Global Test and Measurement Market 2017-2021
About Test and Measurement
Test and measurement devices are analytical pieces of equipment and instruments that detect and measure physical properties, biological interactions, and electrical signals. The global test and measurement market plays an important role in the development of new products and technologies. Test and measurement products and services are used in many industries like communications, defense and aerospace, computer hardware, pharmaceuticals, biotechnology, life sciences, and automotive.
Technavio’s analysts forecast the global test and measurement market to grow at a CAGR of 3.71% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global test and measurement market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Test and Measurement Market 2017-2021
Technavio recognizes the following companies as the key players in the global test and measurement market: Anritsu, Bureau Veritas, Fortive, Keysight Technologies, and National Instruments.
Other Prominent Vendors in the market are: EXFO, FASTECH Telecommunication, JDS Uniphase, Premier Measurement Solutions, Qmax, Scientech Technologies, SPX, Sumitomo, and Yokogawa Electric.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing need for interoperability. The global test and measurement market is a constantly evolving market, and the equipment is designed to work with other products. This interoperability feature can be applied to all heterogenous products like video monitors, smoke alarms, home networking or automated products, and home gateways. It can be also applied to some homogenous products like switches and routers.”
According to the report, one driver in the market is growth in telecommunication sector. There has been a huge increase in demand for test and measurement equipment in the telecommunication industry during the past few years all across the world. This is due to various developments in mobile networks, networks, and cloud systems. The telecommunication sector is expected to drive the market for test and measurement during the forecast period. In addition, there has been a significant increase in the IP traffic over a period of time. This is expected to increase further by three times by 2021 than what it was in 2015. To utilize the market, companies are investing huge amounts in developing networks across the world.
Further, the report states that one challenge in the market is high cost of equipment and price fluctuation of raw materials. With the advances in technologies, companies are investing huge amounts to make innovative products, thereby increasing the market competition. Customer preferences are changing every day according to the technologies and manufacturers are trying to meet these expectations to sustain in the market. The major share of the raw materials for the manufacturing of test and measurement equipment comes from China. Due to the high import duty of various governments and cost for transportation, the cost for the manufacturing of these pieces of equipment is high.
Anritsu, Bureau Veritas, Fortive, Keysight Technologies, National Instruments, EXFO, FASTECH Telecommunication, JDS Uniphase, Premier Measurement Solutions, Qmax, Scientech Technologies, SPX, Sumitomo, and Yokogawa Electric.
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