Test and Measurement Market in South Korea 2016-2020
About the TEST AND MEASUREMENT
The T&M market in South Korea is a dynamic and steadily growing market. The use of T&M is growing in different high-tech sectors, which is enabling them to expand worldwide. T&M companies offer essential products and services to a wide range of end-users that help their customers to enhance quality, health, safety measures, productivity, and compliance in various applications.
South Korea is one of the key countries in the global T&M market, accounting for approximately 8.5% of the global T&M market. The presence of the large semiconductor, consumer electronic, communication, and automotive industries contributes to its high market share in the overall market.
Technavio’s analysts forecast the T&M market in South Korea to grow at a CAGR of 4.56% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the T&M market in South Korea for 2016-2020. To calculate the market size, Technavio considers the revenue generated from the total consumption of T&M market in South Korea. The report does not include revenue generated from the aftermarket service of the product.
Technavio's report, T&M market in South Korea 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Test and Measurement market in South Korea 2016-2020
Technavio recognizes the following companies as the key players in the Test and Measurement market in South Korea: Fluke Corp., Keysights Technologies, Inc., Rohde & Schwarz GmbH, Tektronix, Inc. and Yokogawa Electric Corp.
Other Prominent Vendors in the market are: Advantest Corporation, Anritsu, Ixia, National instruments, Qmax Test Equipment and SPX.
Commenting on the report, an analyst from Technavio’s team said: “Growing focus on renewable energy and expansion of smart grid in South Korea will provide substantial growth opportunities for market end-users like power. Electrical testers, smart relay tester, power meters, insulation tester, calibrators, frequency meters, and other various T&M equipment are used to test and rectify renewable power generation systems and ensure proper integration between smart grid systems. Thus, expansion of smart grid and renewable energy will have a positive influence on the overall market growth.”
According to the report, a key growth driver is the Software-Defined instrumentation. The software embedded in the device are increasingly defining the functionality of complex devices, posing a challenge to test engineers as the rate of change of devices under test (DUT) functionality is faster than most stand-alone instruments due to fixed user interface and firmware. This is pushing the test engineers to shift to software-defined approach to instrumentation to customize speed according so that the required application can be quicker, and testing can be directly integrated into the design process.
Further, the report states that a major factor that Increased cost of testing due to complexity of products. IoT has resulted in the introduction of several wireless devices, namely, Wi-Fi, Bluetooth, Zig-Bee, and LTE. The proliferation of IoT devices has created a demand for advanced testing equipment due to the complexity of these devices. Growing complexity of electronic devices and the emergence of customized products catering to specific needs of end-users is one of the challenges faced by manufacturers of T&M equipment. This is because it is difficult to offer a testing solution that can accommodate different technologies. RF and wireless applications are becoming ubiquitous, and personnel involved with the testing of these devices need to keep abreast of emerging wireless protocols and standards.
Fluke Corp., Keysights Technologies, Inc., Rohde & Schwarz GmbH, Tektronix, Inc. Yokogawa Electric Corp, Advantest Corporation, Anritsu, Ixia, National instruments, Qmax Test Equipment SPX.