Test and Measurement Equipment Market Research Report By Offering (Product { General Purpose Test Equipment, Wireless Test Equipment, Semiconductor Test Equipment, RF Test Chambers, Cables & Assemblies, and Value Added Services) and Services { Professional Services and Managed Services), by Application (Aerospace & Defense, Medical Equipment, Telecommunication, Electronics & Semiconductor, Industrial & Manufacturing, Automotive and Others) –Market Forecast Till 2032

Global Test and Measurement Equipment Market Overview

Test and Measurement Equipment Market Size was valued at USD 28,379.5 million in 2023. 

The Test and Measurement Equipment Market industry is projected to grow from USD 29,319.3 Million in 2024 to USD 49,634.8 million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.8 % during the forecast period (2024- 2032).  

Test and Measurement Equipment (T&M) are used across industries due to technological developments and higher demand for automation Test and Measurement Equipment’s market is growing due to industries need for quality and standard compliance. Larger usage of consumer electronics and semiconductor devices in telecommunication, automotive, aerospace industries and healthcare facilities is one of the key reasons for the growth of test & measurement equipment market. These sectors use modern electronics in their products and require reliability and performance testing to ensure the components meet these requirements thus increasing the consumption of test & measuring equipment.

As per Analyst at MRFR, “The factors contributing to the growth of the global test & measurement equipment market are the growing adoption of consumer electronic devices, increasing need for interoperability testing owing to growing deployment of IoT and connected devices and technological advancement in telecommunication and networking.”

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Test and Measurement Equipment Market Trends

COMMERCIALIZATION OF IOT

The emergence of IoT is expected to have a significant impact on the demand for automated test equipment as their use promotes increased connectivity and improved quality of IoT devices and networks. The commercialization of IoT increases focus on achieving zero defects in products with the help of smarter and more efficient test systems. The original equipment manufacturers are also likely to focus on developing the testing systems, thus offering high reliability, data security and connectivity, power efficiency, and affordability. Further, multiple key players have started upgrading their products to address the rising demand for testing equipment to develop the Internet of things. The complexity and size of networks have grown significantly due to the widespread use of IoT devices. Every device must go through extensive testing to ensure it functions properly, is connected effectively, and meets industry standards. This results in a strong need for specific test & measurement tools that can assess factors like signal strength, data integrity, power usage, and electromagnetic compatibility.

Additionally, IoT applications frequently function in a variety of difficult environments, necessitating equipment capable of replicating actual conditions and delivering precise performance evaluations. In industrial IoT, sensors and devices need to work effectively despite facing challenges like high temperatures, humidity, and interference from other machinery. It is crucial to have testing equipment that can replicate these conditions to guarantee the strength of IoT solutions. As the IoT technology advances and grows, there will be an increasing demand for advanced testing and measuring tools. Companies that provide these solutions are well-positioned to capitalize on this trend, offering products that meet the stringent requirements of the IoT ecosystem. Therefore, the growth of the test & measurement equipment market is being driven by the commercialization of IoT, offering significant prospects for innovation and market expansion.

Test and Measurement Equipment Market Segment Insights

Test and Measurement Equipment Offering Insights

Based on offering, the Test and Measurement Equipment Market has been segmented into Product and Services. Products are further bifurcated into general purpose test equipment, wireless test equipment, semiconductor test equipment, RF test chambers, cables & assemblies, and value-added services.  Services further sub-segmented into professional and managed services. Among product offerings, general-purpose test equipment accounted for the largest market share. The General-Purpose Test Equipment segment is currently enjoying healthy growth on account of the following factors. The use of smart-connected devices in various industries increases the need for GPTE since these devices need to be tested to meet quality and performance levels. Also, the advancement in implementation of industrial automation in aerospace, industrial, and electronics industries has also contributed to demand for GPTE.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Test and Measurement Equipment Application Insights

Based on application, the Test and Measurement Equipment Market has been segmented into Aerospace & Defense, Healthcare & Medical Equipment, Telecommunication, Electronics & Semiconductor, Industrial & Manufacturing, Automotives, and Others. In 2023, electronics & semiconductor accounted for the largest market share. The electronics and semiconductor industries are particularly witnessing a surge in demand for T&M equipment because of improvements in technology and the sophistication of devices. The IOT consumer electronics including the smart phone, tablets, wearable devices should be tested in the most precise manner to guarantee the performance, reliability and safety to be used. With development in the integration and miniaturization of electronic devices, it is compulsory to use advanced T&M equipment for testing functionality and quality.

Test and Measurement Equipment Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. North America consists of the U.S, Canada, and Mexico. The region is technologically advanced and has made enormous research and development spendings in the fields of telecommunication, aviation space, automobile, and health. Fast-paced implementation of modern technologies like 5G, IoT, and self-driving cars creates the demand for complex T&M solutions for performance, quality, and conformity with the required norms and requirements. Industry 4.0 is thus implemented by North American companies as leading key players in the industrial revolution. 0, smart manufacturing processes and automation, which in turn creates a stronger need for high-precision T&M equipment.

The Asia-Pacific region is therefore witnessing a steep rise in T&M equipment consumption due to industrialization, development of new technologies, as well as the growing population. The Asian countries such as China, India, Japan, and South Korea are the pioneers of technology and manufacturing industry, which demands the advanced T&M solutions in various fields. Growing infrastructural development towards smart city and its various projects along with electronics and telecommunication industries and automotive industries plays a vital role in escalating the demand for high-performance testing equipment.

Europe region consists of UK, Germany, France, Rest of Europe for the study. Europe is a rapidly growing market for T&M equipment, mainly due to the continent’s focus on the development of new technologies and adherence to guidelines. Automotive, aerospace, telecommunication and industrial manufacturing industries are some of the key industries in Europe where industries are implementing advanced technologies for which advanced T&M solutions are needed.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the major countries studied in the market report are the U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, China, Japan, and India.

Test and Measurement Equipment Market Key Market Players & Competitive Insights

The Test and Measurement Equipment Market is characterized by the presence of many global, regional, and local vendors. The regional market is highly competitive, with all the players continually competing to gain a larger market share. The vendors compete based on reliability, cost, product quality, and aftermarket services. Therefore, vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.

The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. According to MRFR analysis, the growth of the Test and Measurement Equipment Market is dependent on market conditions.

The growth of the vendors is dependent on market conditions, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. According to MRFR analysis, major players in the Test and Measurement Equipment Market have contributed to the market growth. These include Keysight Technologies, Inc., ADVANTEST Corporation (Japan), Teradyne Inc., Teledyne Technologies Incorporated, Fluke Corporation (Fortive Corporation), National Instruments Corporation, Rohde & Schwarz, Spirent, Saluki Technology, RIGOL Technologies and others are among the top players in global Test and Measurement Equipment market. These players focus on expanding and enhancing their product portfolio and services to remain competitive and increase their customers.

Key Companies in the Test and Measurement Equipment Market include

• Keysight Technologies, Inc.


• ADVANTEST Corporation (Japan)


• Teradyne Inc.


• Teledyne Technologies Incorporated


• Fluke Corporation (Fortive Corporation)


• National Instruments Corporation


• Rohde & Schwarz


• Spirent


• Saluki Technology


• RIGOL Technologies


• Others

Test and Measurement Equipment Industry Developments

• In March 2024, Fluke Corp, a wholly owned subsidiary of Fortive Corporation] and a global leader in test and measurement instruments, announced the launch of the PVA-1500 Series I-V curve tracer, designed to empower utility-scale solar technicians with speed, accuracy, and streamlined testing operations for effective service and maintenance. This innovative tool addresses the critical need for efficient and reliable PV array testing, ultimately optimizing performance and maximizing ROI.


• In May 2024, Advantest corporation announced the newest addition to its portfolio of power supplies for the V93000 EXA Scale SoC test platform. The DC Scale XHC32 power supply offers 32 channels with an unprecedented single-instrument total current of up to 640A.

Test and Measurement Equipment Market Segmentation

Test and Measurement Equipment Component Outlook

• Product
  
  
  
  • General Purpose Test Equipment
    
    
    
    • Oscilloscope
    
    
    • Signal Generator
    
    
    • Analyzers
    
    
    • Meters
    
    
    • Thermal Imagers
    
    
    • Others
    
    
    
    
  
  
  • Wireless Test Equipment
    
    
    
    • Logic Analyzers
    
    
    • Spectrum Analyzers
    
    
    • Network Analyzers
    
    
    • Network Simulators
    
    
    
    
  
  
  • Semiconductor Test Equipment
    
    
    
    • Automated Test Equipment (ATE)
    
    
    • Wafer Probing Equipment
    
    
    • Digital/ Mixed Signal Test Systems
    
    
    • Die Shear and Bond Pull Testers
    
    
    • UV Cure Systems
    
    
    • Wafer Inspection & Measurement Tool
    
    
    • Wafer Sorters
    
    
    • Burn-in Systems
    
    
    • Others
    
    
    
    
  
  
  • RF Test Chambers
  
  
  • Cables & Assemblies
    
    
    
    • Cable Connectors
    
    
    • Cable Adapters
    
    
    • Test Probes & Leads
    
    
    • Multi-Coax Cable Assembly
    
    
    • Interconnectivity Assemblies
    
    
    
    
  
  
  • Value Added Services
  
  
  
  


• Services
  
  
  
  • Professional Services
  
  
  • Managed Services
  
  
  
  

Test and Measurement Equipment Application Outlook

• Aerospace & Defense


• Healthcare & Medical Equipment


• Telecommunication


• Electronics & Semiconductor


• Industrial Manufacturing


• Automotive


• Robotics


• Others

Test and Measurement Equipment Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • UK
  
  
  • Germany
  
  
  • France
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Middle East & Africa
  
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • South Africa
  
  
  • Israel
  
  
  • Rest of Middle East and Africa
  
  
  
  


• South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Chile
  
  
  • Rest of South & Central America