Test and Measurement Equipment Market Insights | Key players include: Fortive Corporation, Anritsu Corporation, Keysight Technologies and Yokogawa Electric Corporation

The overall test and measurement equipment market is expected to grow from USD 25.7 billion in 2018 to USD 32.3 billion by 2024, at a CAGR of 3.90%. The market is growing due to the increasing demand for this equipment in end-use sectors, such as automotive & transportation, aerospace & defense, IT & telecommunications, education & government, semiconductors & electronics, industrial, and healthcare. The test and measurement equipment market is expected to grow at the highest CAGR in the healthcare sector during the forecast period. There is significant potential for the growth of the test and measurement equipment in this sector due to the development of new healthcare equipment, patient-monitoring systems, and personal emergency reporting systems.

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Electronics have become an integral part of our lives, as separate consumer and communications electronics devices and as components in vehicles, homes, or industries. Production and developments in the electronics industry are impossible without the use of Test and Measurement (T&M) equipment. This market comprises different test and measurement equipment, such as oscilloscopes, spectrum analyzers, signal generators, network analyzers, power meters, logic analyzers, electronic counters, multimeters, power supplies, modular instrumentation, etc. Industries such as IT & telecommunications, aerospace & defense, and semiconductor & electronics, automotive & transportation use this equipment to test their design prototypes and finished products to ascertain if they conform to the required specifications and fulfill their intended uses. Considering the growth in IT & telecommunications; there is great necessity to create infrastructure to serve this demand and develop equipment compatible with advanced technologies, such as LTE, LTE-A, 4G, and 5G.

The market for modular instrumentation (VXI/PXI-based equipment) is expected to grow at the highest CAGR during the forecast period. Due to the extensive demand for sophisticated electronic systems in luxury cars and Sport Utility Vehicles (SUVs), the modular instrumentation segment is expected to witness high growth as it is capable of testing and measuring complex electronic systems.

The market for general purpose test equipment segment includes oscilloscopes, signal generators, digital multimeters, logic analyzers, spectrum analyzers, Bit Error Rate Tester (BERT), network analyzers, power meters, electronic counters, modular instrumentation, Automated Test Equipment (ATE), and power supplies. The characteristics of the aforementioned types of equipment include large size, bulky displays, slightly complicated control systems, and customer user interfaces. This scenario is expected to change to an extent, owing to the demand for small-sized tools and the integration of various test and measurement equipment into one offering.

Most of the test and measurement equipment now offers high bandwidth, greater accuracy, and higher resolution than that offered by the earlier equipment. Some of the major applications for equipment under this category are IT & telecommunications, healthcare, automotive, and industrial sectors.

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The test and measurement equipment market, by geography, has been broadly classified into North America, Europe, APAC, and RoW. In terms of value, North America is estimated to account for the largest share of the market in 2018 owing to the fact that a majority of the leading industry players have a presence in this region. The market in APAC is expected to grow at the highest CAGR between 2018 and 2024. Governments of Asian countries, such as Japan, China, and India are undertaking initiatives to encourage industries to establish manufacturing and R&D facilities in their countries. For instance, the Indian government started the Make in India program to increase foreign investments and businesses in India. Initiatives like these are expected to boost the market for test and measurement equipment. Additionally, this region mainly consists of emerging economies, such as China and India, which present significant opportunities for the test and measurement equipment market in various applications. Moreover, Japan is home to some of the largest firms, such as Anritsu and Yokogawa Electric which are major contributors to this market. The telecom industry in Japan presents high potential for growth in this market in telemetering and networking centers.