Global Test and Measurement Equipment Market is valued approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2022-2028.
Test and measurement equipment is a variety of equipment that is mainly adopted for manufacturing and designing a product to offers the optimum customer satisfaction level. Test and measurement equipment is gaining huge traction among various end-use verticals such as medical, telecommunications, automotive, consumer electronics, semiconductors, aerospace & defense, and many others. The increasing demand for electronic devices, rising adoption of modular instruments by manufacturers and product designers, growing need for communication technologies, and advanced networking are the primary factors that are fostering the market demand around the world. For instance, as per the survey of the German Electrical and Electronics Manufacturers Association (ZVEI), in 2017, the total sales of electrical & electronic appliances were accounted for USD 4.60 trillion across the globe and is projected to reach around USD 5.15 trillion by 2020. Thereby, the surging adoption of electronic gadgets is propelling the demand for test and measurement equipment, which may augment the market growth worldwide. However, high installation and ownership costs, along with the requirement for skilled professionals and calibration, irregularity, and complexity issues in antenna arrays impede the growth of the market over the forecast period of 2022-2028. Also, the advent of 5G technology and deployment of LTE and LTE-Advanced (4G) networks, along with rising penetration of IoT devices are anticipated to act as a catalyzing factor for the market demand during the forecast period.
The key regions considered for the global Test and Measurement Equipment Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growth of the IT & telecommunications and healthcare sector, along with rapid developments in the Internet of Things (IoT) technology in the region. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the rising inclination towards connected cars and intelligent transportation systems, as well as increasing investments in R&D activities, would create lucrative growth prospects for the Test and Measurement Equipment Market across the Asia-Pacific region.
Major market players included in this report are:
Rohde & Schwarz GmbH & Co. KG
Keysight Technologies, Inc.
Yokogawa Electric Corporation
National Instruments Corporation
VIAVI Solutions Inc.
Texas Instruments Incorporated
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Repair Services/ after-sales Services
By Product Type
General Purpose Test Equipment
Mechanical Test Equipment
Electronics & Semiconductor
IT & Telecommunications
Aerospace & Defense
Automobile & Transportation
Education & Government
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028
Target Audience of the Global Test and Measurement Equipment Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers