General Purpose Electronic Test and Measurement Instruments - Global Market Trajectory & Analytics

Global General Purpose Electronic Test and Measurement Instruments Market to Reach $9 Billion by 2024

Electronic Test and Measurement (T&M) instruments industry has long established itself as an indispensable platform for validating functioning and performance of a wide gamut of electronic products, right from the product design, development and architecture stage to production testing, and pre and post market testing & support stage. With electronic gadgets shrinking in size, being equipped with advanced wireless capabilities, the complexity of the devices has been increasing. As a result, testing has become a highly complicated process for manufacturing, presenting a major opportunity for testing manufacturers. Amid the COVID-19 crisis, the global market for General Purpose Electronic Test and Measurement Instruments is projected to reach US$9 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.2% over the analysis period. United States represents the largest regional market for General Purpose Electronic Test and Measurement Instruments, accounting for an estimated 31.6% share of the global total. The market is projected to reach US$2.8 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 8.5% over the analysis period.

Growth in the global market is set to be driven by increasing modular T&M equipment adoption. Another important growth promoting factor for the market has been the increasing demand for the equipment from the fast growing telecommunications industry worldwide. This industry applies general purpose electronic test and measurement instruments for testing protocols and standards for LTE networks primarily. Continued expansion of data traffic, increasing smartphone penetration, growing broadband services adoption, and 5G technology are the important factors that would continue to boost demand for GPTE from this market. The United States represents the largest regional market, driven by rising demand for T&M instruments, growing disposable incomes of households and increasing manufacturing capabilities of the automotive industry. Vast population base, rising disposable incomes, stable manufacturing activity, thriving telecom sector, and strong penetration of advanced mobile devices in several Asian countries make the region a market laden with tremendous potential for test equipment. Robust growth of the communication industry, expanding 4G network, and proposed rollouts of 5G networks are fueling growth in the Asia-Pacific T&M equipment market.

Select Competitors (Total 165 Featured) -

• Advantest Corporation
• Anritsu Corporation
• AstroNova, Inc.
• B&K Precision Corporation
• Fortive Corporation
• Fluke Corporation
• Tektronix, Inc.
• GaGe Applied Technologies, Inc.
• Good Will Instrument Co., Ltd.
• Hioki E. E. Corporation
• Ideal Industries, Inc.
• Keysight Technologies, Inc.
• National Instruments Corporation
• Pico Technology
• Rohde & Schwarz GmbH & Co. KG
• Spanawave Corporation
• Stanford Research Systems, Inc.
• Teledyne LeCroy, Inc.
• Thurlby Thandar Instruments Limited
• VIAVI Solutions, Inc.
• Wireless Telecom Group, Inc.
• Boonton Electronics
• Yokogawa Electric Corporation