General Purpose Test Equipment (GPTE) Market by Product, End-users, and Geography - Forecast and Analysis 2020-2024

General Purpose Test Equipment (GPTE) Market by Product, End-users, and Geography - Forecast and Analysis 2020-2024

Global General Purpose Test Equipment (GPTE) Market: About this market

Technavio’s GPTE market analysis considers sales from communication, industrial, aerospace and defense, electronics and semiconductors, and other end-users. Our study also finds the sales of GPTE in APAC, Europe, MEA, North America, and South America. In 2019, the communication segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing adoption of broadband services, and the advent of 5G technology will play a significant role in the communication segment to maintain its market position. Also, our global GPTE market report looks at factors such as growing demand from end-user industries and continuous technological developments in communication industry. However, long replacement cycle of GPTE, increasing dale of second-hand equipment and growth in renting services, and constantly evolving technological environment may hamper the growth of the GPTE industry over the forecast period.

Global General Purpose Test Equipment (GPTE) Market: Overview

Continuous technological developments in communication industry

There has been an increase in demand for GPTE in the communication industry worldwide due to developments in cellular networks and cloud systems. Companies in the communication industry are investing vast amounts in developing networks across the world, due to significant growth in the IP traffic. Most of the growing IP traffic can be attributed to the rise in mobile data traffic. Highly populated nations such as India have been witnessing massive investments from major telecom service providers toward the provision of nationwide 4G service. Developed countries such as the US have already launched 5G connections. This technological developments in communication industry will lead to the expansion of the global GPTE market at a CAGR of almost 5% during the forecast period.

Growing adoption of modular GPTE

One of the biggest challenges for the end-users of GPTE is the continually changing technology and systems, which are growing more complex with time. Along with the changing technology, test and measurement equipment also needs to be upgraded to produce effective testing and measurement results. With the development of modular GPTE, the essential test equipment remains functional, with only a few modules requiring replacement or upgrade. This development is expected to have a positive impact on the overall market growth.

For the detailed list of factors that will drive the global general purpose test equipment (GPTE)market during the forecast period 2020-2024, click here.

Competitive Landscape

With the presence of several major players, the global GPTE market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading GPTE manufacturers, that include Anritsu Corp., Danaher Corp., Keysight Technologies Inc., Lauterbach GmbH, National Instruments Corp., Rohde & Schwarz GmbH & Co. KG, Teledyne Technologies Inc., Texas Instruments Inc., Thermo Fisher Scientific Inc., and Yokogawa Electric Corp.

Also, the GPTE market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.