Test and Measurement Equipment Market Analysis
The Test and Measurement Equipment Market is predicted to touch USD
34,586.38 million at a 4.85% CAGR between 2018- 2025, states the recent Market
Research Future (MRFR) analysis. Test and measurement equipment, simply put, is
used for designing, manufacturing, deploying, and ensuring the utmost customer
satisfaction with services and products. They play a pivotal part in delivering
customers with quality products and services. Owing to its alluring features
and an array of benefits, test and measurement equipment have wide applications
in various end use industries such as automotive, electronics and
semiconductor, healthcare and medical equipment, telecommunication, aerospace
and defense, industrial and manufacturing, and others.
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Various factors are propelling the global test and
measurement equipment market share. According to the recent MRFR report, such
factors include the increasing use of consumer electronic devices, advances in
technology in telecommunication & networking, commercialization of IoT,
increasing adoption of 5G cellular technology, and the development of new
patient-monitoring systems, personal emergency reporting systems, and healthcare
equipment. Besides, the burgeoning demand in various end-use industries such as
healthcare, industrial, semiconductor and electronics, education and
government, IT and telecommunications, aerospace and defense, automotive and
transportation, and others are also adding market growth.
On the contrary, price sensitivity, growing
penetration of leasing and rental services, and the on-going COVID-19 impact
are factors, which may impede the global test and measurement equipment market
growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental
analysis of the global test and measurement equipment market based on
application, component, product, and service.
By component, the global test and measurement equipment
market is segmented into cable assemblies, connectors, and value-added
accessories.
By service, the global test and measurement
equipment market is segmented into managed services and professional services.
By application, the global test and measurement
equipment market is segmented into automotive, electronics and semiconductor,
healthcare and medical equipment, telecommunication, aerospace and defense,
industrial and manufacturing, and others. Of these, the automotive segment will
lead the market over the forecast period.
Regional Analysis
Based on the region, the global test and measurement
equipment market report cover recent trends and growth opportunities across the
Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW).
Of these, North America will lead the market over the forecast period. The
booming IT and telecom industry is adding to the global test and measurement
equipment market growth over the forecast period.
The test & measurement equipment market in the
APAC region is predicted to grow at a fast pace over the forecast period. The
presence of technical expertise and effective facilities, the presence of
several test & measurement equipment suppliers, presence of multiple auto
producers, the existence of lead consumer electronic device manufacturers such
as laptops, smartphones, and consoles, and the presence of prominent hub of
different industries like automotive, electronics, and electrical are adding to
the global test and measurement equipment market growth in the region.
The global test and measurement equipment market in
Europe is predicted to have healthy growth during the forecast period, and in
the Rest of the World is predicted to have sound growth over the forecast
period.
Key Players
Key test and measurement equipment industry
manufacturers profiled in the global test and measurement equipment market
report include Spectris PLC (UK), Fortive Corporation (US), ADVANTEST
Corporation (Japan), Spirent Communications PLC (US), Yokogawa Electric
(Japan), EXFO INC (Canada), IKM Instrutek AS (Norway), Anritsu Corporation
(Japan), VIAVI Solutions Inc (US), ROHDE&SCHWARZ (Germany), Teledyne
Technologies Incorporated (US), Keysight Technologies (US), and National
Instruments (US). Key players have encompassed strategies such as acquisitions,
mergers, joint ventures, and product launches to stay at the forefront.
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