Future Growth Potential in Portable and Modular Products Boosts Demand
The market for electronic test and measurement instruments in the global aerospace and defense industry is expected to experience an approximate 3.5% compound annual growth rate (CAGR) from 2019 to 2026. In 2019, it generated $2,041.2 million, with a base year growth rate of 2.9%. The market is set to grow further once the impact of the COVID-19 pandemic eases up.
The objective of this study is to identify the key market trends in the base year 2019 and the factors that are boosting and restraining market growth. In particular, analysis covers the product areas, vertical market segments, and application areas that will spur growth during the forecast period of 2020 to 2026.
The research provides estimates of the market size and future growth prospects up to 2026. For this purpose, a specific methodology is followed that includes a discussion with senior management of test and measurement manufacturers that is supported by secondary research.
Research Highlights
In-depth analysis with market sizing of product segments:
- General purpose (GP) test equipment: oscilloscopes, digital multimeters, signal generators, spectrum analyzers, network analyzers, power meters, logic analyzers, electronic counters, one-box testers, bit error rate testers (BERT), protocol analyzers
- Data acquisition (DAQ) test equipment: PCI, PXI, USB, Ethernet, VXI, proprietary standard DAQ equipment
- Environmental test (EVT) equipment: humidity meters, sound meters, moisture meters, water quality meters, vibration testers, light meters
- Electrical test (ET) equipment: milli ohm meters (Mi o), Micro ohm meters (Me), thermal imagers (TI), ground resistance meters (GR M), harmonic testers (HT), phase/rotation testers, hipot testers, megohmmeter/insulation testers, earth and receptivity testers, voltmeters, and clamp-on ammeters
- Regional perspective of demand pattern in advanced and emerging markets: North America, Europe, Asia-Pacific, and Rest of World
End-user analysis: military and defense, commercial aviation, commercial satellite
The market segment growth is forecasted, and an in-depth analysis of the competitive landscape, including vendors' market shares, is included.
- Spending on T&M will decrease in 2020 due to COVID-19 and unforeseen challenges, such as buyer purchasing power.
- Focus on research and development (R&D) will continue to boost demand as vendors will try to differentiate their products with key features and functionalities.
- Support from system integrators is an important ingredient for vendors to sell their products. Brand image plays an important role in this scenario.
- From a geographic standpoint, APAC leads with a CAGR of 3.9% between 2019 and 2026.
