Test and Measurement Equipment Market

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MarketsandMarkets Research Private Ltd.
Presents
Test and Measurement Equipment Market worth 32.3
billion by 2024 with a growing CAGR of 3.90

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The report "Test and Measurement Equipment Market
by Product (General Purpose Test Equipment,
Mechanical Test Equipment), Service Type
(Calibration Services, Repair Services/After
Sales Services), EndUse Sector, and Geography
Global Forecast to 2024" The overall test and
measurement equipment market is expected to grow
from USD 25.7 billion in 2018 to USD 32.3 billion
by 2024, at a CAGR of 3.90 during the forecast
period. The market is growing due to the
increasing demand for this equipment in end-use
sectors, such as automotive transportation,
aerospace defense, IT telecommunications,
education government, semiconductor
electronics, industrial, and healthcare. The test
and measurement equipment market is expected to
grow at the highest CAGR in the healthcare sector
during the forecast period. There is significant
potential for growth of the test and measurement
equipment market in this sector due to the
development of new healthcare equipment,
patient-monitoring systems, and personal
emergency reporting systems. Browse gtgt
72 Market data tables
57 figures 189 pages and
in-depth TOC on Test and Measurement Equipment
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Test and measurement equipment market for
general purpose test equipment to grow at highest
CAGR during forecast period The general purpose
test equipment segment includes oscilloscopes,
signal generators, digital multimeters, logic
analyzers, spectrum analyzers, Bit Error Rate
Tester (BERT), network analyzers, power meters,
electronic counters, modular instrumentation,
Automated Test Equipment (ATE), and power
supplies. The characteristics of the
aforementioned types of equipment include large
size, bulky displays, slightly complicated
control systems, and customer user interfaces.
This scenario is expected to change to an extent,
owing to the demand for small-sized tools and
integration of various test and measurement
equipment into one offering. Repair /
after-sales service segment, which includes
detection and elimination of faults in a product,
to grow at highest CAGR from 2018 to 2024 Repair
services are provided for material and
workmanship defects. The purpose of repairing is
similar to troubleshooting, which includes
detection and elimination of faults present in a
product in various stages of the product cycle.
Companies provide several repair services or
after-sales services for test and measurement
equipment. Players in this market also offer
training and development programs to their
customers or end users. Training helps users
better understand the technical and operational
aspects to be able to reduce error rates.
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APAC projected to be the largest test and
measurement equipment market by 2024 The test
and measurement equipment market, by geography,
has been broadly classified into North America,
Europe, APAC, and RoW. In terms of value, North
America is estimated to account for the largest
share of the market in 2018 owing to the fact
that a majority of the leading industry players
have a presence in this region. The market in
APAC is expected to grow at the highest CAGR
between 2018 and 2024. The governments of Asian
countries, such as Japan, China, and India are
undertaking initiatives that encourage industries
to establish manufacturing and RD facilities in
their countries. For instance, the Indian
government started the Make in India program to
increase foreign investments and businesses in
India. Initiatives like these are expected to
boost the test and measurement equipment market
during the forecast period. Major vendors in
the test and measurement equipment market include
Fortive Corporation (US), Rohde Schwarz GmbH
Co. KG (Germany), Anritsu Corporation (Japan),
Keysight Technologies (US), Yokogawa Electric
Corporation (Japan), National Instruments
Corporation (US), EXFO, Inc. (Canada), Advantest
Corporation (Japan), VIAVI Solutions Inc. (US),
Teledyne Technologies Inc. (US), and Texas
Instruments Incorporated (US).
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