(MENAFN- Market Press Release) November 24, 2022 12:19 am - Test and Measurement Equipment Market with COVID-19 Impact Analysis by Product Type (GPTE and MTE), Service Type (Calibration Services, Repair Services/After-sales Services), Verticals, and Region
Test and Measurement Equipment Market is expected to grow from USD 27.7 billion in 2021 to USD 33.3 billion by 2026, at a CAGR of 3.7%. The market is growing due to the increasing demand for such equipment from verticals such as automotive and transportation, aerospace & defense, IT and telecommunications, education and government, electronics & semiconductor, industrial, and healthcare. The healthcare sector is expected to exhibit the highest CAGR of 4.63% during the forecast period. There is a significant growth potential for the test and measurement equipment market in the healthcare vertical due to the rapid development of new healthcare equipment, patient-monitoring systems, and personal emergency reporting systems.
Download PDF Brochure @ market for GPTE to hold the largest share Test and measurement equipment market, by product type, in 2025
General-purpose test equipment include oscilloscopes, signal generators, digital multimeters, logic analyzers, spectrum analyzers, bit error rate tester (BERT) solutions, network analyzers, power meters, electronic counters, modular instruments, and automated test equipment (ATE), and power supplies. The characteristics of the above-mentioned type of equipment include large size, bulky displays, and slightly complicated control system and customer user interface. These characteristics are expected to change to an extent owing to the rising demand for miniature devices and the strong focus of test and measurement equipment manufacturers on integrating different types of equipment into one offering.
Most test and measurement equipment offer high bandwidth, more accuracy, and higher resolution than those in the earlier ones. Some prominent verticals in which such equipment are used include IT & telecommunications, healthcare, automotive, and industrial.
The market for the repair services/after-sales services services industry to grow at highest CAGR during the forecast period
Repair services are provided for material and workmanship defects. The purpose of repairing is similar to troubleshooting, which includes detecting and eliminating faults present in a product in various stages of the product cycle. Companies connect with their customers through toll-free numbers, online chat, or emails to provide round-the-clock technical assistance. This helps test and measurement equipment service providers to minimize their turnaround time and enhance the quality of the product under inspection.
Players in this market also offer training and development programs to their customers or end users. Training helps users better understand the technical and operational aspects to be able to reduce the error rate. For instance, Yokogawa Electric provides training programs on basic aspects and application, control technologies, and maintenance. Rohde & Schwarz offers services such as repair, warranty extension, repair packages, express repair, and spare parts under its repair services.
North America to hold the largest share of test and measurement equipment market in 2020
The market in this region is expected to be driven by the growing demand from the healthcare, and IT and telecommunications sectors. With advancements in autonomous driving technology and recent Internet of Things (IoT) technology trends, there is a need for improved bandwidth and latency reduction, which can be easily achieved through 5G. The US is one of the active participants in the league for commercializing the 5G network throughout the country.
Additionally, the shift toward connected cars and intelligent transportation systems, along with increasing demand for medical devices in the wake of COVID-19, is expected to drive the test and measurement equipment market in the region. Also, the significant presence of major companies offering test and measurement devices in this region and the high demand for test and measurement applications for different applications in the healthcare and telecom verticals fuel market growth in North America.
Inquiry Before Buying @ Key Players in test and measurement equipment market:
•National Instruments (US),
•Keysight Technologies (US).
•Teledyne LeCroy (US),
•B&K Precision (US),
•Stanford Research Systems (US) are among a few private companies in the North American test and measurement equipment market.