Renting & Leasing Test & Measurement Equipment Market Research Report- Forecast till 2027 —
The renting and leasing test and measurement equipment market will touch USD 9.43 billion at a 5.4% CAGR in the forecast period (2020 2027), states the latest Market Research Future (MRFR) report. The major factors contributing towards the market growth include the growing adoption of consumer electronics devices and technological advancement in telecommunication and networking. The roll-out of 5G network across several regions has significantly increases the adoption of wireless test and measurement equipment such as logic analyzers, spectrum analyzers, and network analyzers. The role of renting & leasing test and measurement instruments has immense importance in telecommunication to rectify faults and distortions in the networks for providing better signal quality. Although the telecommunication industry remains one of the dominating applications segments of renting & leasing test and measurement equipment market, other applications such as automotive, electronics and semiconductor, and healthcare also show a significant growth rate during the forecast period. The market witnesses a growth opportunity due to commercialization of IoT.
Deployment of LTE 4G Networks to offer Lucrative Opportunities
The deployment of LTE and also LTE-advanced (4G) networks will offer lucrative opportunities that will lead to the growth of the renting and leasing test and measurement equipment market in the forecast period.
Price Sensitivity to act as Market Restraint
The price sensitivity of renting and leasing test and measurement equipment coupled with the absence of standards and protocols may act as a market restraint over the forecast period.
Lack of Skilled Workforce to act as Market Challenge
The lack of skilled workforce and with the rising penetration of rental and leasing services may act as a market challenge over the forecast period.
The adoption of renting and leasing test and measurement equipment is high in healthcare and pharmaceuticals, food and beverages, and biological research. Strict government regulations and the growing need for quality maintenance in such industries drive the adoption of such equipment. The COVID-19 pandemic has led to a fall in demand for several products. Manufacturing plants moreover in the different countries have been put on halt to curb the spread of the deadly virus. The spread of this novel coronavirus led to the increased production of medicines as well as other medical equipment. This has boosted the need for renting and leasing test and measurement equipment in pharmaceuticals and healthcare end use industry, resulting to surged need for renting and leasing test and measurement equipment solutions and products.
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By Product, the market has been segmented into general purpose test equipment, wireless test equipment, semiconductor test equipment, and RF test chambers. The general-purpose test equipment is further segmented into oscilloscopes, signal generator, analyzers, meters, thermal imagers, bit error ration testers (BERT), and others. The wireless test equipment market is further segmented into logic analyzers, spectrum analyzers, network analyzers, and network simulators. Among these, general-purpose test equipment segment accounted for the largest market share in 2019 and is expected to register a CAGR of 4.6% during the forecast period. The wireless test equipment segment was the second-largest market in 2019 to exhibit a CAGR of 5.4%.
By Component, the market has been segmented into connectors, cable assemblies, and value-added accessories. Connectors held the largest market share in 2019. Connectors are either plugs or cables that connect two or more systems for the transmission of data or power between different systems or devices. The connectors are shock and vibration resistant and offer strong shielding against adverse environments. The connectors are used in navigation systems and measurement equipment including thermocouple sensors, flow sensors, current sensors, voltage sensors, and pressure sensors.
North America to Steer Renting and Leasing Test and Measurement Equipment Market
North America will steer the renting and leasing test and measurement equipment market over the forecast period. The presence of several key players like National Instruments, Keysight Technologies, Teledyne Technologies Incorporated, among others, these companies being market leaders are constantly making significant investments towards technological advancement, growing development in the IT and telecom industry that demands accurate testing of equipment, new technological breakthrough in the aerospace industry, enhanced safety, and increased operational efficiency are adding to the global renting & leasing test & measurement equipment market growth in the region.
APAC to Have Favorable Growth
The APAC region will have favorable growth in the renting and leasing test and measurement equipment market over the forecast period. Strong government initiatives, continuous projects, Japan, China and India undertaking initiatives for encouraging industries to establish manufacturing and R&D facilities in their countries, the presence of leading manufacturers of consumer electronic devices such as laptops, smartphones, and gaming consoles, China being the hub for semiconductor fabrication and manufacturing, implementation and development of IoT, and the region being the hub for several industries like automotive, electrical, and electronics are adding to the global renting and leasing test and measurement equipment market growth in the region.
Key players profiled in the global renting and leasing test and measurement equipment market report include Transcat Inc, Keysight Technologies, Exfo Inc, Viavi, Tektronix, General Electric, Rhode & Schwarz, Anritsu Corporation, Megger, Bird, National Instruments, Yokogawa Electric, Vanguard, Siemens AG, and Fluke Networks.
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Renting & Leasing Test and Measurement Equipment Market Research Report: By Product (General Purpose Test Equipment, Wireless Test Equipment, Semiconductor Test Equipment, RF Test Chambers), By Component (Connectors, Cable Assemblies, Value Added Accessories), By Application (Aerospace & Defense, Healthcare & Medical Equipment, Telecommunication, Electronics & Semiconductor, Industrial & Manufacturing, Automotive, Others) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027
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