With 3.7% CAGR, Test and Measurement Equipment Market Growth to Surpass USD 33.3 billion

Posted by edwardzmusso on August 18th, 2022

The global Test and measurement equipment market is expected to grow from USD 27.7billion in 2021 to USD 33.3billion by 2026, at a CAGR of 3.7%. The market is expected to grow to the increasing demand of test and measurement products in healthcare and IT & Telecommunications industry.

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The Test and measurement equipment market for MTE products is expected to grow at the highest CAGR during the forecast period. Non-destructive test equipment, machine vision inspection systems, and machine condition monitoring systems are the major equipment considered under the mechanical test equipment. The failure of any (especially mechanical) product, structure, machine, or their components can be attributed to a fracture or excessive deformation. In attempting to prevent such failures, an engineer estimates the maximum stress (load per unit area) that can be applied and specifies materials that can withstand projected stresses.

Stress analysis can be done experimentally, which indicates possible areas of high stress. Mechanical property tests indicate which materials may safely be employed in products or specific applications. Selecting materials for a particular application is an important part of the design process.

The market for repair services/after-sales services is expected to grow at the highest CAGR during the forecast period. Repair services are provided for material and workmanship defects. The purpose of repairing is similar to troubleshooting, which includes detecting and eliminating faults present in a product in various stages of the product cycle. Companies connect with their customers through toll-free numbers, online chat, or emails to provide round-the-clock technical assistance. This helps test and measurement equipment service providers to minimize their turnaround time and enhance the quality of the product under inspection.

Players in this market also offer training and development programs to their customers or end users. Training helps users better understand the technical and operational aspects to be able to reduce the error rate. For instance, Yokogawa Electric provides training programs on basic aspects and application, control technologies, and maintenance. Rohde & Schwarz offers services such as repair, warranty extension, repair packages, express repair, and spare parts under its repair services.

In the industrial sector, test and measurement equipment are used at different product life cycles, such as designing, manufacturing, and maintenance. These products could be solar inverters, MP3 players, cell phones, radar systems, etc. Also, products related to mechanical engineering such as wind turbines, car suspensions, machine health monitoring systems, and steel manufacturing assembly need to be tested for their reliability and performance. Thus, test and measurement equipment play an integral role in the industrial vertical.

According to Rohde-Schwarz (Germany), in the automotive industry, the percentage of electronic devices in cars has been growing at an annual rate of 15%. New applications are continuously being added. For instance, mechanical components are being replaced by industrial robot components of steer-by-wire systems, radar-based safety systems, and new telematics systems designed for collision avoidance and traffic flow control applications. Due to such technological advancements, there is a potential demand for testing and measuring equipment to ensure the proper functioning of all systems and devices.

The Test and measurement equipment market for North America is expected to hold the largest market share. The market in this region is expected to be driven by the growing demand from the healthcare, and IT and telecommunications sectors. With advancements in autonomous driving technology and recent Internet of Things (IoT) technology trends, there is a need for improved bandwidth and latency reduction, which can be easily achieved through 5G. The US is one of the active participants in the league for commercializing the 5G network throughout the country.

Additionally, the shift toward connected cars and intelligent transportation systems, along with increasing demand for medical devices in the wake of COVID-19, is expected to drive the test and measurement equipment market in the region. Also, the significant presence of major companies offering test and measurement devices in this region and the high demand for test and measurement applications for different applications in the healthcare and telecom verticals fuel market growth in North America.

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North America is home to many tier 1 companies in the test and measurement equipment market, including National Instruments (US), Fortive (US), and Keysight Technologies (US). Additionally, Teledyne LeCroy (US), B&K Precision (US), and Stanford Research Systems (US) are among a few private companies in the North American test and measurement equipment market.