The Worldwide Test and Measurement Equipment Industry is Projected to Reach $33.3 Billion by 2026 at a CAGR of 3.7% from 2021 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Test and Measurement Equipment Market with COVID-19 Impact Analysis by Product Type (GPTE and MTE), Service Type (Calibration Services, Repair Services/After-sales Services), Verticals, and Region (APAC, Europe, North America) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The test and measurement equipment market is expected to grow at a CAGR of 3.7% from USD 27.7 billion in 2021 to USD 33.3 billion.
Test and measurement equipment market for repair services/ after-sales services is expected to grow at highest CAGR during forecast period
Repair services are provided for material and workmanship defects. The purpose of repairing is similar to troubleshooting, which includes detecting and eliminating faults present in a product in various stages of the product cycle. Companies connect with their customers through toll-free numbers, online chat, or emails to provide round-the-clock technical assistance. This helps test and measurement equipment service providers to minimize their turnaround time and enhance the quality of the product under inspection.
Test and measurement equipment market for GPTE accounted for largest share in 2020
General-purpose test equipment include oscilloscopes, signal generators, digital multimeters, logic analyzers, spectrum analyzers, bit error rate tester (BERT) solutions, network analyzers, power meters, electronic counters, modular instruments, and automated test equipment (ATE), and power supplies. The characteristics of the above-mentioned type of equipment include large size, bulky displays, and slightly complicated control system and customer user interface. These characteristics are expected to change to an extent owing to the rising demand for miniature devices and the strong focus of test and measurement equipment manufacturers on integrating different types of equipment into one offering.
Test and measurement equipment market for industrial end-user industry to hold the largest share during forecast period
In the industrial sector, test and measurement equipment are used at different product life cycles, such as designing, manufacturing, and maintenance. These products could be solar inverters, MP3 players, cell phones, radar systems, etc. Also, products related to mechanical engineering such as wind turbines, car suspensions, machine health monitoring systems, and steel manufacturing assembly need to be tested for their reliability and performance. Thus, test and measurement equipment play an integral role in the industrial vertical.
According to Rohde-Schwarz (Germany), in the automotive industry, the percentage of electronic devices in cars has been growing at an annual rate of 15%. New applications are continuously being added. For instance, mechanical components are being replaced by industrial robot components of steer-by-wire systems, radar-based safety systems, and new telematics systems designed for collision avoidance and traffic flow control applications. Due to such technological advancements, there is a potential demand for testing and measuring equipment to ensure the proper functioning of all systems and devices.
North America is expected to hold the largest market for Test and measurement equipment during forecast period
The market in this region is expected to be driven by the growing demand from the healthcare, and IT and telecommunications sectors. With advancements in autonomous driving technology and recent Internet of Things (IoT) technology trends, there is a need for improved bandwidth and latency reduction, which can be easily achieved through 5G. The US is one of the active participants in the league for commercializing the 5G network throughout the country.
Additionally, the shift toward connected cars and intelligent transportation systems, along with increasing demand for medical devices in the wake of COVID-19, is expected to drive the test and measurement equipment market in the region. Also, the significant presence of major companies offering test and measurement devices in this region and the high demand for test and measurement applications for different applications in the healthcare and telecom verticals fuel market growth in North America.
- Growing Adoption of Electronic Devices
- Increasing Demand for Modular Instruments by Product Designers and Manufacturers
- Surging Deployment of Advanced Networking and Communication Technologies
- Rising Demand for High-Performance and Power-Efficient Electronic Devices
- High Installation and Ownership Costs, Along with Requirement for Skilled Professionals
- Strong Inclination of Customers Toward Adoption of Test and Measurement Equipment on Rental Basis
- Advent of 5G Technology and Deployment of LTE and LTE-Advanced (4G) Networks
- Penetration of IoT Devices
- Difficulties Faced by Vendors in Keeping Up with Constantly Changing Technologies
- Calibration, Irregularity, and Complexity Issues in Antenna Arrays
- Adlink Technology
- DS Instruments
- Freedom Communication
- GW Instek
- Keysight Technologies
- Leader Instruments
- National Instruments
- Rohde & Schwarz
- Texas Instruments
- Viavi Solutions
- Yokogawa Electric
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