- According to the market study proposed by Technavio, the electronic test and measurement market is expected to grow by US$ 4.56 billion over the period 2020-2024.
This report also presents the impact of the market and the new opportunities created by the COVID-19 pandemic. This impact is expected to be significant in the first quarter, but should gradually diminish over the following quarters. The COVID-19 effect should therefore be limited on economic growth for the year 2020 as a whole.
This market research report segments the electronic test and measurement market by product (wireless test equipment, General Purpose Test Equipment, semiconductor test equipment, and real-time test instrument), end-user (aerospace and defense, telecommunication, semiconductor and electronics, and others) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the electronic test and measurement market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increased demand from the aerospace and defense and IoT sectors, and developments in the telecommunication industry.
As per Technavio, the expansion of telecommunication networks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
The rise in the number of smartphone users and internet subscribers as well as the demand for high-speed data access, has been driving network operators to expand and upgrade their network infrastructure. Telecom operators are progressively adopting technologies to handle rapid increases in data traffic. The communications segment is one of the largest end-users of electronic test and measurement equipment. Electronic test and measurement equipment is critical for telecommunication service providers, mobile device manufacturers, and network equipment manufacturers to offer their customers high-quality and high-performing services and products. Thus, the expansion of telecommunication networks and the increase in capital investments by telecom operators and telecommunication equipment manufacturers are expected to have a direct impact on the demand for electronic test and measurement equipment during the coming years.