Test and Measurement Equipment Market Size worth $42.9 billion by 2028, at a CAGR of 4.6%

"Test and Measurement Equipment Market Size"

The "Test and Measurement Equipment Market Size by Product Type (General-purpose Test Equipment and Mechanical Test Equipment), Service Type (Calibration Services and Repair/After-sales Services), Vertical and Region - Global Forecast to 2028". The Test and Measurement Equipment Market Size is expected to reach USD 42.9 billion by 2028 from USD 34.3 billion in 2023, at a CAGR of 4.6% during the 2023–2028 period.

The major factors driving the market growth of the test and measurement equipment market include growing adoption of electronic devices, surging deployment of advanced networking and communication technologies, rising demand of high-performance and power-efficient electronic devices, etc.

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Key Players

The report profiles key players such as Yokogawa Electric (Japan), Keysight Technologies (US), Rohde & Schwarz (Germany), Fortive (US), Anritsu (Japan), Advantest (Japan), National Instruments (US), EXFO (Canada), VIAVI Solutions (US), OWON Technology (China), Teledyne Technologies (US), GW Instek (Taiwan), AMETEK (US), ADLINK Technology (Taiwan), Leader Instruments (US), RIGOL Technologies (China), Dynamic Signal (US), Astronics Test Systems (US), Vaunix (US), DS Instruments (US), Saluki (Taiwan), IKM Instrutek (Norway), Uni-Trend Technology (China), Particle Measuring Systems (US), and Mextech Technologies (India).

Browse 169 market data Tables and 62 Figures spread through 248 Pages and in-depth TOC on "Test and Measurement Equipment Market Size by Product Type (General-purpose Test Equipment and Mechanical Test Equipment), Service Type (Calibration Services and Repair/After-sales Services), Vertical and Region - Global Forecast to 2028"

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Test and Measurement Equipment Market Dynamics

Driver: Increased need for interoperability testing owing to growing deployment of IoT and connected devices

The rising adoption of connected technologies to increase production and improve manufacturing efficiency and the growing need to assess and test the Internet of Things (IoT)-enabled products to ensure data and product security boost testing, inspection, andcertification market growth. Although manufacturers can increase their profit margins by deploying IoT and connected devices, they present many challenges and risks to manufacturers and developers. As data breaches continue to grab headlines, manufacturers are focused on safeguarding connected devices and user data.

Restraint: Strong inclination of customers toward adoption of test and measurement equipment on rental basis

Technological advancements boost the demand for test and measurement equipment in end-user industries. This ratio is increasing because the adoption of test and measurement equipment on rental basis is more profitable to the customers whereas it is a restraint to the producing firms. Mostly companies with less capital go for rented test and measurement equipment. The unavailability of our own equipment, facing challenges towards repair, calibration, and unexpected peak in testing workload are the main reasons for the customers renting the equipment. However, new test and measurement equipment are typically expensive. To reduce their operational costs, several organizations across industries, including aerospace & defense, communications, automotive, and electronics, often take testing and measurement equipment on a rental basis, which is a cost-saving approach rather than buying new testing and measurement equipment.

Fortive

Fortive was established as a result of some strategic acquisitions and divisions. Danaher acquired Tektronix in 2007 for USD 2.8 billion. In May 2015, Danaher announced the split of its group into two business units. These two newly formed companies focused on the science and technology business and test and measurement equipment businesses. The new science and technology company continues to be a part of Danaher, while the second company, which includes Tektronix, Fluke, and the rest of the test and measurement equipment business of Danaher operates as Fortive.

Tektronix primarily manufactures oscilloscopes, analyzers, signal generators, power sources and supplies, video test equipment, Keithley switching and data acquisition systems, Keithley semiconductor test systems, components and accessories, test and measurement software, and Keithley products. In 65 years and with almost 700 patents. Tektronix offers solutions for analog/digital designing and debugging and spectrum management and interference hunting. It also offers solutions for wireless and RF and radar and electronic warfare applications.

Keysight Technologies

Keysight Technologies was founded in 2013 and headquartered in California (US). The company was formed as a result of a spinoff of the electronic measurement business of Agilent Technologies. It began trading as a legal entity on the New York Stock Exchange (NYSE) on November 3, 2014.

Keysight provides electronic measurement instruments and systems and related software, software designing tools, and services for designing, developing, manufacturing, installing, deploying, and operating electronic equipment. It also offers start-up assistance services, instrument productivity and application services, and instrument calibration and repair services.

Asia Pacific is expected to register the highest market share during the forecast period.

The major drivers for the growth of the market in Asia Pacific includes increasing number of original equipment manufacturers and semiconductor device and product manufacturers; growing number of mobile operators, booming telecom industry, and increasing focus on digitalization and e-health are propelling to the growth of test and measurement equipment market in the region. China is considered as the global manufacturing hub for various industries, such as electronics, semiconductor, and automotive. It is one of the fastest-growing economies in the world. With the pandemic taking a toll on the country’s GDP, China has managed to control the spread of the virus, thereby recording the limited impact of the virus on the country’s economy. It is expected that China will emerge as the only major economy in the world to have avoided contraction and is also expected to outpace the global peers, including the US. The trade war with the US allowed China to shift its focus to European and Asian economies. Also, European countries are looking at China as the country with potential for a large source of growth in the post-pandemic world. In December 2020, the European Union also entered into a comprehensive investment deal with China that will be most likely to facilitate higher trade volumes for high-quality products such as medical devices and wireless communication devices. This will lead to the increased focus of China-based manufacturers to meet the growing demands that will require extensive use of test and measurement equipment to ensure adequate product quality according to the EU norms and other relevant standards of Asian countries.

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