According to the recent report by IMARC Group, titled “Test and Measurement Equipment“Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global test and measurement equipment market size reached a value of US$ 24.34 Billion in 2020 and expected to market to reach a value of US$ 30.09 Billion by 2026, exhibiting a CAGR of 3.70% during 2021-2026.
Test and measurement equipment refer to numerous tools that play a crucial role in the delivery of product and service quality to customers. These tools are used to test, measure, analyze, display and record electronic data in order to ensure smooth operation and identify faults. They also enable the proper functioning of the equipment with the usage of oscilloscopes, digital multimeters, and signal generators. Additionally, they are employed to measure weight, length, pressure, current, voltage, and temperature in several industrial applications. As a result, they find extensive applications across the medical, automotive, telecommunication, energy, aerospace, defense and consumer electronic sectors.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Test and Measurement Equipment Market Trends:
The market is primarily driven by the increasing penetration of digital devices, including smartphones and laptops, on the global level. Rapid digitization across numerous industry verticals, along with the continual advancements in networking and communication infrastructure, is facilitating the uptake of these devices. Test and measurement equipment are extensively employed for analyzing defects in these high-performance devices before their distribution, which is providing a thrust to the market growth. Apart from this, these equipment are widely being adopted by the aerospace and defense sector since multiple air vehicles require testing and servicing on a regular basis.
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Global Test and Measurement Equipment 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Advantest Corporation, Anritsu Corporation, EXFO Inc., Fortive, Keysight Technologies, National Instruments, Rohde & Schwarz, Teledyne Technologies Incorporated, Texas Instruments Incorporated, VIAVI Solutions Inc. and Yokogawa Electric Corporation.
The report has segmented the market on the basis on region, product, service type and end use industry.
Breakup by Product:
- General Purpose Test Equipment (GPTE)
- Signal Generators
- Logic Analyzers
- Spectrum Analyzers
- Bert (Bit Error Rate Test)
- Network Analyzers
- Mechanical Test Equipment (MTE)
- Non-Destructive Test Equipment
- Machine Vision Inspection
- Machine Condition Monitoring
Breakup by Service Type:
- Calibration Services
- Repair Services/After-Sales Services
Breakup by End Use Industry:
- Automotive and Transportation
- Aerospace and Defense
- IT and Telecommunication
- Semiconductor and Electronics
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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