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The overall test and measurement equipment market is expected to grow from USD 25.7 billion in 2018 to USD 32.3 billion by 2024, at a CAGR of 3.90%. The market is growing due to the increasing demand for this equipment in end-use sectors, such as automotive & transportation, aerospace & defense, IT & telecommunications, education & government, semiconductor & electronics, industrial, and healthcare. The test and measurement equipment market is expected to grow at the highest CAGR in the healthcare sector during the forecast period. There is significant potential for growth of the market in this sector due to the development of new healthcare equipment, patient-monitoring systems, and personal emergency reporting systems.

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Automotive and transportation to be to the leading segment in the test and measurement equipment market during forecast period

Among all end-use applications, automotive and transportation is expected to be the leading segment in the overall test and measurement equipment market during the forecast period. The globally increasing number of automotive manufacturing hubs implementing advanced automation technologies for production is expected to boost the demand for test and measurement equipment offerings. Ethernet (IEEE 802.3) is a widely used protocol in automotive manufacturing. Computer-controlled processes play a vital role in this industry and Ethernet is one of the most suitable protocols for such computer-enabled communication. The technology is primarily used for diagnostics, machine control, factory automation, and remote sensor connections. The growing environment and safety regulations for automobiles and the integration of advanced systems in automobile manufacturing are fueling the market for automobile applications in APAC.

General purpose test equipment segment expected to lead the test and measurement equipment market during forecast period

The general purpose test equipment segment includes oscilloscopes, signal generators, digital multimeters, logic analyzers, spectrum analyzers, Bit Error Rate Tester (BERT), network analyzers, power meters, electronic counters, modular instrumentation, and Automated Test Equipment (ATE), and power supplies. The characteristics of the aforementioned types of equipment include large size, bulky displays, slightly complicated control systems, and customer user interfaces. This scenario is expected to change to an extent, owing to the demand for small-sized tools and integration of various test and measurement equipment into one offering.

APAC to lead the test and measurement equipment market during forecast period

APAC is projected to continue to lead the market during the forecast period. It is a prominent hub for several industries, including automotive, electrical, and electronics. This region is the largest automobile producer in the world. Also in APAC, countries such as China, India, and South Korea are leading manufacturers of consumer electronic devices, including smartphones, laptops, and gaming consoles. China is also a major hub for semiconductor fabrication and manufacturing; its involvement in the implementation and development of IoT is crucial for the growth of these industries, which also contributes to the growth of the test and measurement equipment market.

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Key Market Players
The key players in the test and measurement equipment market include Fortive Corporation (US), Rohde & Schwarz GmbH & Co. KG (Germany), Anritsu Corporation (Japan), Keysight Technologies (US), Yokogawa Electric Corporation (Japan), National Instruments Corporation (US), EXFO, Inc. (Canada), Advantest Corporation (Japan), VIAVI Solutions Inc. (US), Teledyne Technologies Inc. (US), and Texas Instruments Incorporated (US).

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