The Global Test and Measurement Equipment Market size is expected to reach $45.6 billion by 2030, rising at a market growth of 4.7% CAGR during the forecast period.
The Automotive and Transportation is gaining traction in the market because of the rising EVs demand. Hence, Automotive and Transportation segment captured 1/5th share of the market in 2022. EV testing goes beyond the testing required for automobiles and their parts to receive homologation. It also involves the conformance or interoperability testing of the charging interfaces and related systems that allow EVs, charging stations, as well as back-office systems to connect. Therefore, the demand for battery safety and performance testing, vehicle performance testing, electric motor testing, charger testing & certification, etc., will probably increase dramatically as the use of EVs increases globally. According to the International Energy Agency (IEA), the number of electric vehicles on the road worldwide exceeded 10 million in 2020, with battery-electric versions leading the growth.
The major strategies followed by the market participants are Product Launches as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In May, 2023, Viavi Solutions Inc. announced the launch of T/Rx, a cutting-edge solution developed to meet the unique needs of professionals operating in complex radio frequency (RF) environments. The launched product is designed for ease of usage and smooth deployment in multiple environments, consisting of air, sea, and land vehicles, backpacks, and fixed installations. Additionally, In May, 2023, Tektronix, Inc announced the launch of the WBG-DPT solution, a Double Pulse Test solution. The WBG-DPT solution comes with the capability to offer repeated, automated and accurate measurements on broad bandgap devices consisting of GaN MOSFETs and SiC.
Based on the Analysis presented in the KBV Cardinal matrix; Keysight Technologies, Inc., Fortive Corporation (Tektronix, Inc.), Ametek, Inc., Advantest Corporation and Teledyne FLIR LLC (Teledyne Technologies Incorporated) are the forerunners in the Market. In In October, 2022, Keysight Technologies, Inc. enhancements in the company's Nemo Device Application Test portfolio with new application test automation. The software-based solution utilizes automation and artificial intelligence (AI) to allow wireless service providers and application developers to boost the assessment of smartphone users' actual interactions with native applications. Companies such as Viavi Solutions, Inc., Rohde & Schwarz GmbH & Co. KG and Yokogawa Electric Corporation are some of the key innovators in the Market.
The expanding use of connected technologies to improve output and enhance manufacturing effectiveness, as well as the requirement to evaluate and test Internet of Things (IoT)-enabled devices to guarantee data and product security, are driving the expansion of the market. Although installing IoT and linked devices might help businesses enhance their profit margins, they also present several dangers and hurdles for manufacturers and developers. Manufacturers are concentrating on securing user data and connected devices as data breaches continue to make headlines. Therefore, as the deployment of IoT devices increases worldwide, it will propel the expansion of the market.
Healthcare is only one of the many sectors where technological breakthroughs are fast transforming. Notably, there has been substantial advancement in the healthcare industry. For example, using wearable technology, such as smartwatches, makes it possible to collect data that can be used to predict and treat people's health concerns before symptoms appear. This method, called precision medicine, enables doctors to recommend medications and provide treatments to their patients with a higher degree of accuracy and specificity. This has been made possible by advances in genomics and AI. Hence, the growing use of technology is accelerating the market's growth.
The need for test and measurement equipment in industries that use it is increasing due to technological improvements. The rental of test and measurement equipment is more profitable for customers than for producing companies, which is why this ratio is rising. Renting test and measurement equipment is a common choice for businesses with limited cash. Customers typically rent equipment due to the unavailability of their equipment, difficulties with repair and calibration, and an unanticipated increase in testing workload. New test and measurement tools, however, are frequently pricey. Therefore, the end-users price sensitivity, particularly among those who doubt the products' quality, has slowed the market's growth.
By offering, the market is bifurcated into products and services. The service segment witnessed a substantial revenue share in the market in 2022. Test and measurement services aim to give clients suitable techno-economical solutions to boost their output and happiness. Services maximize quality as well as customer service via innovation and the incorporation of cutting-edge international technologies. These also ensure that a variety of high-quality electrical measurement devices are acquired to achieve operational excellence.
By vertical, the market is divided into automotive & transportation, aerospace & defense, IT & telecom, education & government, industrial, healthcare & dental, semiconductor & electronics, and others. The industrial segment witnessed the maximum revenue share in the market in 2022. Throughout all phases of the product life cycle, covering design, manufacture, and maintenance, test and measurement equipment is used in the industrial sector. These tools test various goods, including solar inverters, cell phones, radar systems, MP3 players, etc.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 31.8 Billion |
| Market size forecast in 2030 | USD 45.6 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.7% from 2023 to 2030 |
| Number of Pages | 307 |
| Number of Table | 483 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Offering, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded the largest revenue share in the market in 2022. Across North America, the need for test and measurement equipment has increased due to advancements in modern research disciplines and autonomous driving technology. In the US and Canada, major firms have generally focused on manufacturing products of higher precision and quality. The regional market is expected to be driven by consumer demand for such accuracy in products.
Free Valuable Insights: Global Test and Measurement Equipment Market size to reach USD 45.6 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Viavi Solutions, Inc., Yokogawa Electric Corporation, Keysight Technologies, Inc., Fortive Corporation (Tektronix, Inc.), Ametek, Inc., Rohde & Schwarz GmbH & Co. KG, Anritsu Corporation, Advantest Corporation, Teledyne FLIR LLC (Teledyne Technologies Incorporated), and EXFO, Inc.
By Offering
By Vertical
By Geography
The Market size is projected to reach USD 45.6 billion by 2030.
Increasing demand for interoperability testing because of Growing IoT and connected device deployment are driving the Market in coming years, however, Growing demand for rental services of T&M equipment restraints the growth of the Market.
Viavi Solutions, Inc., Yokogawa Electric Corporation, Keysight Technologies, Inc., Fortive Corporation (Tektronix, Inc.), Ametek, Inc., Rohde & Schwarz GmbH & Co. KG, Anritsu Corporation, Advantest Corporation, Teledyne FLIR LLC (Teledyne Technologies Incorporated), and EXFO, Inc.
The Product segment acquired the highest revenue share in the Global Test and Measurement Equipment Market by Offering in 2022 thereby, achieving a market value of $32.9 billion by 2030.
The Automotive & Transportation segment has shown the high growth rate of 3.6% during (2023 - 2030).
The North America market dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $15.1 billion by 2030.
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