What Has Been The Historical And Current Growth Of The Test And Measurement Equipment Market?
The test and measurement equipment market has seen considerable growth due to a variety of factors.
•The market size of testing and measurement equipment has significantly expanded over the previous years. It's projected to increase from $33.53 billion in 2024 to $35.3 billion in 2025, with a compound annual growth rate (CAGR) of 5.3%.
The remarkable growth observed during the historic period can be linked to the expansion of the telecommunications industry, escalating complexity in electronic devices, the burgeoning aerospace and defense industry, growing demand for quality control in manufacturing, as well as regulatory standards and compliance requirements.
What Is The Forecast For The Test And Measurement Equipment Market By 2029?
The test and measurement equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for test and measurement equipment is predicted to experience robust growth. By 2029, it is anticipated to expand to a value of $43.85 billion, with a compound annual growth rate (CAGR) of 5.6%.
The surge in growth during the forecast period is ascribed to factors such as the widespread production of electric vehicles, a growing need for high-speed data transmission, advancements in wireless communication standards, and an increase in demand for precision measurement. Notable trends for the forecast period include the emergence of compact and portable test equipment, the utilization of artificial intelligence in testing and measurement processes, the integration of automation and robotics in testing, the growing popularity of modular and software-defined instruments, and an enhanced emphasis on energy efficiency in testing equipment.
Which Key Drivers Are Propelling The Test And Measurement Equipment Market's Growth?
The expansion of the automotive industry is anticipated to fuel the growth of the market for test and measurement equipment. The automotive industry is a large sector comprising various organizations and companies that focus on the design, production, marketing, sales, and servicing of motor vehicles. Test and measurement tools are utilized for tasks such as quality assurance, performance evaluation, safety auditing, and compliance verification of automobile parts. For instance, data from the Belgium-based European Automobile Manufacturers Association in May 2023 highlighted that the worldwide production of motor vehicles reached 85.4 million units in 2022, an impressive rise of 5.7% from the previous year. Furthermore, according to Brand Finance plc, a UK-based brand valuation firm, in February 2022, car sector sales hit approximately 78 million units, witnessing a significant 10% growth. Consequently, the expanding automotive industry is powering the progress of the test and measurement equipment market.
What Are The Key Segments Within The Global Test And Measurement Equipment Market?
The test and measurement equipment market covered in this report is segmented –
1) By Product: General Purpose Test Equipment (GPTE), Mechanical Test Equipment (MTE)
2) By Service Type: Calibration Services, Repair Services Or After-Sales Services
3) By Vertical: Automotive And Transportation, Aerospace And Defense, Information Technology (IT) And Telecommunication, Education And Government, Industrial, Healthcare, Semiconductor And Electronics
Subsegments:
1) By General Purpose Test Equipment (GPTE): Multimeters, Oscilloscopes, Signal Generators, Function Generators, Power Analyzers, Spectrum Analyzers, Network Analyzers
2) By Mechanical Test Equipment (MTE): Universal Testing Machines, Hardness Testers, Fatigue Testers, Impact Testers, Materials Testing Systems, Torque Testers
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How Are New Trends Impacting The Size Of The Test And Measurement Equipment Market?
Leading firms in the test and measurement equipment market are concentrating on developing innovative products like particle measuring equipment to satisfy the escalating needs for precision and accuracy across various sectors. Particle measuring equipment is utilized to identify and gauge the size and density of particles in air, liquids, or gases. For example, Advantest Corporation, a manufacturer of automatic test and measurement equipment based in Japan, unveiled the WEL2100 in June 2024. This particle measuring equipment is tailored for highly accurate measurement of fine particles, predominantly lipid nanoparticles (LNP) used in drug delivery systems, in addition to viruses and exosomes. The WEL2100 incorporates a precise nanopore sensor devised using semiconductor manufacturing processes and microcurrent measurement technology. This feature enables the high-speed and accurate measurement of each particle's quantity, size, and zeta potential.
Who Are the Key Players in the Test And Measurement Equipment Market?
Major companies operating in the test and measurement equipment market include:
• Texas Instruments Inc.
• Agilent Technologies Inc.
• AMETEK Inc.
• Fortive Corporation
• Tektronix Inc.
• Teledyne Technologies Incorporated
• Keysight Technologies Inc.
• Mouser Electronics Inc.
• Advantest Corporation
• Rohde & Schwarz GmbH & Co. KG
• Yokogawa Electric Corporation
• Bruker Corporation
• National Instruments Corporation
• Fluke Corporation
• Viavi Solutions Inc.
• EXFO America Inc.
• Anritsu Corporation
• AEM Holdings Ltd.
• TestEquity LLC
• Chroma Systems Solutions
• RIGOL Technologies
• OWON Technology Inc.
• Scientech Technologies Pvt. Ltd.
• GW Instek
• B&K Precision Corporation
• Tegam Inc.
What are the Regional Insights into the Test And Measurement Equipment Market?
Asia-Pacific was the largest region in the test and measurement equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the test and measurement equipment market report during the forecast period. The regions covered in the test and measurement equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
