Global Measurement and Test Equipment Market Outlook - 2031
The Global Measurement and Test Equipment Market was valued at $28.13 billion in 2021, and is projected to reach $46.64 billion by 2031, growing at a CAGR of 5.22% from 2022 to 2031
Measurement and test equipment are enhanced electronics devices designed to generate signals and record responses from various electronic devices under test (DUTs). To evaluate the performance of the application and gadgets under test, the measurement and test equipment generate signals and analyze their response. Power supplies, signal generators, and pulse generators are among the instruments used to test stimulus signals. In addition, devices such as oscilloscopes, are intended to monitor the system reactions to incoming signals and graphically displays varying electrical voltages as a two-dimensional plot of one or more signals as a function of time.
The displayed waveform can then be analyzed for properties such as amplitude, frequency, rise time, time interval, distortion, and others. The major components of measurement and testing equipment are insulation tester, insulation resistance tester and micro ohmmeter. Moreover, rise in deployment of advanced networking and communications technologies is anticipated to offer significant growth opportunities for the measurement and test equipment market growth.
Segment Overview
The measurement and test equipment market is segmented into Application, Type, Product Type, General Purpose Test Equipment Type and Service Type.
.The measurement and test equipment market size is expected to witness notable growth during the forecast period, owing to rise in demand for modular instruments especially from product designers and manufacturers. Furthermore, upsurge in penetration of electronic devices has increased the need for measurement and test equipment, which in turn is driving the measurement and test equipment industry growth. Moreover, increase in demand for high-performance and power efficient electronic devices is expected to propel the growth of measurement and test equipment market share during the forecast period.
However, strong inclination of end users toward adoption of measurement and test equipment on rental basis is one of the prime factors restraining the measurement and test equipment market outlook. On the contrary, advent of 5G technology and deployment of LTE and LTE-Advanced (4G) networks is expected to provide lucrative opportunities to major companies offering measurement and test equipment.
By type, the market is divided into product and services. The product segment was the highest revenue contributor to the market.
By Product Type
Mechanical Test Equipment is projected as the most lucrative segment.
Further, the product type segment is bifurcated into general purpose test equipment and mechanical test equipment. The general purpose test equipment segment was the highest revenue contributor to the market.
By General Purpose Test Equipment Type
NDT Equipment is projected as the most lucrative segment.
In addition, the general purpose test equipment segment is further analyzed across oscilloscopes, signal generators, multimeters, SMU’s, spectrum analyzers, NDT equipment and others. The NDT equipment segment was the highest revenue contributor to the market.
By Service Type
Calibration Services is projected as the most lucrative segment.
By service type, the market is segmented into calibration services, repair or after sale services, and others. The calibration services segment was the highest revenue contributor to the market.
Based on application, it is divided into automotive, aerospace & defense, IT& telecommunication, industrial, healthcare, semiconductor & electronics, education & government, manufacturing, and others. The healthcare segment was the highest revenue contributor to the market.
Region wise, the measurement and testing market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, Poland, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Australia, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Significant factors that impact the growth of the Latin America measurement and test equipment industry include growth in adoption of electronic devices paired with surge in demand for high-performance and power-efficient electronic devices. Moreover, increasing demand for modular instruments by product designers and manufacturers is expected to drive the market opportunity. However, high installation and ownership costs, along with requirement for skilled professionals as a prime barrier for early adoption, which hampers the growth of the market. On the contrary, advent of 5G technology is expected to offer potential growth opportunity for the measurement and test equipment market during the forecast period.
The key players profiled in this report include Advantest Corporation, Ametek Inc., Anritsu Corporation, Exfo Inc, Fortive Corporation, Good Will Instrument Co., Ltd, Keysight Technologies, Inc., National Instruments Corporation, Owon Technology Inc., Qingdao Hantek Electronic Co., Ltd., Rigol Technologies Co., Ltd., Rohde & Schwarz Gmbh & Co. Kg., Spectris Plc, Teledyne Technologies, Uni-Trend Technology (China) Co., Ltd., Viavi Solutions Inc. and Yokogawa Electric Corporation. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations to enhance their market penetration.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the measurement and test equipment market analysis from 2021 to 2031 to identify the prevailing measurement and test equipment market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the measurement and test equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global measurement and test equipment market trends, key players, market segments, application areas, measurement and test equipment market forecast and market growth strategies.
Measurement and Test Equipment Market Report Highlights
| Aspects | Details |
 By Application |
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 By Type |
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 By Region |
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 Key Market Players | HQTS Group Ltd., National Instruments Corporation, Rigol Technologies Co., Ltd., AMA Laboratories, UNI-Trend Technology, OWON Technology, yokogawa electric corporation, Good Will Instrument Co. Ltd., rohde & schwarz gmbh & co. kg, Applied Technical Services, LLC (ATS), Anritsu Corporation, Qingdao Hantek Electronic Co., Ltd., Keysight Technologies, Inc., NSL Analytical Services, Inc., Fortive Corporation, Eurofins E&E, NTS |
Analyst Review
According to insights of the CXOs of leading companies, the measurement and test industry has enormous development potential across industrial, manufacturing, healthcare and other sectors. Furthermore, the contribution to the worldwide market is projected to grow considerably in coming years. In addition, rise in demand for Internet of Things, smart infrastructure, and artificial intelligence solutions across the industrial, commercial, and healthcare sectors is projected to drive the growth of the measurement and test market in the coming years.
The measurement and test equipment market are highly competitive, owing to strong presence of existing vendors. Measurement and test equipment vendors, are investing substantially in R&D and skilled workforce, are anticipated to gain a competitive edge over their rivals. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
Surge in demand for modular instruments by product designers and manufacturers is driving the need for enhanced measurement and test equipment. Moreover, major economies, such as the U.S., China, the UK, and Japan plan to develop and deploy next-generation measurement and test equipment across various sectors. The key players profiled in the report include measurement and test equipment market players, such as Advantest Corporation, Ametek Inc., Anritsu Corporation, Exfo Inc, Fortive Corporation, Good Will Instrument Co., Ltd, Keysight Technologies, Inc., National Instruments Corporation, Owon Technology Inc., Qingdao Hantek Electronic Co., Ltd., Rigol Technologies Co., Ltd., Rohde & Schwarz Gmbh & Co. Kg., Spectris Plc, Teledyne Technologies, Uni-Trend Technology (China) Co., Ltd., Viavi Solutions Inc. and Yokogawa Electric Corporation.
The leading application of Measurement and Test Equipment Market is the healthcare segment.
The largest regional market for Measurement and Test Equipment is Asia-Pacific.
The estimated industry size of Measurement and Test Equipment is $28.13 billion.
The top companies to hold the market share in Measurement and Test Equipment are Advantest Corporation, Ametek Inc., Anritsu Corporation, Exfo Inc, Fortive Corporation, Good Will Instrument Co., Ltd, Keysight Technologies, Inc., National Instruments Corporation, Owon Technology Inc.
The Measurement and Test Equipment Market is expected to grow at a CAGR of 5.22 % in the forecasted period of 2022-2031.
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