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.
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 InsightsIn 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.
Market InsightsMarket Dynamics
The market dynamics represent an ever-changing landscape of the Test & Measurement Equipment Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
Market Drivers
- Rise of industry 4.0 and emphasis on performance testing of electronic devices
- Growing electrification in the automotive and aerospace industries
- Increasing requirement for environmental testing activities worldwide
Market Restraints
- Need for frequent maintenance and calibration
Market Opportunities
- Advancements in design and models of test & measurement equipment
- Investments for 5G network expansion and data center deployment
Market Challenges
- Complex operation of equipment and need for specialized personnel
Market Segmentation Analysis
- Product: Preference for mechanical test equipment to test safety-critical applications
- Services: Adoption of calibration services to maintain the accuracy and reliability of test & measurement equipment through periodic checks
- Application: Need for test equipment with fault detection capabilities across the semiconductor industry
Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
FPNV Positioning MatrixThe FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Test & Measurement Equipment Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share AnalysisThe market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Test & Measurement Equipment Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent DevelopmentsFluke Acquires Solmetric and the SunEye and PV Analyzer ToolsFluke Corporation acquired Solmetric, a provider of solar test and measurement products. This strategic acquisition enabled Fluke to expand its product line and establish a strong presence in the solar test and measurement space. Moreover, with the inclusion of the PVA-1500 high-efficiency I-V curve tracer, Fluke is well-positioned to cater to the specific needs of the utility industry. This acquisition marks an exciting milestone for Fluke and reinforces its commitment to providing innovative and reliable solutions to its customers.
Advanced Test Equipment Corporation Becomes Authorized Rental Partner for Anritsu
Advanced Test Equipment Corporation (ATEC) partnered with Anritsu Corporation to offer authorized rental services to customers. This service includes advanced testing solutions, including signal generators, network analyzers, and spectrum analyzers. By combining ATEC's extensive rental inventory with Anritsu's instruments, customers can rely on high-quality testing solutions for their applications.
ABB Launch of Newest Generation of L&W Bending Tester for Reliable Paper Testing
ABB Ltd. launched the latest version of its L&W bending tester, offering reliable paper testing. This new generation of the bending tester comes with several notable features including a large touchscreen with a user-friendly interface, enabling easy navigation and operation. This integration further allows ABB for greater visibility of quality data across the entire mill and enterprise, facilitating efficient quality control processes.
Strategy Analysis & RecommendationThe strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Test & Measurement Equipment Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company ProfilesThe 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 & CoverageThis 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 EquipmentMechanical Test EquipmentServicesCalibration ServicesRepair or After Sale ServicesApplication
- 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
Please Note: PDF & Excel + Online Access - 1 Year