(MENAFN- EIN Presswire) Test and Measurement Equipment Market
The global market is majorly driven by the increasing product demand across electronics, telecommunications, automotive, aerospace, and defense industries.
SHERIDAN, WYOMING, UNITED STATES, July 12, 2023/einpresswire.com / -- IMARC Group, a leading market research company, has recently releases report titled“Test and Measurement Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global test and measurement equipment market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the test and measurement equipment market?
The global test and measurement equipment market size reached US$ 24.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.59% during 2023-2028.
What is test and measurement equipment?
Test and measurement equipment are improved electronic devices and systems that measure and test several electrical, physical, and electronic properties and parameters. They are designed to create signals and record responses from numerous electronic devices under test (DUTs) to identify faults and secure the proper functioning of the equipment. These tools are employed in numerous applications, including manufacturing, research and development, quality control, product design, maintenance, and repair. They include instruments such as signal generators, spectrum analyzers, oscilloscopes, digital multimeters, network analyzers, and specialized equipment, including thermal imaging cameras and environmental test chambers. In addition, they help secure products that meet design specifications, requirements, and standards, enhancing product reliability and quality. Moreover, they allow accurate and precise measurements of several physical and electrical properties, which is essential for research and development across multiple domains.
Furthermore, they generate valuable data and information that helps to increase understanding of numerous phenomena and systems, resulting in further advancements and innovations. As a result, test and measurement equipment are extensively utilized in various industrial verticals such as aerospace, automotive, information and technology (IT), defense, transportation, telecom, semiconductor and electronics, and education industries across the globe.
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What are the growth prospects and trends in the test and measurement equipment industry?
The market is primarily driven by the expanding electronics industry. Additionally, rapid industrialization, the widespread adoption of electronic devices, and the rising product demand in the semiconductor and electronics industry to identify defects in high-performance, power-efficient semiconductors and consumer electronics during manufacturing are contributing to the market growth. In line with this, the increasing product use for regular testing and fault diagnosis in helicopters, aircraft, and several machineries are influencing the market growth. They are also employed in factory automation, machine control, and establishing remote sensor connections within the automotive and transportation industries. Moreover, continuous technological advancements, such as the incorporation of corresponding devices with the Internet of Things (IoT) and the advancement of machine-to-machine (M2M) interaction systems that allow the use of portable and embedded testing and measurement solutions with remote troubleshooting capabilities and interactive interfaces, represents another major growth-inducing factor. Besides this, the improvements in networking and communications infrastructure, increasing automation of laboratory instruments, and the trend of developing and adopting fifth-generation (5G) technologies are propelling the market growth.
Apart from this, the test and measurement equipment market is growing at different rates in numerous regions, with North America being the largest market due to the surging need for precision measurement in numerous sectors and the escalating demand for high-performance and power-efficient electronic devices across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in October 2021, National Instruments announced the acquisition of NH Research, LLC, a renowned company specializing in high-power test and measurement solutions for electric vehicles (EVs) and batteries.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
General Purpose Test Equipment (GPTE)
Oscilloscopes
Signal Generators
Multimeters
Logic Analyzers
Spectrum Analyzers
Bert (Bit Error Rate Test)
Network Analyzers
Others
Mechanical Test Equipment (MTE)
Non-Destructive Test Equipment
Machine Vision Inspection
Machine Condition Monitoring
Breakup by Service Type:
Calibration Services
Repair Services/After-Sales Services
Breakup by End Use Industry:
Automotive and Transportation
Aerospace and Defense
IT and Telecommunication
Education
Semiconductor and Electronics
Others
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Advantest Corporation
Anritsu Corporation
EXFO Inc.
Fortive
Keysight Technologies, Inc.
National Instruments Corporation
Rohde & Schwarz GmbH & Co. KG
Teledyne Technologies Incorporated
Texas Instruments Incorporated
VIAVI Solutions Inc.
Yokogawa Electric Corporation.
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