Published on: February 14, 2020
The test and measurement equipment market is expected to grow at a CAGR of 5.1% between 2022 and 2027, increasing by USD 9.1 billion. The growth of the market depends on serval factors, including an increase in the number of smart-connected devices, continuous technological developments in the communication industry, and the growing demand from end-user industries.
Test and measurement equipment helps ensure product quality, performance, and reliability through precise diagnostics and testing protocols. With advancements in technology such as Internet of Things (IoT) and 5G, the market is moving towards smart testing solutions and predictive maintenance strategies.
The test and measurement equipment market is influenced by factors such as advanced technologies like artificial intelligence (AI) and the increasing demand for automated test equipment (ATE) in semiconductor production and R&D activities. Despite challenges like high initial costs and technological complexity, the market is projected to grow steadily due to the need for preventive and predictive maintenance solutions.
Key trends in the test and measurement equipment market include the integration of IoT and AI for condition monitoring and predictive analytics, the emergence of Industry 4.0 and smart manufacturing concepts, and the demand for advanced testing solutions in compliance with industry regulations and future technologies.
Challenges in the test and measurement equipment market include economic downturns impacting investments in new equipment, the shortage of skilled labor for equipment maintenance and operation, and the complexity of testing protocols and standards. However, companies are addressing these challenges through innovation in test automation and data analytics for efficient equipment management.
North America is projected to account for 36% of the global market’s growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, the US is the largest revenue contributor to the regional test and measurement equipment market. This is because of the growth of telecommunication, healthcare, manufacturing, and other sectors in the US and the high spending on defense aircraft by the country's government. The automotive industry in the US also contributes significantly to market growth in the country, owing to the high adoption of advanced equipment. Manufacturers from different industries are establishing operations in the US owing to its abundant natural resources, highly educated and productive workforce, and business-conducive environment.
Technavio's test and measurement equipment industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our test and measurement equipment market reports include:
In order to provide you with a comprehensive view of the test and measurement equipment industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
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