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Testing equipment market to reach $17.66bn by 2028

The integration of connected devices with the Internet of Things (IoT), as well as the development of machine-to-machine (M2M) interaction systems are driving growth in this market, says a report

01 May 2022

The global test and measurement equipment market size is estimated to be worth $11.9 billion in 2022 and is forecast to be a readjusted size of $17.66 billion by 2028 with a CAGR of 6.8 per cent during the review period, according to a report by Valuates Reports.

In the end-user industries of healthcare and pharmaceuticals, biological research, and food and beverages, test and measurement equipment is widely used for testing applications. Due to strict government regulations and the growing demand for quality maintenance, the above industries are driving the growth of the test and measurement equipment market.

One of the key factors driving the test and measurement equipment market growth is rapid industrialisation, which is accompanied by significant growth in the electronics industry. During the manufacturing process, test and measurement equipment is used to check for defects in high-performance and power-efficient consumer electronics and semiconductors. As a result, the market is growing as more test and measurement equipment is used for regular testing and diagnosing any faults in aircraft, helicopters, and other machines. They’re also used in the automotive and transportation industries for machine control, factory automation, and establishing remote sensor connections.

High accuracy precision digital measuring weightscale

High accuracy precision digital measuring weightscale

Other growth-inducing factors include the integration of connected devices with the Internet of Things (IoT), as well as the development of machine-to-machine (M2M) interaction systems. With remote troubleshooting capabilities and interactive interfaces, these systems provide portable and embedded testing and measurement solutions. Improvements in networking and communications infrastructure, as well as increasing automation of laboratory instruments, are expected to propel the test and measurement equipment market forward.

Military fire-control radar, airport security scanners, short-range wireless networks, and scientific research are all using Microwave/ Millimeter-wave measuring instruments. Certain frequency ranges near the bottom of the band are being used in the newest generation of cell phone networks, 5G networks, in a  new application of millimeter waves.

The top players are concentrating mostly on technical developments in order to increase efficiency. The long-term growth patterns for this market can be taken by continuing the current development progresses and financial strength to participate in the best strategies.

The major players in this market are: Keysight, Anritsu, Tektronix, Rohde & Schwarz, Ametek, Viavi, Teledyne, Ceyear, Advantest, National Instruments, Exfo, Yokogawa Electric, Gw Instek, Rigol Technologies, Transcom Instrument, Siglent, Uni Trend Technology, Scientech Technologies, B&K Precision. Global top five manufacturers hold a share over 30 per cent, according to the report.

In terms of product, Microwave/ Millimeter-wave is the largest segment, with a share over 31 per cent. And in terms of application, the largest application is automotive, followed by IT & Telecommunications, Semiconductor & Electronics, etc.

Based on region, Asia-Pacific is the largest market, with a share about 47 per cent, followed by North America and Europe. The North American test and measurement equipment market is expected to account for a significant portion of the overall industry, owing to rising demand from the healthcare, telecommunications, and information technology sectors.

Companies in this market are investing in the development of new 3D microscopes with the ability to increase productivity, improve diagnosis and research capabilities. 3D microscopes are capable of capturing images from different positions and generating 3D images.

Unlike the traditional microscopes, these 3D microscopes do not require the specimen to be cut into pieces but preserves specimen for additional study. Following the trend, in 2019, Nanoville, a Switzerland based bioresearch company announced its CX-A 3D microscope that is capable of viewing internal structure of cells at 200nm resolution without damaging the specimen. 

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