Global Testing Equipment and Services Market Report 2022: Featuring MTS Systems, National Instruments, ATA Engineering & More

DUBLIN, March 22, 2023 /PRNewswire/ -- The "Global Testing Equipment and Services Market - Forecasts from 2022 to 2027" report has been added to  ResearchAndMarkets.com's offering.

Global testing equipment and services market was valued at US$403.989 billion in 2020.

Strict regulations regarding quality inspection and testing services are the major driver of the global testing and equipment market.

Additionally, penalties are imposed on firms for not conforming to the guidelines and regulations that are in place by government organizations to prevent any mishap or accident that can be caused to the consumer due to poor quality products.

For example, federal law in the U.S. requires both manufacturers and importers to test consumer products for compliance with consumer product safety requirements and must certify that product as compliant with the applicable consumer product safety requirements in an electronic or written certificate.

Global market players are increasingly involved in various growth strategies, including product launches and partnerships, in order to expand their market reach while gaining a larger market share.

For instance, in October 2019, Hioki, a leading enterprise dealing in electrical measuring instruments, launched a new offering "In-Circuit Tester FA1220". The new offering was a board testing system that is compact and modular and capable of facilitating the testing of a variety of electronic components. The testing system can easily be embedded in any of the automated testing equipment and optimize its capabilities and further the development of a smart factory.

Furthermore, it can also deliver approximately three times the number of testing points per unit installed in comparison to their earlier model "In-Circuit HiTester 1220-50'. Construction Equipment Magazine recently announced that they have entered into a partnership agreement with Baromitr, for the basic purpose of offering and providing a data-driven solution, which is able to provide the critical age and benchmark the usage of the fleet to the equipment managers. This service enables the managers to effectively and discretely upload the fleet data and, in turn, receive insights regarding the relative age and usage of the most used machines.

The global testing equipment and services market is segmented by offering, end-user industry, and geography. By offering, the market is segmented into equipment and services. In the end-user industry, the segmentation of global testing equipment and services is done as follows: aerospace, automotive, consumer electronics, energy and power, construction, and others.

 Consumer electronics will have a sizable market share.

The consumer electronics industry is expected to hold a significant market share over the forecast period. This positive upward trend in the market is attributed to the growing demand for advanced consumer electronics devices among consumers with rising disposable income. Additionally, the miniaturization of electronics and electrical components is also fueling the demand for testing equipment and services to test the working and efficiency of such tiny and complicated structures.

The global automotive industry is estimated to witness a decent CAGR between 2020 and 2025 on account of the major technological changes in automobiles, with the growing number of complex parts, which require effective testing equipment and services in order to test the safety and durability of the new and advanced features.

 During the forecast period, APAC will experience a significant CAGR

Geographically, the global testing equipment and services market is segmented as follows: North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). The North American market is estimated to hold a dominant market share during the projected period due to the enforcement of strict regulations for equipment testing in countries like the U.S. and Canada. Strict regulations regarding quality and testing inspections across various industry verticals are attracting market players to keep expanding their reach in this country. The high adoption rate of industrial automation coupled with growing industries such as automotive, aerospace, and oil and gas in North American countries is attracting market players to expand their customer base in this region, thereby driving the regional market growth of testing equipment and services. For example, in January 2019, the global testing, inspection, and certification company Applus+ acquired a US-based NDT specialist for the aerospace sector, Talon Test Laboratories, to strengthen its presence in the country while broadening its network and range of NDT products and services in this strategic field.

The Asia-Pacific testing equipment and services market will witness a substantial market growth rate during the forecast period owing to the high volume of consumer electronics manufacturing in countries like China and India. Furthermore, the market players are investing in APAC countries to reap the benefits and provide state-of-the-art testing services and equipment.

Key Developments in the Market:

In June 2022, India-based Automotive Test Equipment Solutions introduced multiple lines from Mustang Advanced Engineering, improving the scope of its product line (MAE). Through the partnership, both businesses' commercial horizons are expanded, and MAE has access to the unexplored Indian market.

In May 2022, Lawson Products, Inc., a best-in-class, speciality distribution holding company that comprises Lawson Products, TestEquity, and Gexpro Services, announced the acquisition of Interworld Highway, LLC by TestEquity. Interworld offers electrical testing equipment and products for a broad range of electrical appliances.

Segmentation
By Offering

• Equipment
• Services

By End-User Industry

• Aerospace
• Automotive
• Consumer Electronics
• Energy and Power
• Construction

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• Germany
• France
• United Kingdom
• Spain
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• Thailand

Key Topics Covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

5. GLOBAL TESTING EQUIPMENT and SERVICES MARKET ANALYSIS, BY OFFERING

6. GLOBAL TESTING EQUIPMENT and SERVICES MARKET ANALYSIS, BY END-USER INDUSTRY

7. GLOBAL TESTING EQUIPMENT and SERVICES MARKET ANALYSIS, BY GEOGRAPHY

8. COMPETITIVE ENVIRONMENT and ANALYSIS

9. COMPANY PROFILES

Companies Mentioned

• MTS Systems Corporation
• National Instruments.
• ATA Engineering, Inc.
• SGS SA
• Bruel & Kjar
• OROS
• ATESTEO GmbH & Co. KG
• ETI Precision
• BAMR (Pty) Ltd

For more information about this report visit https://www.researchandmarkets.com/r/wyjm7o

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