The key players operating in the Test and Measurement Equipment Market are d measurement equipment market is expected to reach USD 42.9 billion by 2028 from USD 34.3 billion in 2023, at a CAGR of 4.6% during the 2023–2028 period. Various types of test and measurement equipment are utilized to analyze, validate, and verify measurements of electronic and mechanical systems. These instruments generate signals and capture responses from electronic devices under test (DUTs). Their purpose is to assess the efficacy of operational processes and aid manufacturers in monitoring and enhancing the quality, safety, and productivity of their products. The two main categories of such equipment are general-purpose test equipment (GPTE) (including oscilloscopes, signal generators, arbitrary waveform generators, digital multimeters, logic analyzers, power meters, power supplies, and modular instruments) and mechanical test equipment (MTE) (encompassing non-destructive test equipment, machine vision inspection systems, and machine condition monitoring systems). In terms of market growth, the healthcare and IT & telecommunications sectors are projected to make the most significant contributions in the vertical segment. The test and measurement equipment market is divided into products and services, creating a fragmented overall market. , Test and Measurement Equipment Market Dynamics , Driver: Increased need for interoperability testing owing to growing deployment of IoT and connected devices , The rising adoption of connected technologies to increase production and improve manufacturing efficiency and the growing need to assess and test the Internet of Things (IoT)-enabled products to ensure data and product security boost testing, inspection, and certification market growth. Although manufacturers can increase their profit margins by deploying IoT and connected devices, they present many challenges and risks to manufacturers and developers. As data breaches continue to grab headlines, manufacturers are focused on safeguarding connected devices and user data. With rapid technological advances, the industry has responded to cybersecurity concerns by following necessary standards and regulations such as ANSI/UL 2900, IEC 62443, the National Institute of Standards and Technology (NIST) Cybersecurity Framework. Despite the pandemic, the market for connected devices continues to grow. In 2020, for the first time, the market witnessed the increased deployment of connected IoT devices (e.g., connected cars, smart home devices, and connected industrial equipment) than non-IoT devices (smartphones, laptops, and computers). Personal IoT devices, including fitness wearables, have become pervasive in the last two years and are likely to be increasingly adopted by the remaining population in the coming years. Smart devices facilitate data exchange. Testing is instrumental in ensuring that these devices remain connected securely and perform efficiently. In a connected world, companies need to organize their quality assurance and testing functions using a combination of centralized and decentralized approaches. A testing team is vital for complex integrations and transformations in product development processes. , Restraint: Strong inclination of customers toward adoption of test and measurement equipment on rental basis , Technological advancements boost the demand for test and measurement equipment in end-user industries. This ratio is increasing because the adoption of test and measurement equipment on rental basis is more profitable to the customers whereas it is a restraint to the producing firms. Mostly companies with less capital go for rented test and measurement equipment. The unavailability of our own equipment, facing challenges towards repair, calibration, and unexpected peak in testing workload are the main reasons for the customers renting the equipment. However, new test and measurement equipment are typically expensive. To reduce their operational costs, several organizations across industries, including aerospace & defense, communications, automotive, and electronics, often take testing and measurement equipment on a rental basis, which is a cost-saving approach rather than buying new testing and measurement equipment. , Opportunity: Growing adoption of breakthrough technologies by consumers worldwide , Technological advancements are rapidly reshaping various industries, including healthcare, at an unprecedented pace. Notably, significant progress is witnessed in the healthcare sector. The utilization of wearable devices like smartwatches enables the collection of data, enabling the prediction and proactive treatment of health conditions in individuals, even before symptoms manifest. This approach, known as precision medicine, empowers physicians to prescribe medications and administer treatments with greater accuracy and specificity to their patients. This has been possible because of the innovations in the fields of genomics and AI; such technological advances help understand how diverse people’s bodies are healthier or inferior to fight against specific ailments, as well as how they are likely to react to different types of medications or treatments. , Similarly, electric vehicles (EVs) are one of the leading technologies worldwide. (EV testing goes way beyond homologation testing for vehicles and their components. It also covers the charging interfaces and associated systems that enable EVs, charging stations, and back-office systems to communicate with one another, known as interoperability or conformance testing. With the increase in the adoption of EVs worldwide, the demand for battery performance and safety testing, electric motor testing, vehicle performance testing, charger testing and certification, etc., is likely to rise significantly. , Challenge: Calibration, irregularity, and complexity issues in antenna arrays , Currently technological environment antennas play a wide role. The reliability and quality of antenna performance is essential for innovative embedding antennas. The success of production quality and time control relies on fast and accurate antenna measurements. , The growing acceptance of multiple-input and multiple-output (MIMO) in 5G New Radio (NR) technology is anticipated to drive the expanded usage of test and measurement equipment for evaluating the performance of radiation patterns in the device under test (DUT). In this context, antenna arrays are employed to achieve high antenna gain through beamforming, which compensates for the free space path loss inherent in high-frequency 5G systems. Beamforming involves the utilization of multiple antenna components in antenna arrays to achieve directional characteristics, aiding in the reduction of energy consumption in electronic devices. , Test and measurement equipment Market Ecosystem , The prominent players in the test and measurement equipment market are Fortive (US), National Instruments (US), Keysight Technologies (US), Teledyne Technologies (US), and Rohde & Schwarz (Germany). These companies not only boast a comprehensive product portfolio but also have a strong geographic footprint. , The GPTE product type is projected to hold the larger market share of the test and measurement equipment market during the forecast period , GPTE (general-purpose test equipment) are expected to hold a larger market share during the forecast period primarily due to the growing adoption of the 5G network, which would drive the demand for GPTE. General-purpose test equipment (GPTE) uses devices that help in measuring the electronic parameters of devices such as voltage, frequency, watts, and other diagnostic features. The PG3 Digital Pattern Generator Series is an important general-purpose tool which is used to stimulate designs. It gives flexibility and expandability to its wide range of applications. , Most test and measurement equipment offer high bandwidth, more accuracy, and higher resolution than those in the earlier ones. Some prominent verticals in which such equipment are used include IT & telecommunications, healthcare, automotive, and industrial. , Healthcare vertical is expected to grow at the highest CAGR in the test and measurement equipment market during the forecast period , There is a significant growth potential for test and measurement equipment in the healthcare vertical with the rapid development of new medical devices, patient monitoring systems, and personal emergency reporting systems. Many current and emerging technologies have been incorporated into the healthcare industry for a variety of applications. Medical device and test system failure or performance decline might have serious repercussions which is expected to increase the demand of market in this vertical. , Asia Pacific is projected to grow at the highest CAGR of the test and measurement equipment market by 2028 , The country is becoming a new hub for companies from all over the world which in turn increases the demand for test and measurement equipment in the country. There are many test and measurement manufacturers in India such as MEXTECH, Rishabh Instruments, Meco Instruments, Fluke Corporation, Rohde & Schwarz India Pvt Ltd, Microtek Instrument, Metro Electronic, Anritsu Corporation, Aplab Ltd and Tektronics. The Indian government is all ready to accept Micron Technology's investment request for USD 1 billion to build an ATMP plant in India. The fifth-largest semiconductor manufacturer in the world, Micron Technology is headquartered in Idaho, USA. The company operates 11 production facilities in the US, China, Japan, Taiwan, Malaysia, and Singapore. During the Commercial Dialogue March 2023, India and the US inked an MoU of partnership aims to create a collaboration framework between the two governments on supply chain resiliency and diversity for semiconductors. , Recent Developments , In January 2023, Keysight Technologies introduced the Electrical Performance Scan (EP-Scan), a new high-speed digital simulation tool that supports rapid signal integrity (SI) analysis for hardware engineers and printed circuit board (PCB) designers. , In January 2023, Rohde & Schwarz has unveiled Benchmarker 3, a new solution aimed at driving the evolution of network benchmarking. This advanced benchmarking solution empowers mobile network operators (MNOs) to effectively address the growing challenges posed by technological advancements, cost constraints, time limitations, and competitive pressures in the industry. , In November 2022, AVL and Rohde & Schwarz have joined forces to streamline and expedite electromagnetic compatibility (EMC) tests conducted in realistic driving scenarios. In order to simplify and accelerate the development process, AVL and Rohde & Schwarz have introduced an innovative solution for automated EMC data analysis, specifically designed for electric drivetrains being tested under real-world driving conditions. , In October 2021, National Instruments announced the acquisition of NH Research, LLC, a company in high power test and measurement applications such as electric vehicles (EV) and batteries. , In August 2021, Keysight Technologies has introduced the latest addition to its lineup, the Keysight Nemo 5G RAN Analytics software. This advanced software solution operates in the cloud and offers full automation, enhancing the efficiency of data processing, reporting, and analytics. It enables swift analysis of a mobile operator's 5G radio access network (RAN) performance, facilitating rapid decision-making and optimization. , KEY MARKET SEGMENTS , By Product Type , GPTE , MTE , By Service Type , Calibration Services , Repair/After-sales Services , By Vertical , Automotive & Transportation , Aerospace & Defense , IT & Telecommunication , Education & Government , Industrial , Healthcare , Semiconductor & Electronics , By Region , North America , Europe , Asia Pacific , Rest of the World , KEY MARKET PLAYERS , Yokogawa Electric , Keysight Technologies , Rohde & Schwarz , Fortive , Anritsu , Advantest , National Instruments , EXFO , VIAVI Solutions , OWON Technology , Teledyne Technologies , GW Instek , AMETEK , ADLINK Technology , Leader Instruments , RIGOL Technologies , Dynamic Signal , Astronics Test Systems , Vaunix , DS Instruments , Saluki , IKM Instrutek , Uni-Trend Technology , Particle Measuring Systems , Mextech Technologies.
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