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The test and measurement market size is expected to increase by USD 10.25 billion, growing at a CAGR of 5.36% from 2023 to 2028. This industry encompasses instruments that detect and quantify physical parameters, biological interactions, and electrical signals, crucial for ensuring quality, efficiency, and safety across sectors like telecommunications services, healthcare, automotive, and energy. Market growth is driven by demand from various industries, advancements in communication technology, and the integration of IoT, Artificial Intelligence, and machine learning technologies to enhance solution precision.
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The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments
The market share growth by the wireless test equipment segment will be significant during the forecast period. There have been significant changes in the telecommunication industry over the last few years. The evolution of the telecommunication industry will be the major driver for this segment.
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The wireless test equipment segment was valued at USD 10.13 billion in 2018. There will be a huge demand for such testing equipment due to the increase in smartphone demand. This wireless testing and measuring equipment is used by mobile phone manufacturers to test their phones based on various technology formats, such as LTE, global system for mobile communications (GSM), worldwide interoperability for microwave access (WiMAX), and general packet radio service (GPRS). In addition, the development of 5G technologies will create a great impact in developed regions like North America and Europe, which will drive the global market. Therefore, such factors will boost segment growth during the forecast period.
The aerospace and defense sectors are expected to grow significantly in the global market. With the rise of national security concerns, investments in the defense sector have increased dynamically in many countries like the US, the UK, China, India, and Russia. The US is constantly updating its aircraft fleet, navy ships, and other equipment to increase the country's security. In addition, aerospace is also growing as there is a huge increase in global air traffic. Moreover, in aerospace and defense, modern development environments rely on software-defined tools to help address different challenges. In addition, with the increase in the number of airports, airline operators will also improve their fleets, which will drive the growth of the aerospace and defense segment of the global market during the forecast period.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to companies is North America. In North America, the US is the largest revenue contributor to the regional market. This is because of the growth of telecommunication, healthcare, manufacturing, and other sectors in the US and the high spending on defense aircraft by the country's government.
Besides, various manufacturers from different industries are focusing on establishing their operations in the US owing to its abundant natural resources, political stability, highly educated and productive workforce, and business-conducive environment. Canada and Mexico are also significant revenue contributors to the market in North America due to the increasing demand from the communications and electronic sectors. Hence, such factors are expected to drive market growth in this region during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In the dynamic and evolving landscape of technology, the market plays a pivotal role in ensuring the quality and performance of various electronic and mechanical systems. This market encompasses a wide range of devices under test, including consumer electronics, telecommunications industry equipment, and semiconductor production lines. General purpose test equipment, such as digital multimeters, logic analyzers, power meters, and power supplies, form the backbone of this market. Moreover, the advent of the IoT platforms, Artificial Intelligence (AI), and Automated Testing Tools has revolutionized the Test and Measurement market. Signal generators and Arbitrary Waveform Generators are essential tools in this context, enabling precise control and measurement of electrical signals.
The Test and Measurement Market caters to diverse industries, including the communication sector, mobile device manufacturers, automotive segment, and mechanical test equipment providers. Calibration services and repair and maintenance services are integral components of this market, ensuring the accuracy and reliability of test equipment. Modular instruments and non-destructive test equipment are gaining popularity due to their flexibility and ability to minimize downtime. Preventive maintenance is another critical aspect of the market, ensuring the optimal performance of test equipment and reducing potential downtime and costs. In summary, the Test and Measurement Market is a vital component of the technology ecosystem, providing essential tools and services for the development, production, and maintenance of various electronic and mechanical systems.
Growing demand from end-user industries is the key factor driving market growth. The equipment plays a crucial role in an automated control system as it regulates the movement of the overall machine. The implementation of automated machines in industrial applications is lessening the use of manually operated machines. The use of automated machines helps to automate the operation of machines and reduce expenditure on labor in the industry. In addition, the defense sector is using advanced technologies such as remote weapon systems in its operations.
In addition, several market players are signing contracts with the defense sector, which will drive the growth of the market globally. Improvements in the automation process in both the process and discrete industries are creating a demand for efficiency. Thus, the high growth in end-user industries and an increase in demand for automation in these industries will drive the demand, which is expected to fuel the growth of the global test and measurement market during the forecast period.
Recent developments in the equipment are emerging trends in the equipment market. The industry is going through a major transformation from a hardware-based model to a software-based model, which will redefine engineering research and development processes completely. Furthermore, these new product launches also increase the competition in the market, which, in turn, will lead to innovation and differentiation.
For instance, in October 2023, Emerson Electric Co. (Emerson) officially completed its acquisition of National Instruments (NI) Corporation at an equity value of USD 8.2 billion. NI will become a new business segment within Emerson's Software and Control Group. Emerson also indicated that the addition of NI is expected to boost its revenue growth and profits and expand its addressable markets, particularly in high-growth industrial software. Thus, such factors are expected to fuel the growth of the market during the forecast period.
Economic volatility and the highly cyclic nature of the electronics industry is a challenge that affects market growth. The sale of electronic goods and equipment is highly cyclic in nature, and their demand varies greatly with the economy, owing to which the industry may have wide fluctuations in unit demand for their products. Since the cycle of technology and seasonal demand is largely unpredictable, it becomes a challenge for many companies to adjust rapidly to changes in market conditions.
Moreover, one of the major drivers for the short lifecycle of smartphones and other electronic devices is that when a new product with novel features is launched, people are compelled to upgrade to these latest devices. However, this trend is very hard to maintain for long periods of time as technological limitations grow closer. The lack of additional new features or technological changes in devices will ultimately lead to restrained demand for electronic devices. Hence, such factors are expected to impede the growth of the market during the forecast period.
In the dynamic and innovative technology landscape, the market plays a pivotal role in ensuring the quality and performance of various sectors, including IT and Telecommunications. This market encompasses advanced non-destructive test equipment, machine vision inspection systems, and machine condition monitoring systems. The integration of IoT-enabled products and devices, such as smartwatches and wearable devices, has significantly expanded the market's reach. In the communications industry, antennas and antenna arrays, equipped with beamforming technology, are essential components for IoT and electric vehicles' seamless connectivity.
Moreover, the Test and Measurement Market caters to the demands of precision medicine and genomics by providing accurate and reliable data for semiconductors and electronic systems. Condition monitoring solutions, including force gauges, are crucial for maintaining optimal performance in these sectors. The market's continuous evolution is driven by advancements in technology, such as machine learning and AI, which enhance the capabilities of test and measurement instruments.
In the dynamic and evolving technology landscape, the market continues to gain significant traction. This market encompasses a wide range of advanced tools and equipment, including non-destructive test equipment, for various industries. In the telecommunications sector, IoT-enabled products and smart devices are driving innovation. Application-specific test equipment, such as torque meters and vibration meters, play a crucial role in ensuring product quality and reliability. Integrated circuit testers are another essential component, enabling precise and efficient testing processes. The market is poised for growth, as technology continues to advance and industries demand increasingly sophisticated testing solutions. Overall, the market is a vital enabler for the development and deployment of cutting-edge technologies in various industries.
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Test And Measurement Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.36% |
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Market Growth 2024-2028 |
USD 10.25 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.22 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 34% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Advanced Energy Industries Inc., Advantest Corp., Altanova Group, Anritsu Corp., Camtek Ltd., Ceyear Technologies Co. Ltd., DEKRA SE, Emerson Electric Co., EXFO Inc., Fastech Telecommunications, FormFactor Inc., Good Will Instrument Co. Ltd., Hitachi Ltd., Keysight Technologies Inc., Premier Measurement Solutions Pvt. Ltd., Qmax Test Equipments Pvt. Ltd., Rohde and Schwarz GmbH and Co. KG, Scientech Technologies Pvt. Ltd., Spirent Communications plc, SPX Corp., Teledyne Technologies Inc., Teradyne Inc., Viavi Solutions Inc., Yokogawa Electric Corp., Mission Critical Electronics LLC, and OWON Technology Inc. |
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Market dynamics |
Parent market analysis, market research and growth, market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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