According to the new market research report “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”, the market is expected to grow from USD 23.51 Billion by 2017 to USD 28.98 Billion by 2023, at a CAGR of 3.55% between 2017 and 2023. The market has a huge potential for growth in various end-use applications such as healthcare, IT and telecommunications, and automotive. The growth of the test and measurement equipment market is driven by the increasing technological advancement toward networking and communication, increased R&D spending, and increased penetration of modular instrumentation. Moreover, the development of 5G mobile network and rapid penetration of IoT devices are some of the opportunities for the growth of the test and measurement equipment market players.
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“Test and measurement equipment market for healthcare application to witness highest CAGR between 2017 and 2023”
Devices that can remotely monitor the critical health parameters at home have uplifted the growth of patient-home-monitoring systems. Thus, with the development of new healthcare equipment, patient-monitoring systems, and personal emergency reporting systems, there is a significant growth potential for the test and measurement equipment market for the healthcare or medical application.
“Test and measurement equipment market for repair services/after sales service to grow at highest CAGR between 2017 and 2023
The market for repair services is driven by a large number of innovative electronics equipment reaching the commercial markets. Moreover, the scope of equipment repair service in refurbishing electronics is further expected to drive the market for repair services.
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APAC to dominate test and measurement equipment market between 2017 and 2023
APAC is a major market for various end-use applications, such as automotive, process industries, healthcare, and consumer goods. India and China are considered as huge markets for test and measurement equipment owing to their growing economy. APAC is home to a number of OEMs as well as semiconductor device and product manufacturers. The growing demand for test and measurement equipment is attributed to the increasing number of smartphones, continuous upgrading of next-generation telecommunication standards, and so on. Moreover, the increasing demand for automated electronic products acts as an opportunity for the growth of the test and measurement equipment market in APAC. 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), and Cobham (UK), Teledyne (US), and Texas Instruments (US).
