Test and Measurement Equipment Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4066
Test and Measurement Equipment Market size would grow at a notable CAGR through 2027. The growth is expected to come from the rising demand for such equipment from myriad crucial industry including automotive and transportation, IT and telecommunications, healthcare, education and government, and electronics and semiconductor.
Test and measurement equipment are known to authenticate the performance of all electronic and electrical devices. Testing helps in identifying the components that undergo damage due to the device’s exposure to external disturbances. This further helps in analyzing the equipment failure and performing calibration before any considerable damage. The test and measurement equipment helps to enhance the shelf life, accuracy, efficiency, and overall performance of devices.
The test and measurement equipment market is further driven by the ongoing research and development of 5G technologies. The research of these technologies drives greater bandwidth requirements, which generates huge demand for test and measurement devices.
Emergence of IoT, big data analytics, and Industry 4.0, would as well bolster the business space for T&M industry. Additionally, power applications, high-speed digital standards, evolution of SaaS, cloud licensing, and new software models are likely to revolutionize the market trends over 2021-2027.
Test and measurement equipment market is projected to observe significant growth from general-purpose test equipment segment. These equipment include oscilloscopes, power meters, BERT solutions, spectrum analyzers, logic analyzers, modular instruments, and power supplies. The demand for such devices is on the rise given the positive characteristics like bulky displays, large size, and slightly complicated user interface and control system.
Based on service type, test and measurement equipment market for repair services/after sales services segment is anticipated to grow notably during foreseeable time period. Repair services are generally offered for workmanship and material defects. The need for repairing includes detecting and eliminating faults present in a product in various stages of the product cycle. Besides, companies connect with their potential clients through toll-free numbers, emails, or online chat to offer round-the-clock technical assistance. This indeed helps tests and measurement equipment service providers to reduce their turnaround time and augment the quality of the product under inspection.
In terms of the end-user vertical, the global T&M equipment market is characterized by the thriving healthcare industry. The sector is expected to expand profusely in the near future. The mounting demand for test and measurement equipment for medical devices is touted to accelerate the growth of T&M equipment business space for the healthcare sector.
North America test and measurement equipment market is touted to hold substantial share in the overall industry, fueled by the elevating demand from the healthcare, telecommunication, and IT sectors. Moreover, with advances in autonomous driving technology and latest IoT technology trends, there stands an innate need for improved bandwidth and latency reduction, which can be effortlessly achieved through 5G. The United States is one of the decent contributors to the commercialization of the 5G network throughout the nation.
Prominent leaders operating in the business space are Texas Instruments Inc, Teledyne Technologies Inc, Giga-tronics Inc, Fortive Corporation, Rishabh Instruments Pvt. Ltd, National Instruments Corporation, and others. These market vendors have been working towards the launch of novel products worldwide, while being involved in strategic practices like mergers, collaborations, and acquisitions.
Coronavirus impact on test and measurement equipment market growth
The coronavirus pandemic has had a negative impact on test and measurement equipment market expansion throughout the stipulated time frame. This can be reasoned to the temporary halt in production, movement restrictions, and disruption in supply chains. However, the pandemic has led to an increased production of medicines and other medical equipment, which has proliferated the demand for test and measurement equipment in the healthcare and pharmaceuticals sector. This is thus expected to augment the industry progression in the coming years.
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