Test and Measurement Equipment Market Projected to reach $42.9 billion by 2028

The Test and measurement equipment market is expected to reach USD 42.9 billion by 2028 from USD 34.3 billion in 2023, at a CAGR of 4.6% during the 2023–2028 period. The major factors driving the market growth of the test and measurement equipment market include growing adoption of electronic devices, surging deployment of advanced networking and communication technologies, rising demand of high-performance and power-efficient electronic devices, etc.

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Calibration services sub-segment in service type segment is expected to hold the highest market share of the test and measurement equipment market during the forecast period.

Periodic calibration and servicing are required to maintain the high standards of test instruments. Calibration helps increase the life of the equipment as the process compares the actual performance with the standard performance. Any deviations in the actual performance are identified and rectified to match the standard performance. Calibration is the process of evaluating and adjusting the precision and accuracy of measurement equipment. This process includes operations that, under certain conditions, establish relations between values indicated by a measuring instrument and those realized by reference standards. The calibration of the test and measurement equipment is vital to ensure precision, quality assurance, and compliance with quality standards during the production, maintenance, and servicing phases. Thus, if carried out regularly, calibration ensures not only optimum performance but also the extended operational life of the equipment.

Industrial vertical is expected to account for the highest market share of the test and measurement equipment market during the forecast period.

Test and measurement equipment are integral to the industrial sector and are employed across various stages of the product life cycle, including design, manufacturing, and maintenance. This equipment is utilized in testing a wide range of products, such as solar inverters, MP3 players, cell phones, radar systems, and more. Additionally, they play a crucial role in ensuring the reliability and performance of mechanical engineering-related products like wind turbines, car suspensions, machine health monitoring systems, and steel manufacturing assemblies. As a result, test and measurement equipment hold significant importance in the industrial vertical.

Asia Pacific is expected to register the highest market share during the forecast period.

The major drivers for the growth of the market in Asia Pacific includes increasing number of original equipment manufacturers and semiconductor device and product manufacturers; growing number of mobile operators, booming telecom industry, and increasing focus on digitalization and e-health are propelling to the growth of test and measurement equipment market in the region. China is considered as the global manufacturing hub for various industries, such as electronics, semiconductor, and automotive. It is one of the fastest-growing economies in the world. With the pandemic taking a toll on the country’s GDP, China has managed to control the spread of the virus, thereby recording the limited impact of the virus on the country’s economy. It is expected that China will emerge as the only major economy in the world to have avoided contraction and is also expected to outpace the global peers, including the US. The trade war with the US allowed China to shift its focus to European and Asian economies. Also, European countries are looking at China as the country with potential for a large source of growth in the post-pandemic world. In December 2020, the European Union also entered into a comprehensive investment deal with China that will be most likely to facilitate higher trade volumes for high-quality products such as medical devices and wireless communication devices. This will lead to the increased focus of China-based manufacturers to meet the growing demands that will require extensive use of test and measurement equipment to ensure adequate product quality according to the EU norms and other relevant standards of Asian countries.

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Key Players

The report profiles key players such as Yokogawa Electric (Japan), Keysight Technologies (US), Rohde & Schwarz (Germany), Fortive (US), Anritsu (Japan), Advantest (Japan), National Instruments (US), EXFO (Canada), VIAVI Solutions (US), OWON Technology (China), Teledyne Technologies (US), GW Instek (Taiwan), AMETEK (US), ADLINK Technology (Taiwan), Leader Instruments (US), RIGOL Technologies (China), Dynamic Signal (US), Astronics Test Systems (US), Vaunix (US), DS Instruments (US), Saluki (Taiwan), IKM Instrutek (Norway), Uni-Trend Technology (China), Particle Measuring Systems (US), and Mextech Technologies (India).