The test and measurement equipment market, amid rapid technological advancements in various industries such as telecommunications, aerospace, automotive, and healthcare, is set to exhibit a CAGR of 5.6% through 2034. As of 2024, the industry is valued at USD 35,684.4 million and is very likely to surpass USD 61,534.3 million by the end of 2034. The demand for precise and reliable test and measurement equipment is also increasing so that businesses can ensure quality and performance.
The booming telecom industry, especially in emerging economies like India, China, South Korea, etc., and the advent of 5G networks, have also been some of the key drivers in the growth of the test and measurement equipment industry. These equipment are used for network testing, signal analysis, spectrum analysis, and quality of service (QoS) measurements in these industries.
Test and measurement equipment also find applications in the electronics industry. They are primarily utilized for product testing, quality control, and debugging of electronic components, printed circuit boards (PCBs), and electronic devices. Countries like South Korea, Japan, China, the United States, etc., are some of the prime consumers of these devices due to their prowess in the electronics industry.
The test and measurement equipment market is also following an upward trend due to the increasing complexity of electronic products and systems. This has led to a growing need for sophisticated testing equipment to ensure functionality, reliability, and compliance with industry standards and regulations. This equipment is also gaining popularity in the industrial landscape due to its role in maintaining product quality, optimizing production processes, and reducing downtime.
The prominence of Industry 4.0 and increasing automation has also prompted businesses across industries to adopt these test and measurement devices as they require continuous monitoring and testing of connected devices and systems. Besides this, this equipment is also being utilized in aerospace, automotive, and healthcare industries, which have turned out to be some of the highly lucrative domains post-pandemic.
| Attributes | Description |
|---|---|
| Estimated Global Test and Measurement Equipment Market Size (2024E) | USD 35,684.4 million |
| Projected Global Test and Measurement Equipment Market Value (2034F) | USD 61,534.3 million |
| Value-based CAGR (2024 to 2034) | 5.6% |
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Increased Demand for Wireless Testing Equipment
The soaring significance of 5G networks has revolutionized the telecom industry entirely. Countries like China, Japan, India, and the United States are some of the first countries that have successfully deployed 5G networks. This has led to a surge in demand for test and measurement equipment capable of handling the higher frequencies, wider bandwidths, and increased data rates associated with 5G technology in these countries.
Integration of Test and Measurement Equipment with AI Benefits the Industry
Ongoing automation trends have also changed the way test and measurement equipment is used. With the emergence of artificial intelligence and machine learning algorithms capable of processing large volumes of data generated by test and measurement equipment much faster and more accurately than traditional methods, the demand for these equipment is touching the skies.
High Initial Investment and Complexity of Equipment to Slow Down Industry Growth
Modern-day testing and measurement equipment is very costly. This factor has kept an enormous number of small businesses and companies away from the industry. However, government grants and subsidies in some countries have solved this problem. Besides this, the high complexity of this equipment often requires trained professionals to operate it.
The test and measurement equipment market is heavily reliant on the performances of various industries across sectors such as automotive, aerospace, telecom, engineering manufacturing, etc. These industries, before the pandemic, showed sustained growth rates for a very long period of time. Due to this, the test and measurement devices industry also experienced healthy growth.
As the pandemic hit, the industrial world came to a halt. Many industries that generated a huge demand for test and measurement devices suddenly reduced their production and investments. This led to a temporary slowdown in the industry. Apart from this, the budget constraints and cost-cutting measures in these industries also affected the test and measurement device industry in a negative manner.
Post-pandemic, as the world got accustomed to new norms, the industry began to pick up some pace. Factory units opened with full production capabilities. The industry, in the period between 2019 and 2023, exhibited a CAGR of 3.5%. Industry giants also started investing billions of dollars in the development of reliable, efficient, and high-performance equipment to cater to the demands of consumers spanning various sectors.
In the time to come, the sector is very likely to have a lot of potential, thanks to the increasing automation in the industrial landscape and Industry 4.0 drive.
Principal Consultant
The test and measurement equipment market is categorized on the basis of services, product type, verticals, etc. The top two categories are discussed in the section below.
Based on the services, the test and measurement devices are bifurcated into calibration services and repair or after-sales services. The former holds a share of 67.4% as of 2024.
| Segment | Calibration Services (Services) |
|---|---|
| Value Share (2024) | 67.4% |
The demand for test and measurement devices in the past few years has soared, especially for calibration procedures. This is primarily because many industries, such as aerospace, automotive, healthcare, and electronics manufacturing, need to adhere to strict regulations, and calibration services help companies maintain compliance with these standards. Regular calibration processes also allow companies to minimize measurement errors and ensure the reliability of their results.
The test and measurement equipment market, on the basis of product type, is also bifurcated into two: general purpose test equipment and mechanical test equipment. As of 2024, the former is estimated to hold an industry share of 62.4%.
The clamor for general-purpose test equipment has skyrocketed in the industrial world, primarily due to the increasing complexity and integration of modern electronic systems. The surge in demand is also attributed to the rapid development of new technologies, including IoT, 5G, and autonomous vehicles, which require sophisticated testing and measurement solutions to ensure reliability, performance, and compliance with standards.
| Segment | General Purpose Test Equipment (Product Type) |
|---|---|
| Value Share (2024) | 62.4% |
The section discusses region-wise insights into the test and measurement equipment market. Based on these analytics, it can be inferred that Asian countries like China, India, and Thailand are at the forefront of this sector. In the Western world, the United States and the United Kingdom are also performing very well, thanks to robust investments in technological advancements and innovation by both private and public companies.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 8.3% |
| China | 6.3% |
| Spain | 4.2% |
| United Kingdom | 2.2% |
| United States | 3.1% |
India is one of the most prominent countries in the test and measurement devices industry. It is very likely to register a CAGR of 8.3% through 2034.
In the past few years, India has made considerable progress in its IT and electronics sector. The Indian government is also actively promoting these industries as they have the potential to transform the country’s economic landscape and position India as a global leader in technology. This development has naturally generated an excellent demand for test and measurement devices in India. Besides this, the influx of multinational companies into the country has also contributed significantly to the test and measurement devices sector in India.
The United States test and measurement equipment market is slated to show a 3.1% CAGR during the forecast period. The United States has always been welcoming to new technology in industrial settings.
Key industries in the country, such as healthcare, automotive, and telecommunications, are now heavily reliant on advanced test and measurement equipment. Besides this, the development of autonomous vehicles and next-gen communication technologies has fueled industry growth in the United States.
Just like the United States, the United Kingdom is also very likely to exhibit a sluggish CAGR of 2.2% from 2024 to 2034 in the test and measurement device sector.
The United Kingdom is a leader in several high-tech sectors, including aerospace, defense, telecommunications, and renewable energy. The presence of industry giants in the country automatically generates a huge demand for advanced test and measurement solutions for product development, regulatory compliance, and quality assurance. This factor has been driving the growth of the test and measurement equipment market in the country.
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With the influx of new innovations and the presence of several key players in the international marketplace, the test and measurement equipment market globally seems very competitive. Various leaders such as Agilent Technologies, Keysight Technologies, Tektronix, Rohde & Schwarz, and National Instruments already have a loyal consumer base and widespread distribution channels due to their prolonged presence and vast experience in the sector.
Besides this, companies are also engaging in mergers and acquisitions to expand their product portfolios, enter new markets, and acquire advanced technologies.
Industry Updates
On the basis of services, the sector is bifurcated into calibration services and after-sales services.
Based on the product type, the industry is bifurcated into general-purpose test equipment and mechanical test equipment.
On account of verticals, the sector is segmented into, healthcare, electronics and semiconductor, IT and telecommunication, aerospace and defense, automobile and transportation, etc.
Depending on the region, the industry is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
The global valuation is USD 35,684.4 million as of 2024.
The industry is expected to reach USD 61,534.3 million by 2034.
The industry is set to develop at a CAGR of 5.6% through 2034.
Agilent Technologies, Keysight Technologies, Tektronix, Rohde & Schwarz, and National Instrument, are some of the leading players.
In 2023, the global market was valued at USD 33,792 million.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Product Type
6.2. Services
6.3. Verticals
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
7.1. General Purpose Test Equipment
7.2. Mechanical Test Equipment
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Services
8.1. Calibration Services
8.2. Repair Service
8.3. After-sales Services
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Verticals
9.1. Healthcare
9.2. Electronics & Semiconductor
9.3. IT & Telecommunication
9.4. Aerospace & Defence
9.5. Automobile & Transportation
9.6. Education & Government
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
10.1. North America
10.2. Latin America
10.3. Western Europe
10.4. South Asia
10.5. East Asia
10.6. Eastern Europe
10.7. Middle East & Africa
11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
18. Sales Forecast 2024 to 2034 by Product Type, Services, and Verticals for 30 Countries
19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
20. Company Profile
20.1. FORTIVE
20.2. Keysight Technologies
20.3. Rohde & Schwarz
20.4. Advantest
20.5. National Instruments
20.6. Viavi Solutions
20.7. Anritsu
20.8. Yokagwa Electric
20.9. EXFO Company
20.10. Texas Instruments
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Test and Measurement Equipment Market
