & assurance in manufacturing processes will significantly contribute to the growth of mechanical test equipment over the forecast period.
Global Test and Measurement Equipment Market, By Service
Based on service, the market is segmented into calibration services and repair/after sales services. Calibration services segment in expected to grow significantly during the forecast period. The proper maintenance and routine calibration for test & measuring equipment are essential, as it helps the instruments perform accurately over a long period of time.
The repair services will also have considerable share in the growth of test and measurement equipment market. The requirement of upgradation of equipment in timely manner, and parts replacement or adjustments will contribute to the growth of repair/after sales segment.
Global Test and Measurement Equipment Market, By End-User
Based on end-user, the market is segmented into aerospace & defense, automotive & transportation, electronics & semiconductor, industrial & manufacturing, healthcare, and education. The automotive segment is expected to have the largest share in the test and measurement equipment market.
The rising safety regulations of the automobile industry and its environmental impact will fuel the growth of the market for test and measurement equipment. The testing and calibration of electronic devices in the aerospace and defense industry is very important and hence, will boost the growth of the market.
Global Test and Measurement Equipment Market, By Region
Based on region, the global test and measurement equipment market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The North America region is expected to exhibit significant growth during the forecast period. The growing advanced technologies including optimization in performance of equipment, data centers, 5G technology, IoT and power management applications in electronics, automotive, and aerospace industries will fuel the market in this region. The Asia Pacific region is expected to grow due to the presence of some prominent market leaders in countries like China, South Korea, and India.
Some Major Findings of the Test and Measurement Equipment Market Report Include:
Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
An in-depth global test and measurement equipment market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
Profiles of major market players operating in the global test and measurement equipment market, which include Anritsu Corp, Fortive, Bureau Veritas, Keysight Technologies, National Instruments, Rohde & Schwarz, Yokogawa Electric Corp, EXFO Inc, VIAVI solutions, Advantes Corp, Teledyne Technologies, Texas Instruments, Spectris PLC, IKM Instrutek, and others.
Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.
Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global test and measurement equipment market.
Impact of COVID-19 on the global test and measurement equipment market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Global Test and Measurement Equipment Market by Product (General Purpose Test Equipment, Mechanical Test Equipment), Service (Calibration Services and Repair/After Sales Services), End-User (Aerospace & Defense, Automotive & Transportation, Electronics & Semiconductor, Industrial & Manufacturing, Healthcare and Education) and Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) — Market Size and Forecasting (2018–2030)” in depth analysis along with the table of contents (ToC).
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