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Test And Measurement : Trending Facts & Insights
A number of changes take place in the test measurement market. It includes all the instruments, apparatus, and systems required for testing, measuring, analyzing, or monitoring various parameters that are used in every industry. Various applications use these instruments, which significantly enhance the quality and productivity of the product or process. The test measurement market is important for all these sectors and many others, as it promotes process optimization and helps build up technological capacities according to the working environment.
The size of the global Test Measurement Market in 2023 was around $27.5 billion with a positive compound annual growth rate (CAGR) of approximately 6.2% during the forecast period from 2024 to 2030. Prescriptive regulations across various industries, the emergence of IoT and 5G technologies, and the increasing uptake of smart devices primarily drive market growth.
Test and Measurement Industry
Overview
A number of changes take place in the test measurement market. It includes all the instruments, apparatus, and systems required for testing, measuring, analyzing, or monitoring various parameters that are used in every industry. Various applications use these instruments, which significantly enhance the quality and productivity of the product or process. The test measurement market is important for all these sectors and many others, as it promotes process optimization and helps build up technological capacities according to the working environment.
The size of the global Test Measurement Market in 2023 was around $27.5 billion with a positive compound annual growth rate (CAGR) of approximately 6.2% during the forecast period from 2024 to 2030. Prescriptive regulations across various industries, the emergence of IoT and 5G technologies, and the increasing uptake of smart devices primarily drive market growth.
Types & Definition
The test and measuring industry is made up of designed devices, equipment, and software that aim to assess and render most measurements about the performance, reliability, and quality of equipment, systems, and processes. These instruments may achieve anything from oscilloscopes and spectrum analyzers to chamber devices or even network analyzers. ммян
1. Electronic Test Equipment: includes oscilloscopes, multimeters, signal generators, spectrum analyzers, and power meters.
2. Mechanical Test Equipment: Tensile testers, vibration testers, and hardness testers exist as well.
3. Environmental test equipment: thermal chambers, humidity chambers, and corrosion testers.
4. Automated Test Equipment (ATE), used in mass production and repetitive testing.
5. Software-based Test Tools: These include dedicated data analysis tools, virtual testing applications, or even simulation environments.
Industry Trends
1. Technology progress. The use of IoT aids in the delivery of real-time and remote services.
2. The deployment of wireless networks for providing communication services, especially 5G, is underway.
3. The adoption of eco-friendly tests and equipment is increasing.
4. When it comes to customization, industry-specific solutions are on the rise.
5. In different areas, like Asia-Pacific, which underwent rapid industrial growth and its subsequent technological development, this drives improvement.
Facts & Insights
5G adoption is encouraging the uptake of sophisticated testing equipment with high frequencies.
The use of AI (Artificial Intelligence) and ML (Machine Learning) in testing systems increases their functionality and makes them more efficient.
The T&M market is likely to get a boost from the demand for EVs and self-driving cars, both of which are gaining popularity in the automotive industry.
The compactness of equipment remains a hallmark of testing devices in the present day.
It is impossible to overstate the importance of legal compliance and quality assurance in some industries, such as medicine and aviation.
Market Segment
According to Type of Product:
We have general test equipment available.
We have mechanical testing equipment.
We have environmental test equipment.
According to User Segment:
Telecom
Electronics & Semiconductor
Automotive
Aerospace & Defence
Medical Devices
Location-wise:
USA
Europe
Asia
Latin America
MEA (Middle East and Africa)
Industry Leader
1) Keysight Technologies
2) Rohde & Schwarz
3) Fortive Corporation (Tektronix)
4) NI (National Instruments)
5) Anritsu Corporation
6) Fluke Corporation
7) Yokogawa Electric Corporation
8) Advantest Corporation
9) Agilent Technologies
10) EXFO, Inc.