- Automotive and transportation expected to be to the leading segment in the test and measurement equipment market during forecast period
- General purpose test equipment segment is expected to lead the test and measurement equipment market during forecast period.
- APAC is expected to lead the test and measurement equipment market during forecast period.
The overall test and measurement equipment market is expected to grow from USD 25.7 billion in 2018 to USD 32.3 billion by 2024, at a CAGR of 3.90% during the forecast period. The market is growing due to the increasing demand for this equipment in end-use sectors, such as automotive & transportation, aerospace & defense, IT & telecommunications, education & government, semiconductor & electronics, industrial, and healthcare.
The test and measurement equipment market is expected to grow at the highest CAGR in the healthcare sector during the forecast period. There is significant potential for growth of the test and measurement equipment market in this sector due to the development of new healthcare equipment, patient-monitoring systems, and personal emergency reporting systems.
The general purpose test equipment segment includes oscilloscopes, signal generators, digital multimeters, logic analyzers, spectrum analyzers, Bit Error Rate Tester (BERT), network analyzers, power meters, electronic counters, modular instrumentation, Automated Test Equipment (ATE), and power supplies. The characteristics of the aforementioned types of equipment include large size, bulky displays, slightly complicated control systems, and customer user interfaces. This scenario is expected to change to an extent, owing to the demand for small-sized tools and integration of various test and measurement equipment into one offering.
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Repair services are provided for material and workmanship defects. The purpose of repairing is similar to troubleshooting, which includes detection and elimination of faults present in a product in various stages of the product cycle. Companies provide several repair services or after-sales services for test and measurement equipment. Players in this market also offer training and development programs to their customers or end users. Training helps users better understand the technical and operational aspects to be able to reduce error rates. The repair / after-sales service segment is expected to grow from 2018 to 2024.
Major vendors in the test and measurement equipment market include Fortive Corporation (US), Rohde & Schwarz GmbH & Co. KG (Germany), Anritsu Corporation (Japan), Keysight Technologies (US), Yokogawa Electric Corporation (Japan), National Instruments Corporation (US), EXFO Inc. (Canada), Advantest Corporation (Japan), VIAVI Solutions Inc. (US), Teledyne Technologies Inc. (US), and Texas Instruments Incorporated (US).