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The market for renting and leasing test and measurement equipment is witnessing notable trends driven by the evolving needs of businesses, technological advancements, and a growing emphasis on cost-effective and flexible solutions. Test and measurement equipment, crucial for research, development, and quality control across various industries, is often expensive to purchase outright. As a result, the trend of renting or leasing such equipment is gaining traction. One significant aspect of this market trend is the increased demand from small and medium-sized enterprises (SMEs) that may have budget constraints but require access to advanced testing equipment for specific projects. Renting and leasing options provide these businesses with cost-effective solutions, enabling them to access state-of-the-art equipment without the substantial upfront investment. The speedy innovativeness of technology is also a factor that propels the work in the rent and lease test and measurement device market.
In the process of new emerging technologies, a business entity would need specialized equipment for shorter periods to test or experiment with then only will continue using others. Rent or lease among others can enable them to purchase the latest tool by sparing them the quest of purchase and ownership when equipment can be outdated with advent of new technology. This tendency is characteristic of such industries as electronics, telecommunications and healthcare where it is necessary to be ‘ahead’ in order to outperform many competitors. In addition, the market is hereby observing a boost trend towards flexible and scalable solutions. Allowing the equipment needs of a business to be changeable and adjustable based on changes in project requirements and the market is now an essential step that businesses are realizing. Renting or leasing help firms to increase or decrease as per the need at the business location, because this makes facilities that are able to adjust operation costs in accordance with changing demands. This trend conforms to the larger moving into on more agile and dynamic business architecture in most industries.
The emergence of the subscription-based economy is not only affecting the test and measurement equipment market but also its industry actors in undergoing transformation. Some firms gives subscription-based model which involves renting and leasing, therefore, it ensures that no clients have to be on the hassle of accessing their equipment since they are provided on a continuous basis. The above strategy not only helps simplify procurement, but also ensures that companies can forecast expenditure appropriately and therefore budget for the resources needed to balance cash flow. Besides the fact that the rising trend in complexity of test and measurement specifications is contributing to emergence as well as growth in demand for specialised equipment. Specialized tools necessary for particular tests or analyzes may be required by business companies.
The renting or leasing does not only give these people the access necessary to these specialized instruments but also avoids letting them have the need to maintain and calibrate this equipment when they are available. This tendency is more characteristic for such industries as aerospace, automotive, and research organizations that considered the accuracy and precision of their functioning to be primary. Additionally, environmental sustainability is becoming a key consideration in the market. Renting and leasing test and measurement equipment contribute to a more sustainable approach by promoting the efficient use of resources. Instead of each organization owning and maintaining its set of equipment, multiple businesses can share resources, reducing overall waste and environmental impact. This trend aligns with the growing corporate responsibility initiatives and environmental consciousness observed across industries.
Renting Leasing Test Measurement Equipment Market Highlights:
Global Renting & Leasing Test and Measurement Equipment Market Overview:
Renting & Leasing Test and Measurement Equipment Market Size was valued at USD 6.5 Billion in 2023. The Renting & Leasing Test and Measurement Equipment market Application is projected to grow from USD 6.851 Billion in 2024 to USD 10.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.84% during the forecast period (2024 - 2032). The quick technological advancement in networking and telecommunications, as well as the widespread commercialization of numerous services, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Renting & Leasing Test and Measurement Equipment Market Trends
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The rapid technological advancement available in the telecommunication and networking is driving the market growth
The market for renting and leasing test and measurement equipment is also anticipated to grow as a result of the quick technological developments in networking, telecommunications, and the global commercialization of numerous services. The high adoption of 5G cellular technology by the target market, which includes the working population, teenagers, and older people, as well as the high demand for high-performance and energy-efficient electronic devices, are also anticipated to have a positive effect on the market's growth. The rapid technological advancement in networking and communication, along with the increased penetration of modular instrumentation, are also anticipated to greatly increase demand for renting and leasing test and measurement equipment and propel the growth of the renting and leasing test and measurement equipment market. High-performance products are frequently provided by suppliers of semiconductor equipment for the calibration of devices utilising test and measurement equipment that is leased or rented. Renting and leasing test and measurement equipment is utilised in a number of industries, including electronics, manufacturing analysis, and material analysis.
The increased use of consumer electronic devices is expected to have an impact on the market for renting and leasing test and measurement equipment between 2021 and 2028. The market for renting and leasing test and measurement equipment is also anticipated to grow as a result of the quick technological development in networking and telecommunications, as well as the global commercialization of loT services. Additionally, it is anticipated that the widespread use of 5G cellular technology and the increased need for high-performance and power-efficient devices will positively affect the market's growth. The rapid technical improvements in networking and communication as well as the greater penetration of modular instrumentation are both expected to significantly enhance the demand for renting and leasing test and measurement equipment. The market for renting and leasing test and measurement equipment will also expand as a result of this.
Rapid industrialization, which has also witnessed significant growth in the electronics sector, is one of the key factors fostering the industry's progress. High-performance and power-efficient consumer gadgets and semiconductors are tested and measured during manufacturing to look for defects. As a result, the market is rising as a result of an increase in the usage of test and measurement tools for standard testing and finding flaws in helicopters, aeroplanes, and other machinery. They are also used in the automotive and transportation sectors for factory automation, machine control, and setting up remote sensor connections. The creation of machine-to-machine (M2M) interaction systems and the incorporation of linked devices into the Internet of Things (IoT) are two further technological advancements that are growth-promoting. These gadgets offer portable and embedded testing and measuring solutions with interactive interfaces and remote troubleshooting capabilities. Additional factors are projected to drive market expansion, including improvements in networking and communications infrastructure and a rise in laboratory instrument automation. Thus, driving the Renting & Leasing Test and Measurement Equipment market revenue.
Renting & Leasing Test and Measurement Equipment Market Segment Insights:
Renting & Leasing Test and Measurement Equipment Product Insights
The Renting & Leasing Test and Measurement Equipment Market segmentation, based on product, includes general purpose test equipment, wireless test equipment, semiconductor test equipment, and RF test chambers. General purpose test equipment segment dominated the global market in 2022. There are different categories for oscilloscopes, signal generators, analyzers, metres, thermal imagers, bit error ratio testers (BERT), and other general-purpose test devices. Wireless test equipment has been further separated into logic analyzers, spectrum analyzers, and network simulators in order to better meet the rising needs of the global target market.
Renting & Leasing Test and Measurement Equipment Component Insights
The Renting & Leasing Test and Measurement Equipment Market segmentation, based on component, includes connectors, cable assemblies, and value added accessories. Connectors segment dominated the Renting & Leasing Test and Measurement Equipment Market in 2022. The increased demand for connectors may be to blame.
Figure 1: Renting & Leasing Test and Measurement Equipment Market, by Component, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Renting & Leasing Test and Measurement Equipment Application Insights
The Renting & Leasing Test and Measurement Equipment Market segmentation, based on application, includes aerospace & defense, healthcare & medical equipment, telecommunication, electronics & semiconductor, industrial & manufacturing, automotive, and others. Healthcare & medical equipment segment dominated the global market in 2022. The industry's expanding requirement for test and measurement equipment in the medical and healthcare sectors may be to blame for this.
Renting & Leasing Test and Measurement Equipment Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Renting & Leasing Test and Measurement Equipment Market dominated this market in 2022 (45.80%). This is based on market trends and statistics that show a rising demand for high-performance and power-efficient electronic equipment. Further, the U.S. Renting & Leasing Test and Measurement Equipment market held the largest market share, and the Canada Renting & Leasing Test and Measurement Equipment market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Renting & Leasing Test and Measurement Equipment Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Renting & Leasing Test and Measurement Equipment market accounted for the healthy market share in 2022. A surge in the use of electronic devices and a demand for those that are both high-performing and power-efficient are the main causes of this. Further, the German Renting & Leasing Test and Measurement Equipment market held the largest market share, and the U.K Renting & Leasing Test and Measurement Equipment market was the fastest growing market in the European region.
The Asia Pacific Renting & Leasing Test and Measurement Equipment market is expected to register significant growth from 2023 to 2032. This is as a result of consistent governmental efforts and ongoing initiatives. Moreover, China’s Renting & Leasing Test and Measurement Equipment market held the largest market share, and the Indian Renting & Leasing Test and Measurement Equipment market was the fastest growing market in the Asia-Pacific region.
Renting & Leasing Test and Measurement Equipment Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Renting & Leasing Test and Measurement Equipment market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Renting & Leasing Test and Measurement Equipment Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Renting & Leasing Test and Measurement Equipment Industry to benefit clients and increase the market sector. In recent years, the Renting & Leasing Test and Measurement Equipment Industry has offered some of the most significant advantages to medicine. Major players in the Renting & Leasing Test and Measurement Equipment market, including Transcat Inc., Keysight Technologies, ADVANTEST CORPORATION, NATIONAL INSTRUMENTS CORP, Fortive, VIAVI Solutions Inc., B&K Precision Corporation, TEKTRONIX I.N.C., Teledyne Technologies Incorporated, Texas Instruments Incorporated, McGrath RentCorp Inc., AMETEK Inc., Rhode & Schwarz, Yokogawa India Ltd., and Bird, are attempting to increase market demand by investing in research and development operations.
Keysight Technologies Inc (Keysight) offers electronic design and testing solutions. The company offers software design tools and services for designing, simulating, developing, manufacturing, installing, deploying, validating, optimising, and operating secure electronics systems. In addition to these services, it also provides asset management, instrument calibration and maintenance services, customization services, consulting services, and optimisation services throughout the customer's product lifecycle. In January 2023, Keysight Technologies released the Electrical Performance Scan (EP-Scan), a brand-new high-speed digital simulation tool that offers hardware engineers and printed circuit board (PCB) designers fast signal integrity (SI) examination.
Rohde & Schwarz GmbH & Co KG is one manufacturer of electronic test, measurement, and communications equipment. The company's primary areas of expertise are test and measurement equipment, broadcasting, secure communications, radio monitoring, and IT security. Additional solutions provided by Rohde & Schwarz include those for airborne communications, naval communications, tactical communications, wireless communication solutions, avionics and navigation, network infrastructure and testing, border and perimeter control, cybersecurity, and public safety. It provides services for calibration, upkeep, and customer support. In January 2023, Rohde & Schwarz released Benchmarker 3, a new device that intends to further the advancement of network benchmarking.
Key Companies in the Renting & Leasing Test and Measurement Equipment market include
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Keysight Technologies
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ADVANTEST CORPORATION
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NATIONAL INSTRUMENTS CORP
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Fortive
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VIAVI Solutions Inc.
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B&K Precision Corporation
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TEKTRONIX I.N.C.
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Teledyne Technologies Incorporated
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Texas Instruments Incorporated
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McGrath RentCorp Inc.
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AMETEK Inc.
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Rhode & Schwarz
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Yokogawa India Ltd.
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Bird
Renting & Leasing Test and Measurement Equipment Industry Developments
November 2022: AVL and Rohde & Schwarz have partnered to expedite electromagnetic compatibility (EMC) testing performed in actual driving scenarios.
Renting & Leasing Test and Measurement Equipment Market Segmentation:
Renting & Leasing Test and Measurement Equipment Product Outlook
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General Purpose Test Equipment
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Wireless Test Equipment
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Semiconductor Test Equipment
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RF Test Chambers
Renting & Leasing Test and Measurement Equipment Component Outlook
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Connectors
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Cable Assemblies
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Value Added Accessories
Renting & Leasing Test and Measurement Equipment Application Outlook
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Aerospace & Defense
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Healthcare & Medical Equipment
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Telecommunication
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Electronics & Semiconductor
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Industrial & Manufacturing
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Automotive
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Others
Renting & Leasing Test and Measurement Equipment Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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