By the end of 2033, the Test & Measurement Equipment Market will be valued US$ 56.4 billion, up from US$ 32.3 billion in 2023, with a CAGR of 5.7%.
The development of 5G infrastructure, the production of electric vehicles, and the expansion of battery-powered goods will all increase the demand for test and measurement equipment. In contrast, the market is growing by 1.9X over the evaluation period thanks to the usage of automation and cutting-edge technology across a variety of business verticals.
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Reliable tools can be used to test electrical devices and gauge their performance. Testing helps to identify parts that fast degrade because the device is subjected to external turbulences including shocks, heat, vibrations, and changing climatic conditions.
The emergence of Industry 4.0, the rising trend towards automation, and the need for accurate product testing and validation to ensure quality and compliance are further factors influencing market advancement.
The huge expansion of the semiconductor industry as well as the use of cutting-edge technology like robots and sensors to improve consumer electronics would also increase the demand for efficient testing and measurement equipment.
Key Takeaways from Market Study
- During the historic period (2018-2022), the market has grown with a CAGR of 2.3%
- Among the product type segment, general test and measurement hold the leading share with 47.9% of the share during 2023.
- Europe and North America both account for more than 48% of the share of the global test and measurement equipment market.
- United States is expected to grow with a CAGR of 5.7% during 2023-2033.
- The increasing production of electric vehicle and investment in 5G network infrastructure will escalate the demand for test and measurement equipment in emerging economies during the assessment year.
- Rising importance of cybersecurity feeling sales of test and measurement equipment will create lucrative opportunities for new market players to expand in India.
The considerable expansion in the global electronic devices sector is poised to elevate market growth.
The growing need for electronics is driving growth in the market for test and measurement equipment. As digitalization advances, electronic gadgets are becoming more and more prevalent in our daily lives, necessitating the usage of reliable, high-quality electronic components.
Exact testing and measurement are vital to ensure that these components comply with the relevant standards for quality and dependability. A variety of factors, such as product testing, quality control, product development, certification and regulatory compliance, as well as repair and maintenance, are driving up demand for test and measurement equipment.
Market Development
The test and measurement equipment industry is very competitive because there are both established and new market competitors. As seen by the introductions of the fibre test and measurement solution from VIAVI Solutions in March 2021 and the TB820D, a right-angled scattered light turbidity detector for water treatment plants from Yogokawa, in February 2021, these market participants are introducing goods. Through this effort, the firms are strengthening their position and expanding their market share within the industry.
It has been noted that OEMs and market players give producing test and measurement equipment for discrete production and the automotive sector a significant amount of attention. By doing this, market participants will be on the lookout for any future opportunities for major growth brought about by the development of electric vehicles, the adoption of industry 4.0, and automation.
Key Companies Profiled in This Report
- Keysight Technologies
- Fluke
- Instek
- Rohde & Schwarz
- Tektronix
- Keithley
- Pico Technology
- RIGOL
- Siglent
- Sorensen
- TDK-Lambda
- Teledyne FLIR
- Vitrek
- Illinois Tool Works Inc.
- Shimadzu Corporation
- Ametek, Inc.
- Matest S.p.A
- Admet, Inc.
- Other Key Players
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In what ways have technological advancements demanded the development of precision measurement instruments?
The market for test and measurement equipment is growing as a consequence of advancements in technology, which is one of the main factors. As new and more complex technologies are created, there is an increasing need for precise and accurate testing equipment. As devices become smaller and more complex, the testing margin of error shrinks, necessitating the use of higher-quality instruments.
This includes advancements in the telecommunications, aerospace, defence, and healthcare industries, all of which necessitate the use of specialised testing and measurement equipment. For instance, as the Internet of Things (IoT) has grown, there is a greater need for testing tools that can handle large amounts of data and identify faults in connected devices.
