The global test and measurement equipment market is expected to reach a considerable value by 2026, expanding at a CAGR of 3.9% during the forecasted period from 2020 to 2026. The test and measurement equipment are instruments used to create and capture signals from electronic or mechanical devices under test. These equipment are specially used to detect any kind of fault on the devices. There are various types of electronics test instruments such as voltmeter, which is used to check the potential difference, ohmmeter measures resistance, LCR meter that measures inductance & capacitance, and ammeters that measure current in the device.
Logic and spectrum are the two different types of measurement equipment, which is used to analyze the electronic signals. These equipment are widely used to achieve high performance, reduce errors, and provide better results. Companies are investing heavily in R&D to develop new technologies such as IoT and AI, which can be implemented along with test & measurement equipment to increase accuracy. The Asia Pacific region is growing exponentially in terms of usage of these devices. Countries such as India, China, Japan, and South Korea are investing heavily in developing new technologies.
Growing usage in various industries such as automotive, electronics, and education have catalyzed the demand. In addition, the adoption of the latest technologies for simulation, increasing expenditure on manufacturing activities, and enhanced user experiences are some of the factors that have bolstered the growth for the test & measurement equipment market and are predicted to continue the same in the forecasted period.
Market Trends, Drivers, Restraints, and Opportunities:
- The proliferation of IoT, increasing integration of AI with these devices, advancement in technology, high investment in R&D, improved user experience, cost-saving due to detecting faults are some of the factors driving the growth for the test and measurement equipment market.
- The latest trend is using analytics with these equipment to identify the hotspots and perform risk mitigation. Digital twin is another technology, which is creating replica of physical devices and using test & measurement equipment to increase performance.
- One of the major challenges that is hampering the growth of the test & measurement equipment market is the cost associated with an initial investment in R&D, which sometimes outweighs the benefits of using these devices.
- The Asia Pacific region is an untapped market and provides many opportunities for growth. Increased adoption of technologies, growing production activities, and the presence of major companies are some of the factors that have bolstered the growth.
Key players operating in the global test and measurement equipment market are ADLINK Technology Inc., ROHDE&SCHWARZ, ADVANTEST CORPORATION, National Instruments, Good Will Instrument Co., Ltd., Fortive.,Keysight Technologies, Anritsu, VIAVI Solutions Inc., Yokogawa India Ltd., EXFO Inc., Cobham plc, Teledyne Technologies Incorporated. , Texas Instruments Incorporated., Rigol Technologies Inc., Giga-Tronics Incorporated. , B&K Precision Corporation, Stanford Research Systems, Inc., QUALITY RF TEST EQUIPMENT, AMETEK.Inc. , LEADER INSTRUMENTS CORPORATION, DynamicSignals LLC, Freedom Communications (U.K.) Limited, and Vaunix Technology Corporation. Major strategies followed by these players are a market expansion to increase the geographical reach, mergers & acquisitions, investment in R&D to develop new products, partnerships, creating entry barriers for new players, and adoption of technology for enhancing the product efficiency. DynamicSignals is producing state of the art products ranging from high-speed standards-based to excellent performance acquisition systems.
The global test and measurement equipment market has been segmented based on
- General Purpose Test and Measurement Equipment
- Mechanical Test and Measurement Equipment
- Media & Entertainment
- IT & Telecommunication
- Asia Pacific
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Test and Measurement Equipment Market Overview
- Global Test and Measurement Equipment Market Analysis and Forecast by Type
- Global Test and Measurement Equipment Market Analysis and Forecast by Application
- Global Test and Measurement Equipment Market Analysis and Forecast by Sales Channel
- Global Test and Measurement Equipment Market Analysis and Forecast by Region
- North Test and Measurement Equipment Market Analysis and Forecast
- Latin Test and Measurement Equipment Market Analysis and Forecast
- Europe Test and Measurement Equipment Market Analysis and Forecast
- Asia Pacific Test and Measurement Equipment Market Analysis and Forecast
- Middle East & Africa Test and Measurement Equipment Market Analysis and Forecast
- Competition Landscape
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