Test and Measurement Equipment Market by Product (General Purpose Test Equipment and Mechanical Test Equipment), Service (Calibration Services, and Repair Services/After-Sales Services), Application, and Geography - Global Forecast to 2023
“The test and measurement equipment market is estimated to grow at a CAGR of 3.55% between 2017 and 2023”
The test and measurement equipment market is expected to reach USD 28.98 billion by 2023 from USD 23.51 billion in 2017, at a CAGR of 3.55%. The increased penetration of modular instrumentation, increasing technological advancement towards networking and communication, increase in the adoption of electronic devices, and increased R&D spending are the factors driving the growth of the test and measurement equipment market.
“The market for modular instrumentation is expected to grow at the highest CAGR during the forecast period”
The test and measurement equipment market for modular instrumentation is expected to witness the highest CAGR between 2017 and 2023. The major factors contributing to this growth are the increasing production and consumption in the automotive sector, technological advancements pertaining to the 5G solutions in the IT and telecommunication sectors, and growing focus of stakeholders on the industry 4.0 and smart applications.
“Machine vision inspection is expected to hold the largest share of the market during the forecast period”
The machine vision inspection equipment is expected to hold the largest share of the market during the forecast period. The market is driven by the increasing adoption of 3D machine vision systems, rising need for quality inspection and automation, growing demand for vision-guided robotic systems, and increasing demand for application-specific machine vision systems. Moreover, realizing the future demand for intelligent transport systems and automated vehicles, the connected vehicle companies and city authorities are increasingly adopting machine vision systems.
“The test and measurement equipment market in APAC is expected to grow at the highest CAGR between 2017 and 2023”
This report covers the market in North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). India and China are considered as huge markets for test and measurement equipment owing to their growing economy. APAC is the prominent market in the overall communication sector owing to the considerable rise in the number of mobile Internet subscribers in the emerging economies such as India and China. APAC also offers significant growth opportunities for the test and measurement solutions for communications, as the end-users, such as mobile device manufacturers, are highly dependent on the communication test and measurement solutions to provide the high-quality and high-performing services to their customers.
Breakdown of profile of primary participants:
• By Company Type: Tier 1 = 27%, Tier 2 = 41%, and Tier 3 = 32%
• By Designation: C-Level Executives = 26%, Directors = 40%, and Others = 34%
• By Region: North America = 47%, Europe = 28%, APAC = 19%, and RoW = 6%
Fortive (US), Rohde & Schwarz (Germany), Anritsu (Japan), Keysight (US), Yokogawa Electric (Japan), National Instruments (US), EXFO (Canada), Advantest (Japan), Viavi (US), and Cobham (UK), Teledyne (US), and Texas Instruments (US) are the major players in the test and measurement equipment market.
• The market based on product covers general purpose test equipment and mechanical test equipment.
• The market based on service covers calibration, repair/after-sales, and other services.
• The market based on application covers the automotive, aerospace and defense, semiconductor and electronics, IT and telecommunications, education and government, healthcare, and industrial applications.
• The geographic analysis is done with regard to 4 major regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). RoW comprises South America, and the Middle East and Africa.
Reasons to Buy the Report:
From an insight perspective, this research report is focused on various levels of analysis such as industry analysis (industry trends), market ranking analysis of top players, and value chain analysis. This report also provides the company profiles, which present the basic views on the competitive landscape, emerging and high-growth segments of the studied market, high-growth regions, and market dynamics such as drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Market penetration: Comprehensive information on various types of equipment/products and services offered by the top players in the overall test and measurement equipment market.
• Product development/innovation: Detailed insights regarding research and development (R&D) activities, emerging technologies, and product launches in the test and measurement equipment market.
• Market development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for test and measurement equipment across regions.
• Market diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the overall test and measurement equipment market.
• Competitive assessment: In-depth assessment of market ranking analysis, strategies, products, and manufacturing capabilities of the leading players in the test and measurement equipment market.
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