The Test And Measurement Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Test And Measurement Equipment Global Market Report 2024, The test and measurement equipment market size has grown strongly in recent years. It will grow from $31.92 billion in 2023 to $33.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growth in telecommunications industry, increasing complexity of electronic devices, expansion of the aerospace and defense sector, rise in demand for quality control in manufacturing, regulatory standards and compliance requirements.
The test and measurement equipment market size is expected to see strong growth in the next few years. It will grow to $41.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to expansion of electric vehicle production, increasing demand for high-speed data transmission, advances in wireless communication standards, rise in demand for precision measurement. Major trends in the forecast period include development of compact and portable testing equipment, adoption of artificial intelligence in test and measurement processes, integration of automation and robotics in testing, rise of modular and software-defined instruments, increased focus on energy efficiency in testing equipment.
The growing automotive industry is expected to propel the growth of the test and measurement equipment market going forward. The automotive industry is a sector that encompasses numerous organizations and firms involved in the design, development, manufacture, marketing, selling, and maintenance of motor vehicles. Test and measurement equipment is used for quality control, performance testing, safety assessment, and compliance verification of automotive components. For instance, according to the Bureau of Transportation Statistics (BTS), a US-based agency that publishes information on transportation systems, new vehicle sales increased to 11,741 (Thousands of vehicles) in 2021 from 11,041 (Thousands of vehicles) sales in 2020. Therefore, the growing automotive industry is driving the test and measurement equipment market.
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The test and measurement equipment market covered in this report is segmented –
1) By Product: General Purpose Test Equipment (GPTE), Mechanical Test Equipment (MTE)
2) By Service Type: Calibration Services, Repair Services Or After-Sales Services
3) By Vertical: Automotive And Transportation, Aerospace And Defense, Information Technology (IT) And Telecommunication, Education And Government, Industrial, Healthcare, Semiconductor And Electronics
Product innovations are a key trend gaining popularity in the test and measurement equipment market. Major companies operating in the test and measurement equipment market are focused on innovative products to sustain their position in the market. For instance, in March 2021, Anritsu Corporation, a Japan-based electronics company, launched the TRX Test module, MU887002A. It is designed to improve the efficiency of production-line inspections of wireless communication devices based on 5G and its space-saving universal wireless test set, MT8872A. The MT8872A is a mass-production measuring device entirely compatible with the MT8870A. Its tiny footprint allows it to fit into tighter locations than a standard 19 rackmount, saving space on complete manufacturing lines.
The test and measurement equipment market report table of contents includes:
- Executive Summary
- Test And Measurement Equipment Market Characteristics
- Test And Measurement Equipment Market Trends And Strategies
- Test And Measurement Equipment Market - Macro Economic Scenario
- Global Test And Measurement Equipment Market Size and Growth
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- Global Test And Measurement Equipment Market Competitive Benchmarking
- Global Test And Measurement Equipment Market Competitive Dashboard
- Key Mergers And Acquisitions In The Test And Measurement Equipment Market
- Test And Measurement Equipment Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- Texas Instruments Inc
- Agilent Technologies Inc
- AMETEK Inc
- Fortive Corporation
- Tektronix Inc
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