Test & Measurement Equipment Market by Product (General Purpose Test Equipment, Mechanical Test Equipment), Services (Calibration Services, Repair or After Sale Services), Application - Global Forecast 2024-2030

Test & Measurement Equipment Market by Product (General Purpose Test Equipment, Mechanical Test Equipment), Services (Calibration Services, Repair or After Sale Services), Application - Global Forecast 2024-2030

The Test & Measurement Equipment Market size was estimated at USD 32.18 billion in 2023 and expected to reach USD 34.03 billion in 2024, at a CAGR 5.69% to reach USD 47.42 billion by 2030.

Global Test & Measurement Equipment Market

Test and measurement equipment (T&M) refers to an extensive range of tools and instruments designed to accurately measure, monitor, analyze, and control various parameters within electronic, mechanical, or electromechanical systems. These devices are instrumental in ensuring the optimal functioning, reliability, and safety of products by providing accurate data throughout all stages of a product’s lifecycle, from research and development (R&D), quality assurance testing, and manufacturing diagnostics to post-production maintenance. The rise of industry 4.0 has portrayed an improved emphasis on performance testing of electronic devices, creating demand for reliable test & measurement equipment. The automotive and aerospace industries are witnessing growing electrification, which necessitates accurate and efficient testing of electronic components and systems. However, the equipment might require frequent maintenance and calibration, and their operation can be complex, requiring specialized personnel with the necessary expertise. Market players are working on advancing the design and models of test & measurement equipment to introduce more precise and efficient testing processes. Investments in expanding 5G networks and data center deployments are driving the demand for advanced test & measurement equipment.

Regional Insights

In the Americas, the demand for test & measurement (T&M) equipment is driven mainly by the increasing adoption of high-speed communication networks such as 5G technology and Internet of Things (IoT) applications. The region also witnesses robust growth in renewable energy projects that require efficient testing solutions for power generation components. The Asian market exhibits substantial growth potential owing to rapid industrialization and advancements in electronic manufacturing services (EMS). China, Japan, and South Korea remain key hubs for T&M equipment production due to its vast consumer electronics market coupled with strong government support for R&D investments. Europe's T&M market is characterized by a well-established infrastructure supporting advanced research & innovation activities across various sectors such as automotive, defense & aerospace industries where precision testing solutions are indispensable for safety-critical applications. The region is also a pioneer in the adoption of Industry 4.0 initiatives, driving the demand for smarter and more capable T&M solutions. European companies exhibit strong footholds as they offer equipment that complies with several global standards.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Test & Measurement Equipment Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Test & Measurement Equipment Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Test & Measurement Equipment Market, highlighting leading vendors and their innovative profiles. These include AB SKF, ABB Ltd., Accra-Fab, Inc., Adlink Technology, Inc., Advantest Corporation, Ametek, Inc., Anritsu Corporation, Astronics Corporation, Cohu, Inc., DS Instruments, Exfo, Inc., Fluke Corporation, Fortive Corporation, Good Will Instrument Co., Ltd., Gossen Metrawatt GmbH, Hioki E.E. Corporation, HT Italia S.r.l., J.T.M Technology Co., Ltd., Keysight Technologies, Inc., Kyence Corporation, Leader Instruments Corporation, Lutron Electronic Enterprise Co., Ltd., MEXTECH, Motwane Manufacturing Company Pvt. Ltd., National Instruments Corporation, Omega Engineering, Inc., Pickering Interfaces Ltd., Rohde & Schwarz GmbH & Co KG, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Saluki Technology Inc., Scientech Technologies Pvt. Ltd., Tektronix, Inc., Teledyne LeCroy Inc., Teradyne Inc., Texas Instruments Inc., Transcat, Inc., Vaunix Technology Corporation, Viavi Solutions Inc., Vitrek Corporation, and Yokogawa Electric Corporation.

Market Segmentation & Coverage

This research report categorizes the Test & Measurement Equipment Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
General Purpose Test Equipment
Mechanical Test Equipment
Services
Calibration Services
Repair or After Sale Services
Application
Aerospace & Defense
Automotive
Education & Government
Healthcare
Industrial
IT & Telecommunication
Manufacturing
Semiconductor & Electronics
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Test & Measurement Equipment Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Test & Measurement Equipment Market?
3. What are the technology trends and regulatory frameworks in the Test & Measurement Equipment Market?
4. What is the market share of the leading vendors in the Test & Measurement Equipment Market?
5. Which modes and strategic moves are suitable for entering the Test & Measurement Equipment Market?

Note: PDF & Excel + Online Access - 1 Year