The General Purpose Electronic Test And Measurement Instruments Market is estimated to generate revenue, surpassing USD 8.3 billion in 2023. Between 2023 and 2033, the market is forecasted to exhibit a compound annual growth rate (CAGR) of 9.7%.
Increased modular T&M equipment utilization is expected to fuel global market growth. Another key growth driver for this sector has been the rising requirement for devices from the world's burgeoning telecommunications business. This industry largely uses general-purpose electronic evaluation and measurement tools for testing LTE network technologies and regulations.
| Attribute | Details |
|---|---|
| General Purpose Electronic Test and Measurement Instruments Market Size in 2022 | USD 7.5 billion |
| General Purpose Electronic Test and Measurement Instruments Market Size in 2033 | USD 20.8 billion |
| General Purpose Electronic Test and Measurement Instruments Market CAGR (2023 to 2033) | 9.7% |
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According to the latest study conducted by Future Market Insights, the global general purpose electronic test and measurement instruments market has expanded with a growth rate of 10.7% from 2018 to 2022.
Further, the study also states that the general purpose electronic test and measurement instruments market is all set to experience healthy growth with a CAGR of 9.7% during the forecast period of 2023 to 2033.
Continuing data traffic development, expanding adoption of smartphones, growing broadband service acceptance, and 5G technology are key drivers that are projected to drive general-purpose electronic test and measurement instrument consumption in this market.
Moreover, the development of communications devices might be fast compared to the expansion of electronics, semiconductors, aviation, defense, and business sectors.
Growing technical improvements in networks and connectivity are significant contributors to the market's growth. Furthermore, there are a few factors that are estimated to propel the test and measurement equipment market forward such as:
The growing acceptance of IoT devices, the introduction of 5G technology, and the deployment of 4G networks are expected to create multiple prospects in the general purpose electronic test and measurement instruments industry.
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The implementation of semiconductor devices is steadily expanding. Original Equipment Manufacturers (OEMs), architects, and developers are working hard to create cutting-edge semiconductor gadgets with advanced features like robotics and other sorts of sensors. Such equipment is in high demand in a variety of sectors, including domestic appliances.
As the market for home equipment such as flat-screen televisions, freezers, washing machines, electronic watches, cell phones, and cooling devices grows, it becomes essential to mass-manufacture them.
The worldwide electronics market is expected to exceed $ 2 trillion during the next decade, based on statistics from the National Investment Promotion & Facilitation Agency (INVEST INDIA).
Various devices are required to accomplish various types of test and measurement jobs. Deploying test/measurement equipment and test apparatus is expensive.
Furthermore, competent personnel must run the testing and measurement equipment and carry out the tests in compliance with the legislation and norms that apply to the equipment being examined.
Many small enterprises have limited resources. They are unable to invest huge amounts of money in installing and maintaining testing and measurement equipment, as well as hiring experienced staff at expensive rates.
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Industry in the United States is projected to be driven by increased demand from the medical and IT & telecom industries. With developments in technology for self-driving vehicles and current developments in the Internet of Things (IoT) technology, there is a need to increase the bandwidth and latency decreases that 5G can readily deliver.
The United States constitutes one of the nations that are actively involved in the national 5G business development league. By 2033, the United States general purpose electronic test and measurement instruments market is expected to expand by 9.6% year on year. Further, the United States is expected to create an incremental dollar opportunity of USD 3.8 million from 2023 to 2033.
China is a key manufacturing hub for a variety of industries, notably automobile and electrical, and electronics. China is a leading producer of consumer electronics products such as mobile phones, tablets, laptop computers, and gaming consoles.
Further, the expansion of the country's automobile and electrical and electronics sectors propel the general purpose electronic test and measurement instruments sector in China.
The market for testing and measuring equipment is projected to be driven by the shift to linked automobiles and intelligent modes of transport. By 2033, China market is projected to expand by 9.6% year on year. China is expected to create an incremental dollar opportunity of USD 4.5 billion from 2023 to 2033.
The market for test and measurement equipment is expected to grow notably as a result of the vast range of applications in the automotive and electronics sector. During the projection period, segment growth is estimated to be driven by the increasing use of electric and hybrid cars, along with developing demand for autonomous vehicles.
Many autonomous cars use wireless networking protocols including continuing development (LTE) and Wi-Fi for their infotainment systems and other automobile components. Around 150 million vehicles might be Wi-Fi equipped by 2020, with 60 to 75 percent of them able to consume, develop, and share Web-based information.
Further, these advanced electronic components in autos are driving up the need for RF testing tools which is expected to further drive the segment growth.
Digital oscilloscopes can preserve disturbed or unforeseen electric signals for later analysis. This function aids in the capture of unexpected or unwanted situations, even when technicians are not present.
The automated event collecting and storing capability of digital oscilloscopes allows technicians and engineers to obtain a better grasp of the incorrect properties of the components and signals being examined. As a result of these characteristics, this segment is predicted to increase significantly throughout the forecast period.
Leading players in the general purpose electronic test and measurement instruments market are focused on the development and launch of new products, and strategic expansion of production capacity to widen revenue generation avenues.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Valuation in 2023 | USD 8.3 billion |
| Projected Market Value in 2033 | USD 20.8 billion |
| Market Analysis | USD million for Value and Tons for Volume |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and the Pacific; East Asia; The Middle East and Africa |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, GCC, Türkiye, and South Africa. |
| Key Segments Covered | Application, Product Type, Function Type, Material Type, End-Use, and Region |
| Key Companies Profiled | AstroNova, Inc; B&K Precision Corporation; Boonton Electronics; Fluke Corporation; Fortive Corporation; GaGe Applied Technologies, Inc.; Good Will Instrument Co., Ltd.; Hioki E. E. Corporation; Ideal Industries, Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market was valued at USD 7.5 billion in 2022.
The market held a CAGR of 10.7% from 2018 to 2022.
The global market is garnered at USD 8.3 billion in 2023.
Increased modular T&M equipment utilization is trending in the market.
The market is forecast to register a CAGR of 9.7% through 2033.
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
5.1. Digital Oscilloscopes
5.2. Extension-Based T&M Instruments
5.3. Network Analyzers
5.4. Multimeters
5.5. Spectrum Analyzers
5.6. Radio Frequency Signal Generators
5.7. Microwave Signal Generators
5.8. Others
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use
6.1. Communications
6.2. Aerospace & Defense
6.3. Electronics Manufacturing
6.4. Industrial Electronics & Automotive
6.5. Others
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. North America
7.2. Latin America
7.3. Europe
7.4. Asia Pacific
7.5. MEA
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13. Key Countries Market Analysis
14. Market Structure Analysis
15. Competition Analysis
15.1. Advantest Corporation; Anritsu Corporation
15.2. AstroNova, Inc.
15.3. B&K Precision Corporation
15.4. Boonton Electronics
15.5. Fluke Corporation
15.6. Fortive Corporation
15.7. GaGe Applied Technologies, Inc.
15.8. Good Will Instrument Co., Ltd.
15.9. Hioki E. E. Corporation
15.10. Ideal Industries, Inc.
16. Assumptions & Acronyms Used
17. Research Methodology
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General Purpose Electronic Test and Measurement Instruments Market
