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Test And Measurement Equipment Market Worth $32.3 Billion By 2024 With A Growing Cagr Of 3.90%
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), End–Use 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.
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.
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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.
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 R&D 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.
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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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