Test and Measurement Equipment Global Market Report 2024

The test and measurement equipment market size has grown strongly in recent years. It will grow from $31.92 billion in 2023 to $33.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period can be attributed to the expansion of the telecommunications industry, the growing complexity of electronic devices, the increased development in the aerospace and defense sector, a rise in the demand for quality control in manufacturing, and the imposition of regulatory standards and compliance requirements.

The test and measurement equipment market size are expected to see strong growth in the next few years. It will grow to $41.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The anticipated growth in the forecast period can be attributed to the expansion of electric vehicle production, a growing demand for high-speed data transmission, advancements in wireless communication standards, and an increasing need for precision measurement. Notable trends in the forecast period include the development of compact and portable testing equipment, the adoption of artificial intelligence in test and measurement processes, the integration of automation and robotics in testing, the emergence of modular and software-defined instruments, and an enhanced focus on energy efficiency in testing equipment.

The anticipated growth in the automotive industry is poised to drive the expansion of the test and measurement equipment market. Encompassing various organizations engaged in the design, development, manufacturing, marketing, selling, and maintenance of motor vehicles, the automotive sector relies on test and measurement equipment for quality control, performance testing, safety assessment, and compliance verification of automotive components. As reported by the Bureau of Transportation Statistics (BTS), new vehicle sales increased from 11,041 (Thousands of vehicles) in 2020 to 11,741 (Thousands of vehicles) in 2021. Thus, the upward trajectory of the automotive industry is a catalyst for the test and measurement equipment market.

The rapid implementation of 5G networks is expected to propel the growth of the test and measurement equipment market. 5G networks, representing the fifth generation of wireless technology, operate on higher frequency bands, necessitating specialized equipment for signal measurement and analysis. Test and measurement tools play a crucial role in ensuring the proper allocation and utilization of the frequency spectrum. According to Telefonaktiebolaget LM Ericsson, the deployment of 5G networks was in progress, covering around 240 networks globally, with a projected increase of approximately 85% until 2028. Additionally, 5G Americas reported a 76% increase in 5G wireless connections, reaching 1.05 billion in 2022 and expected to reach 1.9 billion by the end of 2023 and 5.9 billion by 2027. Therefore, the widespread implementation of 5G networks is set to drive the test and measurement equipment market.

A key trend gaining traction in the test and measurement equipment market is product innovation. Major companies in the market are channeling their efforts into developing innovative products to maintain a competitive edge. For instance, Anritsu Corporation introduced the TRX Test module, MU887002A, in March 2021. This module enhances the efficiency of production-line inspections for wireless communication devices based on 5G, working seamlessly with the space-saving universal wireless test set, MT8872A. The MT8872A is a mass-production measuring device fully compatible with the MT8870A, providing accurate measurements while saving space on manufacturing lines.

Major companies in the test and measurement equipment sector are focusing on technological advancements, such as the double pulse test solution. This testing methodology is crucial for power electronics and semiconductor devices, especially those employing wide-bandgap switching devices such as SiC and GaN MOSFETs. Tektronix, Inc., unveiled the Double Pulse Test solution (WBG-DPT solution) in May 2023, designed to meet the evolving needs of electric vehicles, solar energy systems, and industrial controls. The Tektronix WBG-DPT solution offers automated, repeatable, and accurate measurements, enhancing engineers' ability to optimize designs confidently and quickly.

In March 2023, KKR & Co. Inc. acquired Industrial Physics for an undisclosed amount. This acquisition allows KKR & Co. Inc. to achieve its investment target, allocate funds to the equipment testing company, and further diversify its investment portfolio. Industrial Physics is a manufacturing company based in the United States, specializing in the production of test, measurement, and inspection equipment.

Major companies operating in the test and measurement equipment market report are Texas Instruments Inc., Agilent Technologies Inc., AMETEK Inc., Fortive Corporation, Tektronix Inc., Teledyne Technologies Incorporated, Keysight Technologies Inc., Mouser Electronics Inc., Advantest Corporation, Rohde & Schwarz GmbH & Co. KG, Yokogawa Electric Corporation, Bruker Corporation, National Instruments Corporation, Fluke Corporation, Viavi Solutions Inc., EXFO America Inc., Anritsu Corporation, AEM Holdings Ltd., TestEquity LLC, Chroma Systems Solutions, RIGOL Technologies, OWON Technology Inc., Scientech Technologies Pvt. Ltd., GW Instek, B&K Precision Corporation, Tegam Inc.

Asia-Pacific was the largest region in the test and measurement equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the test and measurement equipment market report during the forecast period. The regions covered in the test and measurement equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the test and measurement equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product categories of test and measurement equipment include general-purpose test equipment (GPTE) and mechanical test equipment (MTE). General-purpose test equipment (GPTE) serves as a versatile instrument capable of measuring, testing, and analyzing various parameters across different industries and applications. Various service types associated with these instruments include calibration services, repair services, and after-sales services. Test and measurement equipment find applications in various sectors such as automotive and transportation, aerospace and defense, information technology (IT) and telecommunication, education, government, industrial, healthcare, semiconductor, and electronics.

The test and measurement equipment market research report is one of a series of new reports that provides test and measurement equipment market statistics, including test and measurement equipment industry global market size, regional shares, competitors with a test and measurement equipment market share, detailed test and measurement equipment market segments, market trends and opportunities, and any further data you may need to thrive in the test and measurement equipment industry. This test and measurement equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The test and measurement equipment market consists of sales of liquid test and measurement equipment, voltmeters, ohmmeters, ammeters, and mustimeters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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