According to the recent study the test and measurement equipment market is projected to reach an estimated $43.1 billion by 2028 from $34.0 billion in 2023, at a CAGR of 4.9% from 2023 to 2028. Growth in this market is primarily driven by growing acceptance of connected technologies to increase production and improve manufacturing efficiency, along with increase in the demand for high-performance and power-efficient electronic devices.

A more than 150 – page report is developed to understand trends, opportunities and forecast in test and measurement equipment market by product type (general purpose test equipments (GPTE), and mechanical test equipments (MTE)), service type (calibration services, and repair services/after-sales services), end use industry (automotive & transportation, aerospace & defense, IT & telecommunications, education & government, semiconductor & electronics, industrial, healthcare, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)

“General purpose test equipment (GPTE) market is expected to remain the largest segment during the forecast period.”

Based on product type, the test and measurement equipment market is segmented into general purpose test equipments (GPTE), and mechanical test equipments (MTE). Lucintel forecasts that the general purpose test equipment (GPTE) market is expected to remain the largest segment due to as it helps in measuring watts, voltage, frequency, and other diagnostic features.

“Within the test and measurement equipment market, the healthcare segment is expected to remain the largest end use industry”

Based on end use industry the healthcare segment is expected to witness the highest growth over the forecast period due to on-going advancement in medical devices, patient monitoring systems, as well as personal emergency reporting systems.

“Asia pacific will dominate the test and measurement equipment market in near future”

APAC will remain the highest growing region over the forecast period due to increasing adoption of connected cars and autonomous cars, along with rising demand for high-performance and power-efficient electronic devices.

Major players of test and measurement equipment market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Yokogawa Electric, Advantest Corporation, Anritsu Corporation, EXFO, Fortive, Keysight Technologies, National Instruments, Rohde & Schwarz, Teledyne Technologies, Texas Instruments, and VIAVI Solutions are among the major test and measurement equipment providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com