Test and Measurement Equipment Market Size, Share, and Trends 2024 to 2033

Test and Measurement Equipment Market (By Product: GPTE, MTE; By Service Type: Calibration Services, Repair/After-sales Services; By Vertical: Automotive & Transportation, Aerospace & Defense, IT & Telecommunication, Education & Government, Industrial, Healthcare, Semiconductor & Electronics) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

  • Last Updated : July 2024
  • Report Code : 4626
  • Category : Semiconductor and Electronic

Test and Measurement Equipment Market Size and Growth

The global test and measurement equipment market size was USD 34.37 billion in 2023, calculated at USD 35.96 billion in 2024 and is expected to reach around USD 53.99 billion by 2033, expanding at a CAGR of 4.62% from 2024 to 2033. Rising investment in industrial development drives the growth of the market.

Test and Measurement Equipment Market Size 2024 to 2033

To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics

Test and Measurement Equipment Market Key Takeaways

  • The North America test and measurement equipment market size reached US$ 13.44 billion in 2023 and is expected to expand around US$ 22.95 billion by 2033, at a CAGR of 4.74% from 2024 to 2033.
  • North America dominated the test and measurement equipment market with the largest revenue share of 42% in 2023.
  • Asia Pacific is projected as the fastest-growing region during the forecast period.
  • By product, the general-purpose test equipment segment dominated the market and is expected to remain dominant during the forecast period.
  • By service type, the calibration services segment dominated the market in 2023.
  • By vertical, the healthcare segment held the largest share of the market in 2023.

U.S. Test and Measurement Equipment Market Size and Growth 2024 to 2033

The U.S. test and measurement equipment market size was valued at US$ 10.10 billion in 2023 and is predicted to surpass around US$ 16.18 billion by 2033 with a CAGR of 4.82% from 2024 to 2033.

U.S Test and Measurement Equipment Market Size 2024 to 2033

North America dominated with the largest share of the market in 2023. The growth of the market is attributed to the availability of well-developed industrial infrastructure such as automotive, electronics, aerospace, and defense, as well as other industries that are contributing to the demand for test and measurement equipment for testing the mechanical properties of industrial devices or components. The rising investment in the infrastructural development of the electronic industry is driving the growth of the test and measurement equipment market. The ongoing research on the development and innovations of electronic products is further driving the expansion of the test and measurement equipment market.

 Test and Measurement Equipment Market Share, By Region, 2023 (%)

Asia Pacific is expecting significant growth during the forecast period. The growth of the market in the region is attributed to the rising regional countries' population and the rising demand for industrialization in the region, which drives the demand for testing and optimizing the process of industries that will positively influence the growth of the market. The rising economic growth in the countries driving the expansion of industries like healthcare, automotive, electronics, telecommunication, aviation, and others are further driving the demand for the test and measurement process, which will drive the growth of the market. Additionally, the rising research and development activities for the expansion of technologies drive the growth of the market in the region.

Test and Measurement Equipment Market Overview

Tests and measurements are important functions in testing industries' operations and manufacturing processes. It is used in a wide range of industrial applications like automotive, healthcare, consumer electronics, manufacturing, research labs, and others. Tests and measurements are essential in the electronic industry for utilizing quality control, product testing, and debugging of electronic components, PCBs (printed circuit boards), and electronic devices. There are different types of test and measurement equipment available, such as electronic industry, ohmmeters, voltmeters, capacitance meters, ammeters, digital pattern generators, frequency counters, oscilloscopes, and EMF meters. Some of the test and measurement equipment are used to produce signals and help in measuring the object being tested. There are several tests available to test the mechanical properties of products, such as friction, compression, impact, hardness, fatigue, torsion, fatigue, and others. The rising industrialization is driving the growth of the test and measurement equipment market.

Test and Measurement Equipment Market Growth Factors

  • The rising implementation of test and measurement equipment in various end-use industries like automotive, consumer electronics, healthcare, aviation, and others are driving the growth of the market.
  • The increasing use of test and measurement equipment in testing medical diagnostic equipment to improve diagnostics testing and treatment processes drives the demand for test and measurement equipment.
  • The integration of advancements in technologies like IoT, artificial intelligence, modular instrumentations, and complex technologies in the test and measurement equipment that contribute to the growth of the test and measurement equipment market.
  • The increasing investment in research and development activities in the expansion of technologies and software upgradation for higher flexibility, functionality, and cost efficiency in technologies that drive the growth of the market.
  • The rising expenditure on industrial development and the integration of IoT, 5G technologies, big data analytics, and other industries are further propelling the growth of the test and measurement equipment market.

Test and Measurement Equipment Market Scope

Report Coverage Details
Market Size by 2033 USD 53.99 Billion
Market Size in 2023 USD 34.37 Billion
Market Size in 2024 USD 35.96 Billion
Market Growth Rate from 2024 to 2033 CAGR of 4.62%
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Product, Service Vertical, and Region
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Test and Measurement Equipment Market Dynamics

Driver

Rising demand from several industrial uses

The rising demand for test and measurement equipment from various end-use industries like automotive, healthcare, IT, telecommunications, electronics, aerospace and defense, and others increases efficiency in workflow and improves productivity and effectiveness. It helps in validating all electronic and electric devices in a wide range of industries. Test and measurement equipment plays an important role in the automotive industry; under the manufacturing and testing of driverless vehicles, connected cars, and autonomous driving cars, there is an increase in demand for test and measurement equipment for testing and optimizing the performance of the vehicles.

The demand for other testing, such as RF testing, is required to test wireless communication standards like Wi-Fi in traditional automotive applications and Long-Term Evolution (LTE). Test and measurement equipment is responsible for every standard testing in the automobile, including automotive radar, infotainment systems, collision avoidance, target simulation, and the new Wi-Fi standard 802.11p. Thus, the rising demand for the automotive industry worldwide is highly contributing to the growth of the test and measurement equipment market.

Restraint

Stringent regulations

The handling of a number of regulations in a wide range of industries and the diverse quality and safety standards of industries like healthcare, pharmaceuticals, food and beverages, and chemicals are limiting the expansion of the test and measurement equipment market. Additionally, the higher cost of the test and measurement equipment is restraining the demand growth of the product, and major industries like electronics, aerospace and defense, automotive, and others industries are preferably choosing the test and measurement equipment on a rental basis, which limits the buying of test and measurement equipment are restraining the growth of the test and measurement equipment market.

Opportunity

Integration of modern technologies

The advancements and integration of the technologies in the test and measurement equipment are driving the opportunity for growth in the market. The test and measurement equipment has seen substantial growth in the industrial expansion of big data analytics, Internet of Things (IoT), and 5G technologies. Technological integration, like power applications, high-speed digital standards, and the evolution of software-as-a-service (SaaS), new software models, and cloud licensing, is driving the expansion of the test and measurement. The rising intervention of the market leader in technology and the ongoing research and development activities on the upgrade of software and product launches drive the growth opportunity in the test and measurement equipment market.

Product Insights

The general-purpose test equipment segment dominated the test and measurement equipment market and is expected to remain dominant during the forecast period. The general-purpose test equipment is used in the industries like automotive, healthcare, IT telecommunications, and others. There is a rising demand for general-purpose test equipment for testing and identifying equipment performance. The rising adoption of 5G technology and electronic industries are driving the growth of the segment. The general-purpose test equipment is used to detect and solve general electronic parameters like frequency, voltage, watts, and other electronic components. The PG3 digital pattern generator series is one of the important tools of the general-purpose test equipment that is used in a wide range of testing applications.

The mechanical testing equipment segment is expected to grow significantly in the market during the predicted period. The growth of the segment is attributed to the rising industrialization, and the increasing demand for quality assurance (QA) and quality control (QC) has been driven by the demand for mechanical testing equipment. There are several types of mechanical testing equipment used to run compression, adhesion, flexure, fatigue, shock, vibration, ductility, and shear tests. All these testing equipment are used to make sure the component will work in the appropriate way. Mechanical test equipment includes several types of equipment, such as hardness testing equipment, fatigue testers for fatigue resistance measurement, compression testers, tensile testers, and others. Mechanical testing equipment is used in different industries such as biomedical devices, material testing such as ceramic, rubber, metals, etc., automotive, manufacturing, construction, engineering, and others.

Service Type Insights

The calibration services segment dominated the test and measurement equipment market in 2023. The calibration equipment is used to detect the expected performance of the measuring test equipment. The calibration services for measuring tests include a calibrator, current clamp meter, data loggers, desktop multimeters, digital multimeters handheld, electrical testing instruments, modular measuring systems, oscilloscopes desktop and handheld, probes and accessories, special multimeters and measuring kits. The increasing adoption of calibration services by several end-user industries for improving the quality, efficiency, and safety of the products. Calibration helps reduce measurement errors and ensures precise measurement. There are some types of calibrators used in different industrial equipment measurements, such as electrical calibrators, dry block calibrators, calibration baths, pressure calibrators, deadweight testers, humidity calibrators, flow calibrators, and laser interferometers.

Vertical Insights

The healthcare segment dominated the test and measurement equipment market with the largest share in 2023. The growth of the segment is attributed to the rising implementation of tests and measurements in the healthcare sector to improve patient and treatment outcomes. Testing and measurement are used to simplify complex and efficient diagnostics to help with the treatment. It also helps in the testing of preventive vaccines and medications. The continuous research on the development and launch of the latest medical devices, personal emergency reporting systems, and patient monitoring systems drives the demand for testing and measurement in the healthcare industry. Additionally, the rising investment in the development of the healthcare industry is further driving the demand for test and measurement equipment in the segment.

The automotive and transportation segment is expecting significant growth in the market during the forecast period. The growth of the segment is owing to the rising demand for the automotive industry by the population due to the rising disposable income and the rising tendency to have their own transportation system, which is driving the growth of the automotive and transportation industry. Test and measurement equipment plays an important role in the automotive industry; it is used in every stage of automobile manufacturing, from development to production, quality checking and assurance, safety testing, conformity, workshops, and recycling. Furthermore, the rising advancements in automotive technologies, integration of smart features, and rising competition in the automobile industry are collectively contributing to the expansion of the test and measurement equipment market.

Test and Measurement Equipment Market Companies

  • Yokogawa Electric (Japan)
  • Rohde & Schwarz (Germany)
  • Anritsu (Japan)
  • Advantest (Japan)
  • EXFO (Canada)
  • OWON Technology (China)
  • GW Instek (Taiwan)
  • ADLINK Technology (Taiwan)
  • RIGOL Technologies (China)
  • Saluki (Taiwan)
  • IKM Instrutek (Norway)
  • Uni-Trend Technology (China)
  • Mextech Technologies (India)

Recent Developments

  • In May 2024, Extech announced the launch of a new range of measurement tools. The launch will include the innovative IAQ320 air quality monitor, the advanced EX series of multimeters and clamp meters, and the versatile BR450 W borescopes. The tools will offer excellent value without compromising safety standards.
  • In May 2024, IDEAL Electrical™ proudly announced the two latest extensions of circuit tracer models in its industry line-up: the IDEAL Electrical SureTrace™ Plus Circuit Tracer (61-948) and the IDEAL Electrical SureTrace™ Circuit Tracer (61-946). Both models increase the SureTrace™ line by associating the latest technologies at affordable prices.

Segments Covered in the Report

By Product

  • GPTE
  • MTE

By Service Type

  • Calibration Services
  • Repair/After-sales Services

By Vertical

  • Automotive & Transportation
  • Aerospace & Defense
  • IT & Telecommunication
  • Education & Government
  • Industrial
  • Healthcare
  • Semiconductor & Electronics

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

The global test and measurement equipment market size is expected to increase USD 53.99 billion by 2033 from USD 34.37 billion in 2023.

The global test and measurement equipment market will register growth rate of 4.62% between 2024 and 2033.

The major players operating in the test and measurement equipment market are Yokogawa Electric (Japan), Rohde & Schwarz (Germany), Anritsu (Japan), Advantest (Japan), EXFO (Canada), OWON Technology (China), GW Instek (Taiwan), ADLINK Technology (Taiwan), RIGOL Technologies (China), Saluki (Taiwan), IKM Instrutek (Norway), Uni-Trend Technology (China), Mextech Technologies (India), and Others.

The driving factors of the test and measurement equipment market are the Rising demand from several industrial uses and rising implementation.

North America region will lead the global test and measurement equipment market during the forecast period 2024 to 2033.

Proceed To Buy

USD 5400
USD 3800
USD 2100
USD 2100
USD 7500

Ask For Sample

No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client