Test and measurement equipment is essential to detect faults and ensure proper functioning of any electronic devices. As per the report that has been published by Market Research Future (MRFR), the global Test and Measurement Equipment Market is anticipated to expand steadily at a CAGR of 4% during the forecast period of 2017-2023.
Increasing utilization of test and measurement equipment in defense sector for various applications such as precision strike application, cyber and intelligence gathering, defense electronics and others are majorly driving the growth f the global test and measurement equipment market. Widespread application of test and measurement equipment in consumer electronics for checking the performance of command execution, surveillance application, communication network, and computer intelligence are propelling the growth of the global test and measurement equipment market. Increasing number of smart phone users, increasing IP traffic and evolution of IoT are impacting positively on the expansion of the global test and measurement market during the forecast period.
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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.
MRFR in their report on the global test and measurement equipment market includes segments such as product, service, and application for a holistic overview of the market. The segmentation ensures detailed research of the data collected during the research procedure.
By product, the test and measurement equipment market include mechanical test equipment and general purposes test equipment. The mechanical test equipment segment comprises machine condition monitoring, machine vision inspection, and non-destructive test equipment. The general-purpose test equipment incorporates signal generator, oscilloscopes, logic analyzer, digital multimeter, network analyzer, power meter, spectrum analyzer, modular instrumentation, electronic counter, and automatic test equipment.
By service, the test and measurement equipment market incorporate calibration services, after-sales services, and others. The other services include training & consulting, asset management, climatic product testing, and shock testing.
By application, the test and measurement equipment market includes electronics & semiconductors, industrial, automotive, aerospace & defense, IT & telecommunication, education, and healthcare. The automotive segment is gaining quick grounds as the global automotive industry is burgeoning.
Asia Pacific (APAC), North America, Europe, and the Rest-of-the-World (RoW) are the four regions named in MRFR’s geographic analysis report on the test and measurement equipment market. The report also aims at the unraveling of opportunities and growth pockets which could ensure better market prospects in the coming years.
The APAC market has the baton and it is expected to dominate throughout the review period. The region is gaining prominence due to the presence of several manufacturing units who are spurring the demand for test and measurement equipment. In addition, the automotive sector is growing at a rapid pace which can be assessed as backup for the regional market’s outstanding figures.
North America’s growth rate would be higher than its peers during the forecast period. Technological progress is expected to mark the opportunities well and industrial clusters have already started reaping its benefits. Its percolation to different industries has made it easier for the market to rise.
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In May 2019, Keysight Technologies Inc. Teamed up with Open Test Automation Project, also known as OpenTAP. OpenTAP has made its name as an open-source project offering that will boost the work of software developers. By modifying automation tools, this help in increasing the measurement tools for production processes. This is to improve improve efficiency and reduction of time-to-market.
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