The global measurement and test equipment market revenue was around US$ 31.1 billion in 2023 and is estimated to reach US$ 49.1 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.22% during the forecast period from 2024 to 2032.
Measurement and test equipment are improved devices intended to measure and detect electrical impulses, physical qualities, biological interactions, and qualities. Measurement and test equipment are standardized instruments designed to measure and test constructs in different scientific fields, including inventories, scales, and questionnaires.
Market Driving Factors
The increasing importance of cybersecurity driving the sales of test and measurement equipment market. Cybersecurity is boosting demand for efficient test and measurement equipment in various ways. One of the main reasons is that cybersecurity risks are becoming increasingly sophisticated and frequent, needing organizations and companies to invest more in testing and measuring their safety systems and protocols Furthermore, companies are required to constantly update and enhance their security measures to stay ahead of these risks. As a result, there is an increasing demand for test and measurement equipment that can assist firms to test and evaluate their cybersecurity systems.
Technological advancements are the main driving factor for the market growth. With the development of new and more complicated technologies, the requirement for precise and proper testing equipment becomes more essential. Furthermore, as devices become smaller and more cutting-edge, the error margin in testing becomes smaller, necessitating higher-quality equipment. This includes advancements in aerospace, telecommunications, healthcare, and defense which need specialized testing and measurement equipment. For instance, the growth of the Internet of Things (IoT) has led to the requirement for testing equipment that can manage large volumes of data and detect faults in connected devices.
The high price of the equipment is one of the main challenges faced by the test and measurement equipment market. This is because the equipment utilized in testing and measuring different parameters can be costly, making it challenging for smaller companies to invest in them. In addition, the price of maintaining and calibrating the equipment can be high, adding to the overall price.
Regional Analysis
North America dominated the market in terms of the growth rate. This can be attributed to the substantial development in commercializing the 5G network in the United States. In addition, due to the surged adoption of IoTs in several industry verticals and the procurement of cutting-edge technologies.
Furthermore, as 5G network enhanced the bandwidth and latency reduction and created smooth processing of cutting-edge tech & IoTs. To support the development of the 5G network the country is witnessing the modernization of outdated regulations established to promote 5G networks, which include key concerns like 5g fund for rural America, speeding the IP transition, and others.
Asia Pacific is estimated to dominate the market in terms of shares. This is mainly owing to the China holds a significant share of the manufacturing sector globally. In addition, the nation has observed the adoption of cutting-edge technologies and promoted Industry 4.0 significantly to the uplift manufacturing sector due to the surging manufacturing sector.
Furthermore, the manufacturing of complex and highly personalized products, a characteristic of Industry 4.0, necessitates a high degree of automation and machine autonomy to handle product differentiation at high volumes. As a result, measurement and test equipment firms are responding to industry demand by adapting their offerings to fulfill the various requirements of end-users in the region.
Segmentation Insights
Application Insight
The automotive segment is estimated to dominate the market in terms of revenue. This is due to the globally surging number of automotive manufacturing hubs executing cutting-edge automation technologies for production. In addition, the technology is majorly utilized for machine control, diagnostics, remote sensor connections, and factory automation. Moreover, the increasing environment and safety rules for automobiles and the integration of cutting-edge systems in automobile manufacturing are driving the demand for the automotive segment.
Type Insight
The repair or after-sale services segment dominates the market in terms of the largest shares. Good repair sales service assists enhance the company’s long-term brand loyalty and brand image. Offering after-sales repair service can aid in convincing customers to trust the company and buy the service in the first location. In addition, the repair service type is increasing owing to the surging demand for this equipment in end-use sectors, such as aerospace & defense, automotive & transportation, and IT & telecommunications which are increasing the demand for this segment.
Prominent Companies
Segmentation Outline
The global measurement and test equipment market segmentation focuses on Application, Type, and Region.
By Application
By Type
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL MEASUREMENT AND TEST EQUIPMENT MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: MEASUREMENT AND TEST EQUIPMENT MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL MEASUREMENT AND TEST EQUIPMENT MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL MEASUREMENT AND TEST EQUIPMENT MARKET, BY APPLICATION
5.1 OVERVIEW
5.2 AUTOMOTIVE
5.3 AEROSPACE AND DEFENSE
5.4 IT AND TELECOMMUNICATION
5.5 INDUSTRIAL
5.6 HEALTHCARE
5.7 SEMICONDUCTOR AND ELECTRONICS
5.8 EDUCATION AND GOVERNMENT
5.9 MANUFACTURING
5.10 OTHERS
6 GLOBAL MEASUREMENT AND TEST EQUIPMENT MARKET, BY TYPE
6.1 OVERVIEW
6.2 PRODUCT
6.2.1 GENERAL PURPOSE TEST EQUIPMENT
6.2.2 MECHANICAL TEST EQUIPMENT
6.3 SERVICES
6.3.1 CALIBRATION SERVICES
6.3.2 REPAIR OR AFTER SALE SERVICES
6.3.3 OTHERS
7 GLOBAL MEASUREMENT AND TEST EQUIPMENT MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL MEASUREMENT AND TEST EQUIPMENT MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 APPLIED TECHNICAL SERVICES LLC
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 GOOD WILL INSTRUMENT CO. LTD.
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 NTS
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 NSL ANALYTICAL SERVICES INC.
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 RIGOL TECHNOLOGIES CO. LTD.
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 FORTIVE CORPORATION
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 EUROFINS E&E
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 ANRITSU CORPORATION
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 ROHDE & SCHWARZ GMBH & CO. KG
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 AMA LABORATORIES
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.11 YOKOGAWA ELECTRIC CORPORATION
9.11.1 OVERVIEW
9.11.2 FINANCIAL PERFORMANCE
9.11.3 PRODUCT OUTLOOK
9.11.4 KEY DEVELOPMENTS
9.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.12 UNI-TREND TECHNOLOGY
9.12.1 OVERVIEW
9.12.2 FINANCIAL PERFORMANCE
9.12.3 PRODUCT OUTLOOK
9.12.4 KEY DEVELOPMENTS
9.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.13 NATIONAL INSTRUMENTS CORPORATION
9.13.1 OVERVIEW
9.13.2 FINANCIAL PERFORMANCE
9.13.3 PRODUCT OUTLOOK
9.13.4 KEY DEVELOPMENTS
9.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.14 HQTS GROUP LTD
9.14.1 OVERVIEW
9.14.2 FINANCIAL PERFORMANCE
9.14.3 PRODUCT OUTLOOK
9.14.4 KEY DEVELOPMENTS
9.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.15 KEYSIGHT TECHNOLOGIES INC
9.15.1 OVERVIEW
9.15.2 FINANCIAL PERFORMANCE
9.15.3 PRODUCT OUTLOOK
9.15.4 KEY DEVELOPMENTS
9.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.16 OWON TECHNOLOGY
9.16.1 OVERVIEW
9.16.2 FINANCIAL PERFORMANCE
9.16.3 PRODUCT OUTLOOK
9.16.4 KEY DEVELOPMENTS
9.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.17 QINGDAO HANTEK ELECTRONIC CO. LTD
9.17.1 OVERVIEW
9.17.2 FINANCIAL PERFORMANCE
9.17.3 PRODUCT OUTLOOK
9.17.4 KEY DEVELOPMENTS
9.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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