Test and Measurement Equipment Market Growth Steady at 3.55% CAGR to 2023 | ReportsnReports
PUNE, India, November 30, 2017 /PRNewswire/ --
Test and Measurement Equipment Market is forecast to reach $28.98 billion by 2023 from $23.51 billion in 2017 at a CAGR of 3.55% during (2017-2023) driven by the increasing technological advancement toward networking and communication, increased R&D spending, increased penetration of modular instrumentation, the development of 5G mobile network and rapid penetration of IoT devices.
Browse 74 Market Data Tables and 55 Figures spread through 178 Pages and in-depth TOC on "Test and Measurement Equipment Market by Product (General Purpose Test Equipment and Mechanical Test Equipment), Service (Calibration Services, and Repair Services/After-Sales Services), Application, and Geography - Global Forecast to 2023" http://www.reportsnreports.com/reports/612279-test-and-measurement-equipment-market-by-equipment-type-general-purpose-test-equipment-and-mechanical-test-equipment-by-service-calibration-service-and-repair-services-by-application-and-geography-global-trends-and-forecast-to-2022.html.
The major players in the test and measurement equipment market include Fortive (US), Rohde & Schwarz (Germany), Anritsu (Japan), Keysight (US), Yokogawa Electric (Japan), National Instruments (US), EXFO (Canada), Advantest (Japan), Viavi (US), Cobham (UK), Teledyne (US), and Texas Instruments (US).
The test and measurement equipment market in APAC is expected to grow at the highest CAGR between 2017 and 2023. This report covers the market in North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). India and China are considered as huge markets for test and measurement equipment owing to their growing economy. APAC is the prominent market in the overall communication sector owing to the considerable rise in the number of mobile Internet subscribers in the emerging economies such as India and China. APAC also offers significant growth opportunities for the test and measurement solutions for communications, as the end-users, such as mobile device manufacturers, are highly dependent on the communication test and measurement solutions to provide the high-quality and high-performing services to their customers.
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The machine vision inspection is expected to hold the largest share of the test and measurement equipment market during the forecast period. The market is driven by the increasing adoption of 3D machine vision systems, rising need for quality inspection and automation, growing demand for vision-guided robotic systems, and increasing demand for application-specific machine vision systems. Moreover, realizing the future demand for intelligent transport systems and automated vehicles, the connected vehicle companies and city authorities are increasingly adopting machine vision systems.
The Test and Measurement Equipment Market for repair services/after sales service to grow at highest CAGR between 2017 and 2023. This report provides in-depth assessment of market ranking analysis, strategies, products, and manufacturing capabilities of the leading players in the test and measurement equipment market.
The test and measurement equipment market for modular instrumentation is expected to witness the highest CAGR between 2017 and 2023. The major factors contributing to this growth are the increasing production and consumption in the automotive sector, technological advancements pertaining to the 5G solutions in the IT and telecommunication sectors, and growing focus of stakeholders on the industry 4.0 and smart applications.
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The test and measurement equipment market based on product covers general purpose test equipment and mechanical test equipment. The market based on service covers calibration, repair/after-sales, and other services. The market based on application covers the automotive, aerospace and defense, semiconductor and electronics, IT and telecommunications, education and government, healthcare, and industrial applications. The geographic analysis is done with regard to 4 major regions - North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). RoW comprises South America, and the Middle East and Africa.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 - 27%, Tier 2 - 41%, and Tier 3 - 32%
- By Designation: C-Level Executives - 26%, Directors - 40%, and Others - 34%
- By Region: North America - 47%, Europe - 28%, APAC - 19%, and RoW - 6%
Another research titled Non-Destructive Testing and Inspection Market Global Forecast to 2023 says, the non-destructive testing (NDT) and inspection market is expected to be valued at $12.06 billion by 2023, growing at a CAGR of 7.83% between 2017 and 2023. Market for the ultrasonic testing is expected to grow rapidly in the near future. APAC to be the fastest-growing market for non-destructive testing and inspection. Companies such as General Electric Company (US), Olympus Corporation (Japan), Ashtead Technology Ltd. (UK), Mistras Group Inc. (US), Nikon Corporation (Japan), Magnaflux Corporation (US), Zetec Inc. (US), Sonatest Ltd. (UK), Sonotron NDT (Israel), Bosello High Tech SRL (Italy), Yxlon International GmbH (Germany), Fischer Technology Inc. (US), Eddyfi NDT Inc. (Canada) have been profiled in this 202 pages research report available at http://www.reportsnreports.com/purchase.aspx?name=218815 .
Explore more reports on Semiconductor and Electronics Market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/.
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