The test and measurement equipment market is projected to grow at a 5.6% CAGR through 2034, with its value increasing from USD 35,684.4 million in 2024 to over USD 61,534.3 million by 2034.
The rising demand for precise and reliable test and measurement equipment spans across industries such as telecommunications, aerospace, automotive, and healthcare. This demand is driven by the need to ensure product quality and performance, with the booming telecom industry, particularly in emerging economies, playing a key role in market expansion.
As electronic products and systems become more complex, there is an increasing need for advanced testing equipment to ensure functionality, reliability, and compliance with industry standards. Industry 4.0 and the push for greater automation are further boosting the demand for these devices, particularly in aerospace, automotive, and healthcare sectors, which have seen notable growth post-pandemic.
Additionally, the deployment of 5G networks in countries like China, Japan, India, and the United States has created a surge in demand for equipment capable of managing higher frequencies, wider bandwidths, and faster data rates required by this new technology.
Key Takeaways from the Market Study
- The calibration services segment dominates the global test and measurement equipment market with a share of 67.4% in 2024.
- Based on product type, the general-purpose test equipment segment leads the test and measurement equipment market with a share of 62.4% in 2024.
- The test and measurement equipment market in Spain is anticipated to grow at a CAGR of 4.2% through 2034.
- The test and measurement equipment market in China is estimated to rise at a 6.3% CAGR through 2034.
- The test and measurement equipment market in India has the potential to increase at an 8.3% CAGR through 2034.
- The United States test and measurement equipment market is predicted to rise by a 3.1% CAGR through 2034.
- The test and measurement equipment market in the United Kingdom is very likely to grow at a CAGR of 2.2% through 2034.
Competitive Landscape
The global test and measurement equipment market is highly competitive due to the presence of numerous key players and constant innovation.
- Leading companies such as Agilent Technologies, Keysight Technologies, Tektronix, Rohde & Schwarz, and National Instruments have established loyal consumer bases and extensive distribution networks through their long-standing presence and industry expertise.
- Companies are actively pursuing mergers and acquisitions to broaden their product offerings, enter new markets, and gain access to cutting-edge technologies in addition to competition.
Key Players in the Test and Measurement Equipment Industry
- Keysight Technologies
- Agilent Technologies
- Tektronix
- Rohde & Schwarz
- National Instruments (NI)
- Fluke Corporation
- Anritsu
- Yokogawa Electric Corporation
- Teledyne LeCroy
- Advantest Corporation
Key Segments of Market Report
By Service:
- calibration services
- after-sales services
By Product Type:
- general-purpose test equipment
- mechanical test equipment
By Vertical:
- Healthcare
- Electronics and semiconductor
- IT and telecommunication
- Aerospace
- Defence
- Automobile
- Transportation
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
Report Preview: https://www.futuremarketinsights.com/reports/test-and-measurement-equipment-market
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