Demand for such accuracy in products is predicted to drive the US test and measurement equipment market at an impressive CAGR and reach the market up to a net worth of US$ 19.1 Billion by the end of this forecast period in 2032.
North America leads the global test and equipment market in terms of market occupancy. Furthermore, the United States contributes the lion’s share in North America, with an estimated test and measurement equipment market value of US$ 11.4 billion in 2022. With advancements in autonomous driving technology and modern research fields, the general trend among larger players in the United States has shifted toward more precise and quality products, boosting demand for test and measurement equipment.
This has resulted in increasing demand for test and measurement equipment in the healthcare and pharmaceutical end-use industries, resulting in higher demand for test and measurement equipment products and solutions and test and measurement equipment adoption trends.
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The price sensitivity of test and measurement equipment, on the other hand, is expected to constrain market growth. Each of these factors is expected to have a significant impact on the test and measurement equipment market during the forecast period.
The introduction of 5G technology and the implementation of LTE & LTE-Advanced (4G) Networks, as well as the rapid adoption of IoT Devices, are expected to open up new opportunities for the test and measurement equipment market. Because of the presence of numerous significant companies, North America has the largest market share for test and measurement equipment.
Asia-Pacific is predicted to develop at the quickest rate, as governments in these areas implement numerous measures to support innovation and R&D in their respective countries. Given current advancements in connected and driverless vehicles, the automotive industry is likely to capture the test and measurement equipment market share.
The healthcare sector is likely to drive the test and measurement equipment market due to the development of new healthcare equipment, patient-monitoring systems, and personal emergency reporting systems, which are some of the other factors expected to positively influence the test and measurement equipment market trends.
Key Takeways:
- In the United States, the test and measurement equipment market is estimated to reach US$ 1.3 Billion by 2032, increasing at a CAGR of 10.7% through 2032.
- The test and measurement equipment market in the United Kingdom is expected to be worth US$ 154.2 million by 2032, with a CAGR of 9.8% through 2032.
- The test and measurement equipment market’s services segment form the component category is predicted to develop at a CAGR of 10.4% through 2032.
- Through 2032, Threat Intelligence in the test and measurement equipment market’s application sector will grow at a CAGR of 10.1% through 2032.
- China’s test and measurement equipment market is expected to reach US$ 275.2 million by 2032, with a CAGR of 10.2% through 2032.
- The market for test and measurement equipment in Japan is expected to be valued at US$ 221.9 million by 2032, expanding at a 9.2% annual rate through 2032.
- South Korea is expected to reach a market size of US$ 136.7 million in test and measurement equipment by 2032, with a CAGR of 8.6% through 2032.
Competitive Landscape:
Fortive Corporation, Rohde & Schwarz GmbH & Co. KG, Anritsu Corporation, Keysight Technologies, Yokogawa Electric Corporation, National Instruments Corporation, EXFO, Inc., Advantest Corporation, VIAVI Solutions Inc., and Texas Instruments Incorporated are among the major companies profiled in the test and measurement equipment market.
These companies provide test and measurement equipment solutions to meet test and measurement equipment market demands and needs.
To extend their influence in the test and measurement equipment market trends, these vendors have used a variety of organic and inorganic growth tactics.
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Recent Development:
A couple of recent developments in test and measurement equipment market are as follows:
- VIAVI Solutions released new fibre test and measurement equipment solutions in March 2021, enhancing the industry’s most comprehensive offering for fiber-optic testing. The company’s new optical power metres, fibre characterization modules, and an enhanced optical time-domain reflectometer (OTDR) solution enable service providers, colocation and hyperscale data centres, enterprises, and contractors to reduce manufacturing costs, improve service quality, minimise downtime, and generate more revenue.
- Anritsu introduced the TRX Test module, MU887002A, in March 2021, to increase the efficiency of production-line inspections of 5G wireless communication equipment, as well as its space-saving universal wireless test set, MT8872A.
- As part of its OpreX analyzer lineup for use in water treatment facilities, Yogokawa launched TB820D right-angle scattered light turbidity detectors, FC800D non-reagent type free available chlorine sensor units, RC800D reagent type residual chlorine sensor units, FLXA402T liquid analyzers for turbidity and chlorine, and PG400 pulse generators for clean units in February 2021.
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