- According to the study published by MarketsandMarkets(*), the global market for test and measurement equipment is expected to grow from USD 25.7 billion to USD 32.3 billion between 2018 and 2024, recording a compound annual growth rate of 3.90% over the period.
(*) “Test and Measurement Equipment Market by Product (General Purpose Test Equipment, Mechanical Test Equipment), Service Type (Calibration Services, Repair Services/Aftermarket Services), End-Use Sector, and Geography – Global Forecast to 2024”
All industrial sectors are driving this growth: automotive and transportation, aerospace and defence, information technology and telecommunications, education and government, semiconductors and electronics, industry and health. However, it is in the health sector that the market for electronic test and measurement equipment is expected to grow most strongly over the forecast period due to the development of new health care equipment, patient monitoring systems, etc.
The general purpose market segment will experience the highest growth over the forecast period. This segment includes: oscilloscopes, signal generators, digital multimeters, logic analyzers, spectrum analyzers, bit error rate testers (BERT), network analyzers, wattmeters, electronic counters, modular instruments, automatic test equipment (ATE), and power supplies.
The repair and after-sales service market segment will reach its highest compound annual growth rate between 2018 and 2024.
In value terms, North America will represent the largest market share in 2018. The Asia-Pacific region (APAC) market is expected to experience the highest growth between 2018 and 2024 and represent the largest market for test and measurement equipment by 2024. Governments in Asian countries, such as Japan, China and India, are taking initiatives that encourage industries to establish manufacturing and R&D sites in their countries. For example, the Indian government launched the Make in India program to increase foreign business investment in India. Such initiatives are expected to stimulate the market for test and measurement equipment over the forecast period.
