Global Test and Measurement Equipment Market to Reach $43 Billion by 2030
The global market for Test and Measurement Equipment estimated at US$30.7 Billion in the year 2023, is expected to reach US$43 Billion by 2030, growing at a CAGR of 4.9% over the period 2023-2030. Mechanical Test Equipment, one of the segments analyzed in the report, is expected to record 4.8% CAGR and reach US$28.1 Billion by the end of the analysis period. Growth in the General Purpose Test Equipment segment is estimated at 5.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $8.1 Billion, While China is Forecast to Grow at 7.3% CAGR
The Test and Measurement Equipment market in the U.S. is estimated at US$8.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$9.2 Billion by the year 2030 trailing a CAGR of 7.3% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 4% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.
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