Test and Measurement Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
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
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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