The global Test And Measurement Equipment Market demonstrates steady growth in the future. The rise in the consumer electronic device industry would drive the market growth. Market Research Future (MRFR) asserts that the global test and measurement equipment market will reach USD 40.53 BN by 2030, growing at a 4.0% CAGR during the assessment period (2020-2030).
Over recent years, consumer electronic devices have been increasingly used across major industries. The consumer electronics sector creates a vast demand for time and cost-effective manufacturing techniques. Besides, rapidly growing telecommunication and networking sectors substantiate the test and measurement equipment market demand.
Also, the increasing adoption of automation and smart devices across the industrial sector boosts the market size. Augmented demand and the availability of high-quality & advances in testing devices increase the market size. Additionally, the proliferation of smart & connected devices and the Internet is a key driving force behind the market rise. Simultaneously, the introduction of new regulatory mandates provides impetus to the market.
Testing and measuring wireless devices and products are becoming more important with the continually growing virtualization and automation in networks. The virtualization and automation change by 5G has enabled the test and measurement industry to perceive rapid revenue growth. As 5G technology evolves, air measurements become more critical for meter wave frequencies.
Most companies are increasingly looking for ways to lower capital and operational expenses. At the same time, advanced technologies are becoming more dynamic in manufacturing or networking capacity, autonomous functionality, and more. 5G is often geared to deliver greater capacity to transmit and receive large amounts of data, improve responsiveness, and increase connectivity between multiple devices & applications.
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Test and Measurement Equipment Market – Segments
The market report is segmented into components, products, services, applications, and regions. The components segment is sub-segmented into connectors, cable assemblies, and value-added accessories. The service segment is sub-segmented into managed and professional services (integration, repair/ maintenance support, and consulting services).
The product segment is sub-segmented into semiconductor test equipment, general-purpose test equipment, wireless test equipment, and R F test chambers), The application segment is sub-segmented into electronics & semiconductors, industrial & manufacturing, healthcare & medical equipment, aerospace & defense, automotive, and telecom.
Test and Measurement Equipment Market – Regional Analysis
North America dominates the global test and measurement equipment market due to growing developments in the IT and telecom industries in this region. Besides, the rising adoption of test and measurement equipment across the industry verticals creates substantial market demand. Technological advancements and increased adoption of automation in industrial sectors boost the market revenues.
Test and Measurement Equipment Market – Competitive Analysis
The highly competitive test & measurement equipment market appears fragmented, with several well-established players forming a competitive share. To sustain in the market, industry players adopt mergers & acquisitions, collaborations, and product/technology development strategies. Most players adopt organic business strategies, whereas tier I and II companies accentuate the inorganic business strategies to achieve their goals.
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Industry/ Innovation/ Related News:
Aug. 18, 2023 — Altana announced the acquisition of Imaginant Inc., a leading global manufacturer of ultrasonic measuring equipment, to strengthen its portfolio of testing and measuring instruments. Imaginant develops and manufactures ultrasound-based test and measurement instruments. The acquisition will enable the specialty chemicals group to expand its BYK division in the semiconductor industry strategically.
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