Market Overview —
The worldwide test and measurement equipment market size is estimated to expand at a CAGR close to 4% from 2017 to 2023 (forecast period), according to a report by Market Research Future (MRFR). Its valuation is expected to touch USD 28 Bn. by 2023. Test and measurement equipment comprise devices which can display accurate values of electronic devices. Strict regulations and quality standards pertaining to these devices are expected to drive its demand during the forecast period.
Drivers and Restraints
Increasing adoption of modular equipment and adoption of consumer electronic devices are factors anticipated to boost market demand. Popularity of Internet of Things (IoT) and increased budget on quality assurance can elicit demand for test & measurement equipment. Continuous advances in technology coupled with innovations are boosting market growth. Development of the 5G network technology and application in sectors such as automotive and healthcare can open up new growth opportunities. Lack of awareness and variations in price wars of products can pose a challenge to market growth.
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Some of the prominent players in the global test and measurement equipment market are Fortive (U.S.), Rohde & Schwarz (Germany), Anritsu Corporation (Japan), Keysight Technologies (U.S.), Yokogawa Electric Corporation (Japan), National Instruments Corporation (U.S.), EXFO (Canada), Advantest Corporation (Japan), Viavi Solutions (U.S.), Cobham plc. (U.K), Teledyne Technologies, Inc. (U.S.), and Texas Instruments Inc., (U.S.) among others.
The global test and measurement equipment market has been segmented on the basis of product, service, and application. Based on the product, the Test and Measurement Equipment market has been segmented into mechanical test equipment and general purposes test equipment. The mechanical test equipment segment is sub-segmented into machine vision inspection, machine condition monitoring, and non-destructive test equipment. The general-purpose test equipment segment is sub-segmented into oscilloscopes, signal generator, digital multimeter, logic analyzer, spectrum analyzer, network analyzer, power meter, electronic counter, modular instrumentation, and automatic test equipment.
Based on the service, the test and measurement equipment market has been segmented into after-sales services, calibration services, and others. The other services segment includes asset management, climatic product testing, training & consulting, and shock testing. Based on application, the test and measurement equipment market has been segmented into automotive, aerospace and defense, electronics and semiconductors, industrial, education, IT and telecommunication and healthcare.
Geographically, the global test and measurement equipment market is segmented into four major regions such as Asia Pacific, North America, Europe and the rest of the world. The Asia Pacific region is anticipated to account for the largest share in the global test and measurement equipment market owing to the high demand and increasing utilization of test and measurement equipment across various industrial sectors. The North America region is anticipated to project fastest growth in the global test and measurement equipment market owing to the rapid advancement in technology and easy adoption of technologically advanced solutions in various industries of this region. Increased research and development activities to introduce advanced solutions to carry out tests and measurement of various electronic devices are fueling the growth of the test and measurement equipment market in the Europe region.
In October 2018, Kimball Electronics, one of the leading electronics manufacturing and contract manufacturing company, has announced that it has completed the acquisition of all the assets of GES Holdings, Inc., Global Equipment Services and Manufacturing, Inc., and its subsidiaries.
In October 2018, Keysight Technologies, a U.S.-based manufacturer of electronic test and measurement equipment and software, has announced the launch of a new 5G base station manufacturing test solution named 'Keysight S9100A 5G Multi-Band Vector Transceiver.' It will allow the testing of 5G New Radio (NR) network equipment and radio components at scale to aid volume manufacturing.
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