Test & Measurement Equipment Market by Product, Services, Application

Description

List of Tables

[196 Pages Report] 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.

KEY MARKET STATISTICS
Base Year [2023]	USD 32.18 billion
Estimated Year [2024]	USD 34.03 billion
Forecast Year [2030]	USD 47.42 billion
CAGR (%)	5.69%

Product: Preference for mechanical test equipment to test safety-critical applications

General purpose test equipment (GPTE) is widely used across a variety of industries for the testing, troubleshooting, and maintenance of electronic devices and systems. This category includes oscilloscopes, multimeters, power supplies, signal generators, spectrum analyzers, and network analyzers. Professionals in research & development, manufacturing, field services, and education sectors often prefer GPTE as it provides versatility and flexibility to meet different needs. Mechanical test equipment is essential for industries that deal with materials' characterization or evaluation of mechanical properties like strength, fatigue life cycle analysis, or tribology assessments. The vast range of equipment in this category includes tensile testing machines, hardness testers, impact testers, fatigue testing systems, and environmental chambers that simulate real-world conditions such as temperature fluctuations or humidity exposure.

Services: Adoption of calibration services to maintain the accuracy and reliability of test & measurement equipment through periodic checks

Calibration services ensure that test and measurement equipment are functioning accurately by comparison with established standards. These services help businesses maintain high-quality output while adhering to regulatory requirements across different industry verticals. Repair or after-sale services are crucial for maintaining the optimal performance of test and measurement equipment throughout their lifecycle. These services include preventive maintenance, troubleshooting, component replacement, upgrades, and technical support to help users efficiently resolve equipment issues. The need for such services is often driven by an organization's preference for cost-effective solutions that can prolong the lifespan of their test and measurement instruments, thereby reducing long-term operational expenses.

Application: Need for test equipment with fault detection capabilities across the semiconductor industry

In the aerospace and defense industry, test and measurement (T&M) equipment is crucial for ensuring the safety, performance, and reliability of aircraft and defense systems. The automotive industry demands T&M equipment for evaluating critical systems such as powertrains, emissions control devices, braking systems, and advanced driver assistance technologies. Educational institutions and government agencies require T&M equipment for research purposes and quality assurance in sectors of telecommunications, energy distribution, materials science, and civil engineering. In healthcare settings, T&M equipment is vital for maintaining medical device performance and diagnosis accuracy in imaging systems such as X-ray machines or MRI scanners. Industrial T&M equipment is critical for monitoring process control parameters in industries such as oil and gas, petrochemical, power generation, and water treatment. The IT and telecommunication sector requires T&M equipment to assess network performance issues, data transmission quality, and software functionality across various devices. Manufacturing settings need T&M equipment to verify product quality during the design, production, and post-production stages. In the semiconductor and electronics industry, T&M equipment is vital for testing integrated circuits (ICs), printed circuit boards (PCBs), power supplies, or display panels.

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?

Product Code: MRR-FD3F12D53BA4

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rise of industry 4.0 and emphasis on performance testing of electronic devices
  - 5.1.1.2. Growing electrification in the automotive and aerospace industries
  - 5.1.1.3. Increasing requirement for environmental testing activities worldwide
- 5.1.2. Restraints
  - 5.1.2.1. Need for frequent maintenance and calibration
- 5.1.3. Opportunities
  - 5.1.3.1. Advancements in design and models of test & measurement equipment
  - 5.1.3.2. Investments for 5G network expansion and data center deployment
- 5.1.4. Challenges
  - 5.1.4.1. Complex operation of equipment and need for specialized personnel
5.2. Market Segmentation Analysis
- 5.2.1. Product: Preference for mechanical test equipment to test safety-critical applications
- 5.2.2. Services: Adoption of calibration services to maintain the accuracy and reliability of test & measurement equipment through periodic checks
- 5.2.3. Application: Need for test equipment with fault detection capabilities across the semiconductor industry
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Test & Measurement Equipment Market, by Product

6.1. Introduction
6.2. General Purpose Test Equipment
6.3. Mechanical Test Equipment

7. Test & Measurement Equipment Market, by Services

7.1. Introduction
7.2. Calibration Services
7.3. Repair or After Sale Services

8. Test & Measurement Equipment Market, by Application

8.1. Introduction
8.2. Aerospace & Defense
8.3. Automotive
8.4. Education & Government
8.5. Healthcare
8.6. Industrial
8.7. IT & Telecommunication
8.8. Manufacturing
8.9. Semiconductor & Electronics

9. Americas Test & Measurement Equipment Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Test & Measurement Equipment Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Test & Measurement Equipment Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Fluke Acquires Solmetric and the SunEye and PV Analyzer Tools
- 12.3.2. Advanced Test Equipment Corporation Becomes Authorized Rental Partner for Anritsu
- 12.3.3. ABB Launch of Newest Generation of L&W Bending Tester for Reliable Paper Testing
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio