Test & Measurement Equipment Market Analysis: Growth, Size, Share & Future Trends (2024-2029)
The report covers a comprehensive analysis segmented by Product (GPTE, MTE), by Service (Calibration Services, Repair/ After Sales- Services), by Vertical (Automotive & Transportation, Aerospace & Defense, IT & Telecommunication, Education & Government, Industrial, Healthcare, Semiconductor & Electronics), by Geography (North America, South America, Asia Pacific, Europe, the Middle East, Africa).
Test and Measurement Equipment Market Snapshot
Test and Measurement Equipment Market Overview
The global test and measurement equipment market is estimated to be at $33.15 Bn in 2024 and is anticipated to reach $41.12 Bn in 2029. The global test and measurement equipment market is registering a CAGR of 4.4% during the forecast period 2024-2029. The test and measurement equipment market serves as a critical component in various industries, encompassing electronics, telecommunications, aerospace, automotive, healthcare, and manufacturing. This market segment is characterized by its essential role in ensuring the quality, reliability, and performance of products and systems across diverse applications. The increasing complexity of modern technologies, coupled with stringent regulatory requirements and evolving industry standards, drives the demand for advanced test and measurement solutions worldwide.
One of the drivers propelling the growth of the test and measurement equipment market is the rapid technological advancements across industries. With the emergence of advanced technologies such as 5G, Internet of Things (IoT), artificial intelligence (AI), and electric vehicles (EVs), there is a growing need for more accurate, efficient, and sophisticated testing solutions to meet evolving industry requirements and consumer expectations.
Furthermore, the adoption of Industry 4.0 practices, characterized by automation, robotics, data analytics, and smart manufacturing processes, is driving the demand for test and measurement equipment. These advanced manufacturing systems rely heavily on precise testing and measurement to ensure product quality, reliability, and compliance with industry standards.
The increasing emphasis on sustainability, energy efficiency, and environmental regulations is also contributing to the growth of the test and measurement equipment market. Manufacturers across industries are seeking testing solutions that can assess energy consumption, emissions, and environmental impact to meet regulatory requirements and align with sustainability goals.
Moreover, the globalization of supply chains and the expansion of emerging markets are creating new opportunities for test and measurement equipment manufacturers to address the diverse needs of customers worldwide.
As industries continue to evolve and innovate, the demand for advanced test and measurement solutions is expected to grow, driving market expansion and technological innovation in the years to come.
​​​Test and Measurement Equipment Market Coverage
| Historical & Forecast Period | 2018-2029 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Units | Billion US$ |
| Segments | Product, Service, Vertical |
| Geographies | North America, South America, Asia Pacific, Europe, the Middle East, Africa |
| Key Vendors | Teledyne Technologies Inc., Yokogawa Electric Corp., Good Will Instrument Co. Ltd., AMETEK, Inc., ADLINK Technology Inc. |
Key Geographies of Test and Measurement Equipment Market, 2023
Porter’s 5 Forces Analysis of Test and Measurement Equipment Market
Test and Measurement Equipment Market Trends
The test and measurement equipment market is witnessing a continuous influx of technological advancements, particularly in areas such as wireless communication, IoT, and 5G. This trend is directed by the increasing demand for more accurate, faster, and efficient testing solutions to keep pace with evolving industry standards and consumer expectations. For example, Keysight Technologies’ PathWave software platform offers comprehensive 5G network emulation and testing capabilities, which allow network equipment manufacturers (NEMs) and mobile operators to validate the performance of 5G devices and infrastructure components across different deployment scenarios.
With the advent of Industry 4.0, there is a growing need for smart manufacturing processes that rely heavily on automation, robotics, and data analytics. Test and measurement equipment are integral components of these advanced manufacturing systems, which direct the adoption of solutions capable of handling complex testing requirements in interconnected production environments.
There is a noticeable trend towards the development and adoption of portable and handheld test and measurement devices. This is propelled by the need for on-the-go testing solutions, especially in industries such as telecommunications, aerospace, and automotive, where mobility and flexibility are paramount. For instance, Yokogawa, a provider of measurement solutions, developed a new line of digital multimeters (DMMs) designed to meet the demands of various industries. These new DMMs offer enhanced accuracy, reliability, and ease of use, making them ideal for professionals in fields such as electrical engineering, manufacturing, and process control. With their robust design and advanced functionalities, Yokogawa’s digital multimeters set a new standard in precision measurement, ensuring optimal performance and efficiency in a wide range of applications. Quality assurance and compliance with industry standards and regulations remain top priorities across various sectors. As a result, there is a growing demand for test and measurement equipment that can ensure product quality, reliability, and compliance with stringent regulatory requirements.
With the proliferation of IoT devices and applications across industries, there is a corresponding increase in the demand for specialized test and measurement solutions tailored to IoT testing requirements. These solutions encompass areas such as connectivity testing, interoperability testing, and performance validation for IoT devices and networks.
Moreover, the test and measurement equipment market is witnessing a trend toward consolidation, with major players engaging in mergers, acquisitions, and strategic partnerships to expand their product portfolios, geographic presence, and technological capabilities. This consolidation is aimed at addressing evolving customer needs and strengthening market competitiveness. For instance, in October 2023, Emerson, a global company in automation technology announced its acquisition of National Instruments (NI) at an equity value totaling USD 8.2 billion. As part of the acquisition, NI will now operate as a distinct test and measurement business segment within Emerson’s Software and Control group. Overall, the test and measurement equipment market is characterized by rapid technological advancements, increasing demand for specialized solutions, and a growing focus on quality assurance, compliance, and environmental testing.
Cloud-based test and measurement solutions are gaining traction due to their scalability, flexibility, and cost-effectiveness. Organizations are increasingly adopting cloud-based platforms for test data management, remote testing, and collaboration.
Test and Measurement Equipment Market Driving Factors
The test and measurement equipment market is being driven by several key factors. Technological advancements, particularly in areas such as wireless communication, IoT, and 5G, are spurring the demand for more accurate and efficient testing solutions to meet evolving industry standards and consumer expectations. This drive for innovation is fostering the development of advanced testing equipment capable of handling complex testing requirements in interconnected production environments.
Furthermore, the shift towards Industry 4.0 is fueling the need for smart manufacturing processes, which rely heavily on automation, robotics, and data analytics. Consequently, there is an increased demand for test and measurement equipment to ensure the reliability and quality of products within these advanced manufacturing systems. For instance, in April 2022, Siemens, a global company in industrial automation and digitalization, acquired UltraSoC, a provider of embedded analytics and monitoring solutions. The acquisition aimed to strengthen Siemens’ portfolio of Industrial Internet of Things (IIoT) solutions by integrating UltraSoC’s technology, which enables real-time monitoring and optimization of complex embedded systems. This technology is crucial for ensuring the reliability and quality of products within Industry 4.0 manufacturing environments, where automation, robotics, and data analytics play pivotal roles.
Additionally, the growing focus on sustainability and energy efficiency is leading to increased demand for testing solutions that can assess energy consumption, emissions, and environmental impact across various processes and products. For instance, Keysight Technologies, a technology company specializing in electronic design and test solutions, collaborated with Newtecnic, a design and engineering firm, to develop sustainable building solutions using advanced testing methodologies. Through this collaboration, Keysight and Newtecnic aimed to offer innovative testing solutions that enable architects, engineers, and developers to optimize building designs for energy efficiency, reduce resource consumption, and minimize environmental footprint.
Overall, these drivers are collectively shaping the test and measurement equipment market, fueling innovation, and driving the adoption of advanced testing solutions across industries worldwide.
Test and Measurement Equipment Market Challenges
The relentless pace of technological innovation poses a significant challenge for test and measurement equipment manufacturers. Keeping up with advancements in areas such as wireless communication, IoT, and 5G requires continuous investment in research and development to develop advanced testing solutions that meet evolving industry standards and customer expectations.
With the advent of Industry 4.0 and the increasing adoption of smart manufacturing processes, the integration of test and measurement equipment into interconnected production environments has become more complex. Manufacturers must ensure seamless interoperability between testing systems and automation platforms, requiring sophisticated integration capabilities and interoperable standards.
The competitive nature of the test and measurement equipment market exerts pressure on manufacturers to reduce costs while maintaining product quality and performance. Achieving cost efficiency without compromising on technological capabilities poses a significant challenge, especially for smaller players competing against larger incumbents.
Stringent regulatory requirements governing product quality, safety, and environmental standards pose challenges for test and measurement equipment manufacturers. Adhering to diverse regulatory frameworks across different regions necessitates robust compliance strategies and investments in regulatory testing and certification processes. For instance,, the European Union’s Medical Device Regulation (MDR) came into effect on May 26, 2021. The MDR imposes stricter regulations on medical device manufacturers to ensure the safety and efficacy of medical devices sold in the EU market. Under the MDR, medical device manufacturers are required to comply with stringent quality and safety standards, conduct thorough risk assessments, and provide comprehensive documentation throughout the product lifecycle. This includes rigorous testing and certification processes to demonstrate compliance with regulatory requirements.
The increasing complexity of test and measurement equipment, coupled with rapid technological advancements, exacerbates the skills gap within the industry. Recruiting and retaining skilled personnel with expertise in emerging technologies and specialized testing methodologies remain ongoing challenges for manufacturers and service providers.
As test and measurement equipment becomes increasingly interconnected and digitized, data security and privacy concerns become paramount. Protecting sensitive test data from cyber threats and ensuring compliance with data protection regulations present significant challenges for industry stakeholders.
Test and Measurement Equipment Market – Key Industry News
- In September 2023, Fluke, a provider of test measurement instruments, announced its acquisition of Solmetric, a solar test and measurement company, this acquisition is a strategic expansion into the solar energy sector.
- In May 2023, KKR, a global investment firm signed an agreement to acquire Industrial Physics, a manufacturer of testing and measurement instruments, from Union Park Capital. Through this acquisition, KKR aims to facilitate the company’s growth through organic expansion.
Test and Measurement Equipment Market Competitive Landscape
The test and measurement equipment market is characterized by intense competition and significant fragmentation. It features a mix of established multinational corporations and numerous smaller, specialized firms. These companies invest heavily in R&D to innovate and enhance their offerings, catering to the evolving demands of industries such as electronics, telecommunications, automotive, aerospace, and healthcare.
The market’s competitive dynamics are influenced by rapid technological advancements, particularly in areas like wireless communication, IoT, and 5G, driving the need for advanced testing solutions. Companies compete on various fronts, including technological innovation, product performance, pricing strategies, and customer support services.
Emerging trends such as miniaturization, increased automation, and the integration of AI and machine learning into testing equipment are reshaping the competitive landscape. For instance, Siemens Healthineers has developed the Atellica Solution, which is a flexible, scalable, and automated clinical chemistry and immunoassay analyzer. The system is designed to be more compact than traditional laboratory equipment, allowing for more efficient use of space in laboratories and even enabling point-of-care testing in smaller healthcare facilities.
Additionally, regional players and startups are also gaining traction by offering niche solutions and cost-effective products, adding to the market’s fragmentation. Strategic partnerships, mergers, and acquisitions are common as companies seek to expand their capabilities and market reach. Overall, the test and measurement equipment market remains highly dynamic and competitive.
Test and Measurement Equipment Market Company Share Analysis, 2023 (%)
Test and Measurement Equipment Market – Key Companies
Reason to Buy from us
Table of Contents
| 1. Introduction |
|---|
| 1.1. Research Methodology |
| 1.2. Scope of the Study |
| 2. Market Overview / Executive Summary |
| 2.1. Global Test and Measurement Equipment Market (2018 – 2022) |
| 2.2. Global Test and Measurement Equipment Market (2023 – 2029) |
| 3. Market Segmentation |
| 3.1. Global Test and Measurement Equipment Market by Product |
| 3.1.1. GPTE |
| 3.1.2. MTE |
| 3.2. Global Test and Measurement Equipment Market by Service |
| 3.2.1. Calibration Services |
| 3.2.2. Repair/ After Sales- Services |
| 3.3. Global Test and Measurement Equipment Market by Vertical |
| 3.3.1. Automotive & Transportation |
| 3.3.2. Aerospace & Defense |
| 3.3.3. IT & Telecommunication |
| 3.3.4. Education & Government |
| 3.3.5. Industrial |
| 3.3.6. Healthcare |
| 3.3.7. Semiconductor & Electronics |
| 4. Regional Segmentation |
| 4.1. North America |
| 4.1.1. The U.S |
| 4.1.2. Canada |
| 4.1.3. Mexico |
| 4.2. South America |
| 4.2.1. Brazil |
| 4.2.2. Argentina |
| 4.2.3. Colombia |
| 4.2.4. Chile |
| 4.2.5. Rest of South America |
| 4.3. Asia Pacific |
| 4.3.1. China |
| 4.3.2. India |
| 4.3.3. Japan |
| 4.3.4. South Korea |
| 4.3.5. Rest of Asia Pacific |
| 4.4. Europe |
| 4.4.1. UK |
| 4.4.2. Germany |
| 4.4.3. Italy |
| 4.4.4. France |
| 4.4.5. Spain |
| 4.4.6. Rest of Europe |
| 4.5. The Middle East |
| 4.5.1. Turkey |
| 4.5.2. UAE |
| 4.5.3. Saudi Arabia |
| 4.5.4. Rest of the Middle East |
| 4.6. Africa |
| 4.6.1. Egypt |
| 4.6.2. South Africa |
| 4.6.3. Rest of Africa |
| 5. Value Chain Analysis of the Global Test and Measurement Equipment Market |
| 6. Porter Five Forces Analysis |
| 6.1. Threats of New Entrants |
| 6.2. Threats of Substitutes |
| 6.3. Bargaining Power of Buyers |
| 6.4. Bargaining Power of Suppliers |
| 6.5. Competition in the Industry |
| 7. Trends, Drivers, and Challenges Analysis |
| 7.1. Market Trends |
| 7.1.1. Market Trend 1 |
| 7.1.2. Market Trend 2 |
| 7.1.3. Market Trend 3 |
| 7.2. Market Drivers |
| 7.2.1. Market Driver 1 |
| 7.2.2. Market Driver 2 |
| 7.2.3. Market Driver 3 |
| 7.3. Market Challenges |
| 7.3.1. Market Challenge 1 |
| 7.3.2. Market Challenge 2 |
| 7.3.3. Market Challenge 3 |
| 8. Regulatory Landscape |
| 9. Competitive Landscape |
| 9.1. Teledyne Technologies Inc. |
| 9.2. Yokogawa Electric Corp. |
| 9.3. Good Will Instrument Co |
| 9.4. AMETEK, Inc. |
| 9.5. ADLINK Technology Inc. |
| 9.6. Company 6 |
| 9.7. Company 7 |
| 9.8. Company 8 |
| 9.9. Company 9 |
| 9.10. Company 10 |
Test and Measurement Equipment Market – Frequently Asked Questions (FAQs)
What is the current size of the global test and measurement equipment market?
The market size for the global test and measurement equipment market in 2024 is $33.15 Bn.
Who are the major vendors in the global test and measurement equipment market?
The major vendors in the global test and measurement equipment market are Teledyne Technologies Inc., Yokogawa Electric Corp., Good Will Instrument Co. Ltd., AMETEK, Inc., ADLINK Technology Inc.
Which segments are covered under the global test and measurement equipment market segments analysis?
This report offers in-depth insights into each product, service , vertical.