Test and Measurement Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Test and Measurement Equipment Market - Snapshot
Test and measurement equipment are utilized for planning and assembling an item or administration to guarantee most significant level of consumer loyalty with items and administrations. The test and measurement equipment assume a significant part in the conveyance of item and administration quality to the client. Test and measurement equipment are utilized in a few businesses like semiconductors, clinical, energy, auto, broadcast communications, purchaser gadgets, aviation and protection. Test and measurement equipment
The increasing demand for test and measurement equipment in different applications like media communications, purchaser hardware, and semiconductors, attributable to fast urbanization combined with an increment in extra cash, is a central point expected to drive the development of the worldwide test and measurement equipment market over the estimate time frame.
Additionally, the introduction of 5G technology and the rising popularity of various electronic devices will also bolster growth. Rapid penetration of Furthermore, the increasing adoption of innovative progressions in systems administration and correspondence is expected to fuel the development of the objective market in the years that follows. On the contrary, the high cost of equipment used for measuring and testing may cause major hindrance to the overall growth of this market in the long run.
Other factors augmenting the growth of the global test and measurement equipment market include the rising demand from end users such as aerospace and transportation, IT and telecommunication, education and government services, healthcare, industrial services, and others. Companies operating in this market are strengthening their research and development activities so as to gain an upper hand in the overall competition. They are also engaging in the production of specific modules for various technologies performing specific functions in order to ensure a notable position in the market. The increasing adoption of test and measurement devices in the automotive industry is likely to help create new growth opportunities for this market in the long run.
Test and Measurement Equipment Market- Introduction
Test and measurement equipment are used to measure and test various components and materials. Test and measurement equipment is used across various fields including research labs, electronics, manufacturing, material analysis, and particle analysis. To test mechanical properties of manufactured products, there are various testing equipment for characteristics such as friction, impact, softness, hardness, fatigue, compression, torsion, etc.
The types of test and measurement equipment selected depend on the type of material being used and defining the properties of these materials to be measured. Today, various types of instruments and sensors are being used to test, measure, control, analyze, and record data during the testing. With increasing use of materials and components in various industries such as telecommunication, automotive, aerospace, semiconductor, healthcare, and other industries, the demand for test and measurement equipment is constantly growing. The test and measurement equipment market reached more than US$ 20 billion in 2018 and is likely to grow in the near future.
Test and Measurement Equipment Market- Notable Highlights
Some of the most prominent competitors operating in the competitive landscape of global test and measurement equipment market include –
Test and Measurement Equipment Market Dynamics
Rise in Vehicle Components to Drive Demand for Test and Measurement Equipment in Automotive Industry
Growing electronic components in vehicles including connectivity, infotainment, and components for safety purpose is fueling the growth of test and measurement equipment market. Moreover, advent of electric and autonomous cars is also driving demand for test and measurement equipment in the automotive industry. Testing equipment are finding wide application to test vehicle components for performance, power supply, and testing electrical safety of electric and hybrid cars. Moreover, rise in the repair and aftersales service in the automotive industry with maintenance and repair option is also resulting in the wide application of variety of test and measurement equipment.
The latest trend in the automotive industry of switching to automated testing is also leading to the use of a variety of test and measurement equipment providing automated testing in vehicles.
Modularity Gaining Traction in Test and Measurement Equipment
Modularity is gaining popularity as an effective approach for extending life of test and measurement equipment. With advancement in technology, new systems are evolving across industries, in order to test these systems, modular approach is being used as in this the basic test chassis remains useful even if the technology to be tested is modified or upgraded. Manufacturers in the test and measurement equipment market are developing specific modules for specific technologies, meanwhile, in case of introduction of new version, new module for testing is created.
Device complexity and technology convergence is also driving demand for flexible test systems. Hence, in order to accommodate device changes, software-based modular system is being developed to meet the automated test and measurement equipment challenges.
Presence of Low-Quality Equipment and High Cost of Test and Measurement Equipment to Hamper Market Growth
Ensuring the quality of test and measurement equipment is important to conduct successful testing and measuring of various components. However, increasing availability of cheap and low-quality test and measurement equipment is impacting the testing and measuring of components. Moreover, the high cost of quality test and measurement equipment owing to tough price competition is also restraining market growth.
Meanwhile, other factors such as lack of incentives for exporters of test and measurement equipment, and no subsidies for capital investment in test and measurement equipment manufacturing are also impacting test and measurement equipment market growth.
Test and Measurement Equipment Market Segmentation
Based on the product, the test and measurement equipment market is segmented into
Based on service type, the test and measurement equipment market is segmented into
Based on the end-use industry, test and measurement equipment market segment include
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