Test And Measurement Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 30.14 Billion |
| Market Size (2029) | USD 38.65 Billion |
| CAGR (2024 - 2029) | 5.10 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Test And Measurement Market Analysis
The Test And Measurement Market size is estimated at USD 30.14 billion in 2024, and is expected to reach USD 38.65 billion by 2029, growing at a CAGR of 5.10% during the forecast period (2024-2029).
- Across industries, the demand for test and measurement equipment is being driven by the rising need for precision and efficiency in the design, manufacture, and repair of electronic products. Furthermore, the surge in the adoption of new, interconnected electronic devices, coupled with the emergence of advanced technologies like electric vehicles, autonomous driving, and 5G, is propelling the market's growth.
- For instance, battery-electric vehicles face a fire risk due to thermal runaway, where battery damage leads to uncontrollable overheating. Furthermore, many EVs that experienced fires utilized a temperature-sensitive battery chemistry known as NMC. Despite using this sensitive battery, no design measures were implemented to ensure proper thermal cooling at the battery pack level. Through rigorous electrical testing and measurement practices, manufacturers and engineers can enhance both the performance and safety of electric vehicles.
- The markets for consumer products, industrial machinery, and medical device manufacturing have seen substantial growth over the last decade. To meet market demands and avoid costly recalls, manufacturers in diverse sectors, ranging from medical devices and industrial machinery to aerospace, military equipment, railway, and automotive, must uphold quality while simultaneously reducing costs and expediting time-to-market.
- Numerous manufacturers of test solutions for smart devices are channeling investments into the digital test equipment segment. Additionally, many government regulations mandate testing for electronic devices utilized in various industries.
- For example, the Russian Federal law introduced new regulations for medical device circulation, aiming to address gaps in existing legislation and mitigate risks for market participants. The conventional licensing system for medical device production will be replaced. Instead of licensing, there will be a focus on compliance with requirements for maintaining, implementing, and evaluating a quality management system for medical devices. Such regulatory shifts are anticipated to open up more avenues for vendors in the market.
- Moreover, test equipment aids consumer goods manufacturers in adhering to government compliance and regulations for equipment testing. Rising incomes and spending in emerging economies have boosted sales of consumer goods, suggesting a growing demand for test equipment and measurement markets in the foreseeable future.
Test And Measurement Market Trends
Semiconductor and Electronics Expected to Hold Major Major Market Share
- Semiconductor manufacturing firms are increasingly adopting automated test equipment (ATE) to boost operational speed and cut costs, a trend likely to propel the market’s growth.
- Semiconductor automated test equipment (ATE) tests a wide range of electronic devices and systems. These range from basic components like resistors, capacitors, and inductors to intricate integrated circuits (ICs), printed circuit boards (PCBs), and fully assembled electronic systems. Extensively used in the electronic manufacturing sector, ATE examines components and systems after fabrication. With the semiconductor industry's growth, the demand for ATE is set to surge.
- The semiconductor industry, a cornerstone of modern technology, is on a rapid growth trajectory. The Semiconductor Industry Association (SIA) reported that global sales for the semiconductor industry reached USD 149.9 billion in Q2 2024. This marked an 18.3% rise from Q2 2023 and a 6.5% increase from Q1 2024. Such developments signal a burgeoning demand for test and measurement equipment in the semiconductor realm.
- Emerging technologies like IoT, Big Data, and artificial intelligence (AI) are driving heightened demands for chips with superior power performance, efficiency, and quicker market entry. This evolving landscape is poised to be a pivotal factor in the growth of the semiconductor testing equipment market.
- Given these dynamics, the chip manufacturing sector is poised to ramp up its demand for testing and measurement equipment. Such tools not only help in curbing manufacturing costs but also play a crucial role in identifying and eliminating faulty devices. Semiconductor firms are intensifying their focus on refining fabrication technologies and adopting efficient testing methods to mitigate losses. Moreover, advancements in smartphones, tablets, and SoC-based products are fueling the demand for enhanced functionalities in the market.
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Asia-Pacific Expected to Hold Major Market Share
- The Asia-Pacific region is a powerhouse in the semiconductor and electronics industry, largely due to the robust manufacturing bases in China, Japan, South Korea, and India. Notably, China's manufacturing prowess stands out, accounting for 28.4% of the global output, translating to an impressive value of nearly USD 4 trillion, as reported by the United States Statistics Division.
- Major players like Foxconn Technology Group and Megatron Asia Pacific Ltd are establishing plants in India. As per IBEF, India aims for an ambitious target of USD 300 billion for electronics manufacturing and exports worth USD 120 billion by the fiscal year 2025-26. Supporting this vision, the Union Budget for 2023-24 has earmarked a substantial INR 16,549 crore (approximately USD 2 billion) for the Ministry of Electronics and Information Technology, marking a 40% increase from the previous year.
- With the region ramping up its testing and inspection activities, there's a burgeoning demand for electrical test equipment. Traditionally, regional firms managed testing and certification in-house. Yet, with the advent of China's Compulsory Certification regulations, there is a heightened focus on stringent regulatory standards. This shift has not only amplified the outsourcing of testing services but has also spurred a surge in demand for test equipment among these service providers.
- Beyond the consumer electronics realm, the region sees a dominance of low-cost carriers. Consequently, many inspection and service activities are outsourced, positioning Singapore as a pivotal hub for maintenance and inspection services. Players based in Singapore have held a commanding presence in the region for over 20 years, though nations like Indonesia, Vietnam, and Thailand are emerging challengers.
- The region is home to several industry stalwarts, including Yokogawa, Advantest Corp., and Anritsu Corporation from Japan, Rigol Technologies from China, and ScienceTech Technologies from India. These entities, alongside numerous others, are at the forefront of product innovations, catering to diverse industry applications.
- Highlighting this trend, in August 2023, Yokogawa Test & Measurement Corporation unveiled its DLM5000HD series high-definition oscilloscopes. This new series, an advanced iteration of the DLM5000 lineup, boasts models with 500 MHz and 350 MHz frequency bandwidths, ensuring superior resolution for precise waveform analysis. Enhanced usability features further simplify the setup process.
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Test And Measurement Industry Overview
The test and measurement market is moderately competitive and consists of some influential players. These significant players who hold a noticeable share of the market are leveraging strategic collaborative actions to improve their market percentage and enhance their profitability.
- August 2024: Averna acquired Global Equipment Services Inc. (GES), a division of Kimball Electronics Inc. GES specializes in automation, test, and measurement solutions for industries including consumer electronics, semiconductors, and medical devices. This strategic move leverages the strengths and reach of both companies, positioning them as one of the largest independent system integrators in test automation. As a result of this acquisition, Averna has expanded its presence to new locations in Ho Chi Minh (Vietnam), Suzhou (China), Trivandrum (India), Tokyo (Japan), and San Jose (United States). Additionally, technical support is being bolstered in the Philippines, Taiwan, South Korea, Malaysia, and Thailand.
- October 2023: Fortive Corp. signed a definitive agreement to acquire EA Elektro-Automatik Holding GmbH, a top provider of high-power electronic test solutions tailored for energy storage, mobility, hydrogen, and renewable energy sectors. The deal, valued at USD 1.45 billion in cash (after accounting for USD 215 million in tax benefits), is being made with Bregal Unternehmerkapital. Through this acquisition, Fortive aims to bolster its dominant stance in electronic testing and measurement, furthering the global energy transition.
Test And Measurement Market Leaders
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National Instruments Corporation
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Yokogawa Electric Corporation
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Rohde & Schwarz GmbH & Co. KG
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Fortive Corp.
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Advantest Corporation
*Disclaimer: Major Players sorted in no particular order
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Test And Measurement Market News
- June 2024: Accurex Measurement unveiled its latest innovation, the LYNX2 visual inspection system. Aptly named for its advanced capabilities and feline-like precision, the LYNX2 seeks to revolutionize automated machine vision inspections in the manufacturing of aerostructures and other sizable assemblies. Equipped with a high-resolution camera, optical zoom, and a digital projector, the LYNX2 captures intricate images to identify manufacturing discrepancies. Its articulating field of vision enables it to scrutinize thousands of components on products extending up to 10 meters in length.
- March 2024: GW Instek unveiled its latest MPO-2000 series of programmable oscilloscopes. This groundbreaking series integrates the Python programming language, enabling program control via Python scripts. This feature caters to both single-instrument testing and multi-instrument collaborative testing needs. Notably, the MPO-2000 series operates independently, eliminating the need for a personal computer connection, and can seamlessly execute small automated and semi-automated test systems. Beyond offering cutting-edge Python applications at a competitive price, the MPO-2000 series stands out as a "five-in-one test and measurement instrument." It boasts an oscilloscope, spectrum analyzer, arbitrary waveform generator, digital multimeter, and a programmable DC power supply. Additionally, the series is enhanced with seven innovative functions.
Test And Measurement Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
- 4.2 Industry Value Chain Analysis
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4.3 Industry Attractiveness - Porter's Five Force Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
- 4.4 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Technological Advancements Leading to the Need for Test and Measurement Equipment
- 5.1.2 Emerging Trend of Electric and Hybrid Vehicle
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5.2 Market Restraints
- 5.2.1 Price Sensitivity and Increasing Preference for Rental Services
6. MARKET SEGMENTATION
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6.1 By Product
- 6.1.1 General Purpose Test Equipment (GPTE)
- 6.1.2 Mechanical Test Equipment (MTE)
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6.2 By Service Type
- 6.2.1 Calibration Services
- 6.2.2 Repair Services/After Sales Services
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6.3 By End-user Industry
- 6.3.1 Automotive and Transportation
- 6.3.2 Aerospace and Defense
- 6.3.3 IT and Telecommunication
- 6.3.4 Education
- 6.3.5 Semiconductor and Electronics
- 6.3.6 Other End-user Industries
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6.4 By Geography***
- 6.4.1 North America
- 6.4.2 Europe
- 6.4.3 Asia
- 6.4.4 Australia and New Zealand
- 6.4.5 Latin America
- 6.4.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles*
- 7.1.1 National Instruments Corporation
- 7.1.2 Yokogawa Electric Corporation
- 7.1.3 Rohde & Schwarz GmbH & Co. KG
- 7.1.4 Fortive Corp.
- 7.1.5 Advantest Corporation
- 7.1.6 Keysight Technologies Inc.
- 7.1.7 Anritsu Corporation
- 7.1.8 Teradyne Inc.
- 7.1.9 Accurex Measurement
- 7.1.10 VIAVI Solutions Inc.
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
** Subject To Availablity**Subject to Availability
***In the final report, Asia, Australia, and New Zealand will be studied together as 'Asia Pacific'
Test And Measurement Industry Segmentation
Test and measurement equipment plays a crucial role in analyzing, validating, and verifying measurements for both electronic and mechanical systems. These instruments generate signals and capture responses from the electronic devices being tested. Their primary purpose is to assess the efficiency of operational processes, helping manufacturers monitor and enhance the quality, safety, and productivity of their products.
The test and measurement market is segmented by product (general purpose test equipment (GPTE) and mechanical test equipment), by service type (calibration services and repair services/after-sales services), by end-user industry (automotive and transportation, aerospace and defense, IT and telecommunication, education, semiconductor and electronics, and others) and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.
| By Product | General Purpose Test Equipment (GPTE) |
| Mechanical Test Equipment (MTE) | |
| By Service Type | Calibration Services |
| Repair Services/After Sales Services | |
| By End-user Industry | Automotive and Transportation |
| Aerospace and Defense | |
| IT and Telecommunication | |
| Education | |
| Semiconductor and Electronics | |
| Other End-user Industries | |
| By Geography*** | North America |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
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Test And Measurement Market Research FAQs
How big is the Test And Measurement Market?
The Test And Measurement Market size is expected to reach USD 30.14 billion in 2024 and grow at a CAGR of 5.10% to reach USD 38.65 billion by 2029.
What is the current Test And Measurement Market size?
In 2024, the Test And Measurement Market size is expected to reach USD 30.14 billion.
Who are the key players in Test And Measurement Market?
National Instruments Corporation, Yokogawa Electric Corporation, Rohde & Schwarz GmbH & Co. KG, Fortive Corp. and Advantest Corporation are the major companies operating in the Test And Measurement Market.
Which is the fastest growing region in Test And Measurement Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Test And Measurement Market?
In 2024, the Asia Pacific accounts for the largest market share in Test And Measurement Market.
What years does this Test And Measurement Market cover, and what was the market size in 2023?
In 2023, the Test And Measurement Market size was estimated at USD 28.60 billion. The report covers the Test And Measurement Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Test And Measurement Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Test And Measurement Industry Report
Statistics for the 2024 Test And Measurement market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Test And Measurement analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Test And Measurement Market Report Snapshots
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