Pune, India -- (SBWire) -- 07/30/2018 --Market Overview:

Test and measurement equipment market is estimated to exhibit high growth potential during the forecast period owing to the increasing demand for test and measurement equipment solutions and services across various industry verticals. Additionally, innovations and advancements in technology and increasing market for test and measurement equipment solutions owing to the increasing demand for test and measurement equipment in industrial applications is adding fuel to the growth of the market.

Fortive, Rohde & Schwarz, Anritsu Corporation, Keysight Technologies, Yokogawa Electric Corporation, National Instruments Corporation, Teledyne Technologies, Inc. and Texas Instruments Inc. are some of the leading players in the market. Texas Instruments offers high-performance analog products and embedded processors to their consumers. The company believes in continually pushing the performance limits of precision test and measurement solutions. The test and measurement solutions being offered by the company include signal measurement, source generation, application specific and instrumentation. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. The increasing push towards the use of test and measurement equipment solutions across different industry verticals is one major factor driving the growth of test and measurement equipment market. The growth of the global test and measurement equipment market is anticipated due to the convenience being provided to the users with the adoption of test and measurement equipment solutions,

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The global test and measurement equipment market is a segmented product, service, and application.

The application segment is classified into automotive, aerospace & defense, electronics & semiconductors, industrial, education, IT & telecommunication, and healthcare. However, the industrial application sub-segment is expected to hold a major share of the global test and measurement equipment market during the forecast period. This is owing to the increasing dependency of business operations on industrial applications. The test and measurement equipment are being used at different stages of the product's development lifecycle and hence are increasingly being deployed for testing industrial applications. However, the lack of awareness regarding the test and measurement equipment solutions and price sensitivity are major factors that could cause hindrance in the growth of global test and measurement equipment market.

According to the analysis of Market Research Future, the global Test and Measurement Equipment Market is estimated to generate revenue of approximately USD 28 billion by 2023 growing at a CAGR of 4% during the forecast period 2017-2023.

Segmentation Analysis

The test and measurement equipment market is segmented on the basis of product, service, application, and region. By product, the market is divided into two major segments, namely general purpose and mechanical. The general purpose segment is set to attain a large market share by 2023 owing to its demand in industrial applications. Emergence of smartphones have been pivotal in driving segment growth during the forecast period. Devices used for general purpose testing include electronic counter, automatic test equipment, spectrum analyzer, modular instrumentation, oscilloscopes, power meter, signal generator, digital multimeter, network analyzer, and logic analyzer. Automatic test equipment are gaining adoption across semiconductor manufacturing firms due to changes in design and miniaturization of chips.

Services offered include calibration and after sales services. The after sales services segment is anticipated to exhibit a higher growth rate amongst the two. Large numbers of electronic devices entering commercialization coupled with a wide scope for revamped electronics is touted to boost segment growth.

Major applications include industrial, electronics & semiconductors, healthcare, IT & telecommunication, aerospace & defense, automotive, and education. The industrial segment is projected to capture a lion's share of the test and measurement equipment market due to heavy dependency on business operations.

The healthcare segment is anticipated to generate significant revenue for the market owing to demand for patient monitoring systems. Increasing demand for remote monitoring systems coupled with prominence of telemedicine can widen the potential for the segment.

The aerospace & defense segment is touted to evoke market demand due to heavy investments in the defense sector. Security concerns, border tensions, and increasing air traffic are factors fueling segment growth.

Key Players:

Some of the prominent players in the global test and measurement equipment market are Fortive (U.S.), Rohde & Schwarz (Germany), Anritsu Corporation (Japan), Keysight Technologies (U.S.), Yokogawa Electric Corporation (Japan), National Instruments Corporation (U.S.), EXFO (Canada), Advantest Corporation (Japan), Viavi Solutions (U.S.), Cobham plc. (U.K), Teledyne Technologies, Inc. (U.S.), and Texas Instruments Inc., (U.S.) among others.

Regional Analysis

Regions covered in the test and measurement market report include Europe, North America, Asia Pacific (APAC), and Rest of the World (RoW).

The APAC market is expected to dominate till 2023, followed by North America and Europe. Rise in technological breakthroughs in Japan and China is predicted to induce demand for testing solutions. Presence of well-established infrastructure coupled with implementation of latest technologies are factors spurring market growth. Presence of various original equipment manufacturers (OEMs), rise of telecommunication protocols, and semiconductor firms are anticipated to drive the market.

The Europe market is predicted to increase in size owing to regions such as the U.K. Rise in number of smartphone users, increase in IP traffic, and evolution of telecommunication standards are expected to fuel market demand in the coming years.

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Intended Audience

- Technology Investors
- Research/Consultancy Firms
- Government Bodies
- Consulting Service Providers
- Technology Providers
- System Integrators
- Software Vendors
- Web Content Developers
- Service Providers
- Cloud Platform Providers
- Mobile Application Developers
- Communication Service Providers (CSPs)