Test and Measurement Equipment Market Growth to Surpass USD 33.3 billion

Posted by edwardzmusso on April 11th, 2023

The Test and Measurement Equipment market is experiencing substantial growth, owing to the increasing need for testing equipment across various industries. Test and measurement equipment is used to measure, analyze, and test electronic and mechanical systems, components, and materials. The equipment is utilized in research and development, quality control, and maintenance activities. The market for Test and Measurement Equipment is expected to grow significantly in the coming years, with the increasing demand for electronic and communication devices.

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The test and measurement equipment market size is expected to reach USD 33.3 billion in 2026, growing at a CAGR of 3.7 % during the forecast period. The market growth is attributed to factors such as the increasing demand for electronic and communication devices, advancements in technology, and the need for efficient testing solutions. The demand for high-performance devices such as smartphones, tablets, and laptops is also contributing to the growth of the market.

The market for test and measurement equipment is divided into a number of subsectors, including product type, end-user industry, and region. General-purpose test equipment, mechanical test equipment, and electronic test equipment are the three categories into which the market is divided based on product type. Due to the rising demand for electronic gadgets, the electronic test equipment segment is anticipated to dominate the market throughout the forecast period.

The market is divided into segments for aerospace & defence, automotive & transportation, IT & telecommunications, healthcare, and others based on end-user industry. Due to the rising demand for smartphones, laptops, and other electronic devices, the IT & telecommunications category is anticipated to dominate the market during the course of the projection period.

North America, Europe, Asia Pacific, and the rest of the world are the regions that make up the test and measurement equipment market. Due to the rising demand for electronic gadgets in nations like China, Japan, and India, the Asia Pacific region is anticipated to dominate the market over the forecast period. The market in North America is also expected to grow significantly during the forecast period, owing to the presence of major manufacturers and a growing demand for electronic devices.

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There are many significant competitors in the highly competitive market for test and measurement equipment, including Keysight Technologies, Tektronix, Anritsu Corporation, Fortive Corporation, and National Instruments. To improve their market position, the leading firms are concentrating on strategic alliances and partnerships. The market is also witnessing an increasing trend of mergers and acquisitions, as companies are looking to expand their product portfolio and geographical presence.

News also Covered: https://www.prnewswire.com/news-releases/test-and-measurement-equipment-market-worth-33-3-million-by-2026--exclusive-report-by-marketsandmarkets-301275846.html

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