International Organization of Motor Vehicles Manufacturers (OICA) has come up with statistics that 97.30 million cars and commercial vehicles were produced globally in 2020, which was 2.36% more than the previous year. Now, this production of new vehicles requires test and measurement during the quality assurance stage, which is leading to a myriad of opportunities in test and measurement market which had a market size of $25 billion as of 2020. Furthermore, the analyst estimates the market to grow with a global CAGR of 4% during the forecast period of 2020-2025.
Industrialization is proliferating in Asian countries at a rapid pace now. China has emerged as one of the leading manufacturers of consumers’ electronics like mobile phones, tablet, laptops, and some others. Furthermore, manufacturing industries that require test and measurement are booming in India, Taiwan, Indonesia, and a few other countries in the APAC region are perpetually developing. This makes APAC bear the maximum regional test and measurement market share at 30-35% as of 2020.
Test and Measurement Market Outlook:
Tests and measurements are executed in many industries by using various test equipment, and the healthcare sector uses medical equipment. This demand for test and measurement is also stroking the electronic original equipment market. Test and measurement equipment find applications in automotive, aerospace & defense, electronics & semiconductors, industrial, education, IT & telecommunication, and healthcare. Owing to the growth prospects and production escalation in the automotive sector, the application CAGR of test and measurement market in transportation and automobile will be 3.90% as estimated by the publisher’s analyst. This also attributes to the regular need for servicing and maintenance in commercial and personal vehicles.
Test and Measurement Market Growth Drivers:
- The Growth of Diagnostic Tests in the Healthcare Sector – Diagnostics is a growing aspect of the healthcare sector. With 422 billion people suffering from a disease like diabetes that requires a diagnostic test, according to WHO,the market for medical test and measurement is growing. Now, the world is also under threat due to the rare diseases in which the diagnosis is even more complicated. A lot of diagnostic tests are done to identify these diseases which are as much as 5000 to 8000 in number affecting 27 million to 36 million people. This is a major factor stroking the test and measurement market.
- The Market Scope in Aerospace and Defense – There are 416,000 general aircraft flying worldwide today according to the General Aviation Manufacturers Association. There are 416,000 general aircraft flying worldwide today according to the General Aviation Manufacturers Association. These aircraft need regular testing and servicing which requires test and measurement equipment. Additionally, there is a tangible demand for aircraft and helicopters from the defense sector across the globe which is further flourishing the test and measurement market.
The Growing Need for Test and Measurement in Other Sectors –
The rapidly growing number of educational and research institutes are one of the major factors driving the test and measurement market because these institutes need test and measurement instruments and equipment in their laboratories. Furthermore, the electronics and semiconductors market is observing a massive growth which is bolstering the test and measurement market. The on-going and upcoming projects that conduct a lot of Non-destructive testing also strengthen the market. Test and Measurement Market Challenges:
The groundbreaking growth in the technology and automation sector has led to advanced test and measurement equipment. However, the complexity of the devices and equipment require unprecedented knowledge by the end-users which is proving detrimental to the market’s global revenue. In this regard, manufacturers are striving to improve the product operability, thereby making the equipment easier to use.
Test and Measurement Market Key Players Perspective:
The industry leader in test and measurement market is National Instruments Corp. that observed record revenue of 1.29 billion which was 5% more than the previous year. Other key players in the market are Anritsu Corp., Keysight Technologies, Fortive Corp., Rohde & Schwarz GmbH & Co KG, Texas Instruments Inc., Yokogawa Electric Corp., and EXFO, Inc.
Test and Measurement Market Trends –
- The test and measurement industry had seen a record year of merger and acquisition in 2016 with a total number of 322 deals. This largely attributes to the dynamic growth of the industry which sustained in 2020 and 2020.
- In February 2020, Electro Rent Europe and Microlease announced that they are soon to merge into Electro Rent Corporation. Electro Rent envisions to be the largest test and measurement equipment solutions provider in Europe.
Test and Measurement Market Research Scope:
The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the test and measurement market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of test and measurement market, and their specific applications in automotive, aerospace & defense, electronics & semiconductors, industrial, education, IT & telecommunication, and healthcare.
Packaging Machinery Market Report: Industry Coverage
The report analyses the product demands on the bases of type of product – Wireless test equipment, general purpose test equipment (GPTE), semiconductor test equipment, & real-time test equipment. Test and measurement market can be further segmented on the basis of the type of instrument used which include active probes, data acquisition, field instrumentation, lab instrumentation, laser distance measurement, scales and weight, sThis largely attributes to the dynamic growth of the industry which sustained in 2020 and 2020.
In February 2020, Electro Rent Europe and Microlease announced that they are soon to merge into Electro Rent Corporation. Electro Rent envisions to be the largest test and measurement equipment solutions provider in Europe.
Test and Measurement Market Research Scope:
The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the test and measurement market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of test and measurement market, and their specific applications in automotive, aerospace & defense, electronics & semiconductors, industrial, education, IT & telecommunication, and healthcare.
Packaging Machinery Market Report: Industry Coverage
The report analyses the product demands on the bases of type of product – Wireless test equipment, general purpose test equipment (GPTE), semiconductor test equipment, & real-time test equipment. Test and measurement market can be further segmented on the basis of the type of instrument used which include active probes, data acquisition, field instrumentation, lab instrumentation, laser distance measurement, scales and weight, spectroscopy.
The packaging machinery market report also analyzes the major geographic regions as well as the major countries in these regions.
The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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Methodology
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