Test and measurement equipment are anticipated to make inroads at a value CAGR of ~6% over 2019-2028. According to a study published by Insure Insights on the Test and measurement equipment market, The growing popularity for accuracy and speed in designing, manufacturing, or repairing of electronic products is anticipated to augment the demand in the global test and measurement equipment market.
Top Driver: Increased Use of IoT Devices to Generate demand for Test and Measurement Equipment
Test and measurement equipment has rich demand in IoT devices testing as such devices need to be tested in a real-time environment. IoT devices require controlled signal integrity and power integrity as devices spend most of their time in sleep mode and draw nanoamps of current. However, most of the devices need tens of milliamps when processing or communicating. Hence, to measure accurate low-power and dynamic range, and to analyze fast power-draw passing requires power measurement test systems.
IT and telecommunication to Make Crucial Contribution to Growth of Global Test and Measurement Equipment Market
Among end-user segments of the global test and measurement equipment market, IT and telecommunication are predicted to show significant growth in the future. The demand for telecommunication equipment such as RF MEMEs switches, Ethernet, and others is increasing owing to increasing deployment of the 4G/5g network infrastructure. RF MEMES switches are majorly used in microwave and radio frequency communication devices such as transmitters and receivers. The growing need for efficient communication networks of 4G and 5G is boosting demand for telecom test equipment to measure the transmissions from all of the systems. To cater to such demand in March 2019, Anritsu launched a new Field Master Pro MS2090A high-performance spectrum analyzer.
Rising Demand for Electronic Testing is expected to Benefit Market Growth in APAC Market
APAC has contributed majority of the market share, it is expected that the during the forecast period the trend will continue owing to increasing demand for test and measurement equipment from numerous industries such as automotive, semiconductor and electronics, IT, and telecommunication. China is dominating the market in the region, owing to the increased development of semiconductor products and IoT devices. In the country, demand for semiconductor components are used in consumer and industrial products such as PCs, smart mobile phones, servers, storage devices, IoT devices, wearable devices, automotive sensors, and others. Thus, the rising demand for semiconductor enables products, which incorporate ICs, sensors, and chips will drive the demand for test and measurement equipment during the forecast period.
Players to Focus on Expanding Applications in Pharmaceutical, Automotive, and Other Industries
The global test and measurement equipment market is expected to stay fragmented with the increase in the number of new entrants in the coming years. UL LLC, SGS AG, Keysight Technologies, Rohde & Schwarz, Fluke Corp., and Teledyne Technologies among others could be at the forefront of the competition in the global test and measurement equipment market. The vendors are either launching new products or forming partnership to grow in the market or gain more customers.
SGS AG: In May 2019, the company announced to acquire a US-based testing company Chemical Solutions Ltd. (“CSL”), specialized in in elemental and heavy metal testing for pharmaceutical, nutraceuticals, food, and cosmetic products across globally to expand its position in Agriculture, Food and Life business in the US, and expanding its scope and geographical presence in the US market.
UL LLC: The company in July 2019, acquired UK based Wintech Testing and Certification company that offers testing and certification services to the building envelope market. The aim behind the acquisition is to strengthen UL’s capability in the field of building envelope evaluation, testing and certification.
Keysight Technologies: in June 2018, the company launched a new a suite of test and measurement solutions to cater Hybrid Electric Vehicle (HEV)/Electric Vehicle (EV), and Home Energy Management Systems (HEMS) markets worldwide.
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