Dan's Biz Bookshelf: 'Getting Naked: A Business Fable'
The Chemical Connection: Common Misconceptions in Wet Processing
It’s Only Common Sense: Selling to Engineers
Overall Test and Measurement Equipment Market to Reach $32.3 Billion by 2024
February 7, 2019 | PRNewswireEstimated reading time: 2 minutes
The overall test and measurement equipment market is expected to grow from $25.7 billion in 2018 to $32.3 billion by 2024, at a CAGR of 3.9%.
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 a significant potential for growth of the test and measurement equipment market in this sector due to the development of new healthcare equipment, patient-monitoring systems, and personal emergency reporting systems.
Automotive and Transportation Segment Projected to Lead the Test and Measurement Equipment Market during Forecast Period
Among the end-use applications considered, automotive and transportation is estimated to be the largest contributor to the overall test and measurement equipment market in 2018.
The increasing number of automotive manufacturing hubs in the world implementing advanced automation technologies for production is expected to boost the demand for test and measurement equipment offerings.
Additionally, Ethernet (IEEE 802.3) is a widely used protocol in automotive manufacturing. In the automotive industry, many processes are controlled through computers, and Ethernet is one of the most suitable protocols for computer-enabled communication.
General Purpose Test Equipment Segment to Grow at the Highest CAGR in 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, 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.
Most of the test and measurement equipment now offers high bandwidth, greater accuracy, and higher resolution than that in the earlier equipment. Some of the prominent applications for equipment under this category are IT & telecommunications, healthcare, automotive, and industrial sectors.
North America to Lead the Test and Measurement Equipment Market
The test and measurement equipment market, by geography, has been broadly classified into North America, Europe, APAC, and RoW. In terms of value, North America is estimated to account for the largest share of the market in 2018 owing to the fact that a majority of the leading industry players have a presence in this region.
The market in APAC is expected to grow at the highest CAGR between 2018 and 2024. The governments of Asian countries, such as Japan, China, and India are undertaking initiatives to encourage industries to establish manufacturing and R&D facilities in their countries.
For instance, the Indian government started the Make in India program to increase foreign investments and businesses in India. Initiatives like these are expected to boost the test and measurement equipment market.
Share on:
Suggested Items
'Chill Out' with TopLine’s President Martin Hart to Discuss Cold Electronics at SPWG 2025
05/02/2025 | TopLineBraided Solder Columns can withstand the rigors of deep space cold and cryogenic environments, and represent a robust new solution to challenges facing next generation large packages in electronics assembly.
Kitron: Q1 2025 - Strong Start to the Year
04/25/2025 | KitronKitron reported first-quarter results characterised by continued momentum in the Defence & Aerospace market sector and a growing order backlog.
RTX's Collins Aerospace Enhances Capabilities to Speed Marine Corps Decision-making in Battle
04/22/2025 | RTXCollins Aerospace, an RTX business, successfully demonstrated new technology that helps the military gather and use information from a wider range of sources at Project Convergence Capstone 5, a large-scale military exercise.
AdvancedPCB Appoints Gary Stoffer as Chief Commercial Officer
04/18/2025 | PRNewswireAdvancedPCB is proud to announce the appointment of Gary Stoffer as its new Chief Commercial Officer (CCO). In this role, Stoffer will lead all sales, marketing, and commercial strategy initiatives as the company continues its mission to deliver cutting-edge PCB solutions to industries worldwide.
Real Time with... IPC APEX EXPO 2025: GreenSource's Growth and Future Developments
04/15/2025 | Real Time with...IPC APEX EXPOThings are looking bright for GreenSource. Michael Gleason shares an update on GreenSource's recent growth and upcoming changes. A recipient of a Defense Production Act Investment Program award, GreenSource is planning for new substrate capabilities. Current investments continue to enhance equipment and sustainability initiatives such as water quality. And their unique collaboration with the University of New Hampshire continues to aid their workforce development, despite recruitment challenges.