Test and Measurement Equipment Market worth $42.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 26, 2023 /PRNewswire/ -- The Test and measurement equipment market is expected to reach USD 42.9 billion by 2028 from USD 34.3 billion in 2023, at a CAGR of 4.6% during the 2023–2028 period according to a new report by MarketsandMarkets™. The major factors driving the market growth of the test and measurement equipment market include growing adoption of electronic devices, surging deployment of advanced networking and communication technologies, rising demand of high-performance and power-efficient electronic devices, etc.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=116452716

Browse in-depth TOC on "Test and Measurement Equipment Market" 
140 – Tables
55 – Figures
190 – Pages

Test and Measurement Equipment Market Report Scope:

Calibration services sub-segment in service type segment is expected to hold the highest market share of the test and measurement equipment market during the forecast period.

Periodic calibration and servicing are required to maintain the high standards of test instruments. Calibration helps increase the life of the equipment as the process compares the actual performance with the standard performance. Any deviations in the actual performance are identified and rectified to match the standard performance. Calibration is the process of evaluating and adjusting the precision and accuracy of measurement equipment. This process includes operations that, under certain conditions, establish relations between values indicated by a measuring instrument and those realized by reference standards. The calibration of the test and measurement equipment is vital to ensure precision, quality assurance, and compliance with quality standards during the production, maintenance, and servicing phases. Thus, if carried out regularly, calibration ensures not only optimum performance but also the extended operational life of the equipment.

Industrial vertical is expected to account for the highest market share of the test and measurement equipment market during the forecast period.

Test and measurement equipment are integral to the industrial sector and are employed across various stages of the product life cycle, including design, manufacturing, and maintenance. This equipment is utilized in testing a wide range of products, such as solar inverters, MP3 players, cell phones, radar systems, and more. Additionally, they play a crucial role in ensuring the reliability and performance of mechanical engineering-related products like wind turbines, car suspensions, machine health monitoring systems, and steel manufacturing assemblies. As a result, test and measurement equipment hold significant importance in the industrial vertical.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=116452716

Asia Pacific is expected to register the highest market share during the forecast period.

The major drivers for the growth of the market in Asia Pacific includes increasing number of original equipment manufacturers and semiconductor device and product manufacturers; growing number of mobile operators, booming telecom industry, and increasing focus on digitalization and e-health are propelling to the growth of test and measurement equipment industry in the region. China is considered as the global manufacturing hub for various industries, such as electronics, semiconductor, and automotive. It is one of the fastest-growing economies in the world. With the pandemic taking a toll on the country's GDP, China has managed to control the spread of the virus, thereby recording the limited impact of the virus on the country's economy. It is expected that China will emerge as the only major economy in the world to have avoided contraction and is also expected to outpace the global peers, including the US. The trade war with the US allowed China to shift its focus to European and Asian economies. Also, European countries are looking at China as the country with potential for a large source of growth in the post-pandemic world. In December 2020, the European Union also entered into a comprehensive investment deal with China that will be most likely to facilitate higher trade volumes for high-quality products such as medical devices and wireless communication devices. This will lead to the increased focus of China-based manufacturers to meet the growing demands that will require extensive use of test and measurement equipment to ensure adequate product quality according to the EU norms and other relevant standards of Asian countries.

Key Players

The report profiles key players in test and measurement equipment companies such as Yokogawa Electric (Japan), Keysight Technologies (US), Rohde & Schwarz (Germany), Fortive (US), Anritsu (Japan), Advantest (Japan), National Instruments (US), EXFO (Canada), VIAVI Solutions (US), OWON Technology (China), Teledyne Technologies (US), GW Instek (Taiwan), AMETEK (US), ADLINK Technology (Taiwan), Leader Instruments (US), RIGOL Technologies (China), Dynamic Signal (US), Astronics Test Systems (US), Vaunix (US), DS Instruments (US), Saluki (Taiwan), IKM Instrutek (Norway), Uni-Trend Technology (China), Particle Measuring Systems (US), and Mextech Technologies (India).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=116452716

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports:

Testing, Inspection and Certification (TIC) Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-House, Outsourced), Application (Medical, Life Science, Food, Telecommunication) and Region - Forecast to 2028

RF Test Equipment Market by Type (Oscilloscopes, Spectrum Analyzers, Signal Generators, Network Analyzers), Frequency Range (More than 6 GHz, 1 to 6 GHz, Less than 1 GHz), Form Factor, End-use Application and Region - Global Forecast to 2027

Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission), Monitoring Process (Online, Portable), Deployment, Offering - Global Forecast to 2027

Signal Generator Market by Product, Technology, Applications, End Users (Telecommunication, Electronics Manufacturing, Industrial, Aerospace & Defense, Automotive, Education, and Medical), and by Geography - Global Forecast to 2015 – 2020

Spectrum Analyzer Market by Offering (Product & Software), Type (Swept-Tuned, Vector Signal, Real-Time), Range (<6 GHz, 6 GHz–18 GHz, >18 GHz), Form Factor (Handheld, Portable, Benchtop), Network Technology, End-User Industry - Global Forecasts to 2022

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/test-measurement-equipment-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/test-measurement-equipment.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets