According to the latest report by IMARC Group, titled “Test and Measurement Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global test and measurement equipment market reached a value of US$ 24.34 Billion in 2020. Test and measurement equipment refer to numerous tools that play a crucial role in the delivery of product and service quality to customers. These tools are used to test, measure, analyze, display and record electronic data in order to ensure smooth operation and identify faults. They also enable the proper functioning of the equipment with the usage of oscilloscopes, digital multimeters, and signal generators. Additionally, they are employed to measure weight, length, pressure, current, voltage, and temperature in several industrial applications. As a result, they find extensive applications across the medical, automotive, telecommunication, energy, aerospace, defense and consumer electronic sectors.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Test and Measurement Equipment Market Trends:
The market is primarily driven by the increasing penetration of digital devices, including smartphones and laptops, on the global level. Rapid digitization across numerous industry verticals, along with the continual advancements in networking and communication infrastructure, is facilitating the uptake of these devices. Test and measurement equipment are extensively employed for analyzing defects in these high-performance devices before their distribution, which is providing a thrust to the market growth. Apart from this, these equipment are widely being adopted by the aerospace and defense sector since multiple air vehicles require testing and servicing on a regular basis.
The market is further driven by the growing demand for test and measurement tools from the automotive and transportation sector. These equipment are crucial for minutely assessing these vehicles and establishing remote sensor connections. The growing adoption of Internet of Things (IoT) devices and the development of machine-to-machine (M2M) interaction systems are also acting as major growth-inducing factors. This, along with the introduction of portable and embedded testing and measurement tools that are equipped with interactive interfaces, is creating a positive outlook for the market. Some of the other factors contributing to the market growth include the rising popularity of 5G cellular technology, an increasing demand from educational and research institutes and the rising automation of laboratory instruments. IMARC Group expects the global test and measurement equipment market to reach a value of US$ 30.09 Billion by 2026, exhibiting a CAGR of 3.70% during 2021-2026.
On the basis of the product, the market has been divided into general purpose test equipment (oscilloscopes, signal generators, multimeters, logic analyzers, spectrum analyzers, bert (bit error rate test), network analyzers and others) and mechanical test equipment (non-destructive test equipment, machine vision inspection and machine condition monitoring).
Based on the service type, the market has been bifurcated into calibration services and repair services/after-sales services.
On the basis of the end use industry, the market has been classified into automotive and transportation, aerospace and defense, IT and telecommunication, education, semiconductor and electronics, and others.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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., and Yokogawa Electric Corporation.
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