The Global Test & Measurement Equipment Market to grow from USD 30.44 billion in 2022 to USD 47.42 billion by 2030, at a CAGR of 5.69%.

PUNE, MAHARASHTRA, INDIA , November 17, 2023 /EINPresswire.com/ -- The "Test & Measurement Equipment Market by Product (General Purpose Test Equipment, Mechanical Test Equipment), Services (Calibration Services, Repair or After Sale Services), Application - Global Forecast 2023-2030" report has been added to 360iResearch.com's offering.

The Global Test & Measurement Equipment Market to grow from USD 30.44 billion in 2022 to USD 47.42 billion by 2030, at a CAGR of 5.69%.

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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.

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.

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.

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 essential for assessing the Test & Measurement Equipment Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Test & Measurement Equipment Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

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.

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Market Segmentation & Coverage:

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

Based on Product, market is studied across General Purpose Test Equipment and Mechanical Test Equipment. The Mechanical Test Equipment is projected to witness significant market share during forecast period.

Based on Services, market is studied across Calibration Services and Repair or After Sale Services. The Calibration Services is projected to witness significant market share during forecast period.

Based on Application, market is studied across Aerospace & Defense, Automotive, Education & Government, Healthcare, Industrial, IT & Telecommunication, Manufacturing, and Semiconductor & Electronics. The Manufacturing is projected to witness significant market share during forecast period.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 39.45% in 2022, followed by Asia-Pacific.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Test & Measurement Equipment Market, by Product
7. Test & Measurement Equipment Market, by Services
8. Test & Measurement Equipment Market, by Application
9. Americas Test & Measurement Equipment Market
10. Asia-Pacific Test & Measurement Equipment Market
11. Europe, Middle East & Africa Test & Measurement Equipment Market
12. Competitive Landscape
13. Competitive Portfolio
14. Appendix

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Test & Measurement Equipment Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Test & Measurement Equipment Market?
3. What is the competitive strategic window for opportunities in the Test & Measurement Equipment Market?
4. What are the technology trends and regulatory frameworks in the Test & Measurement Equipment Market?
5. What is the market share of the leading vendors in the Test & Measurement Equipment Market?
6. What modes and strategic moves are considered suitable for entering the Test & Measurement Equipment Market?

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Mr. Ketan Rohom
360iResearch
+ 1 530-264-8485
ketan@360iresearch.com

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