Testing and Measurement Equipment Market To Generate $47.9 Billion Revenue by 2030

The testing and measurement equipment market size is expected to advance at a CAGR of 4.8% during 2024–2030, to reach $47.9 billion by 2030.

This will primarily be due to the proliferation of electronic devices across industries, surge in the demand for connected and integrated systems, rise in data safety and privacy concerns, and extensive R&D to better serve customers and industries’ needs.

The growth in IoT adoption is also positively influencing the market as it demands higher performance and stronger safety and privacy protocols for users, which makes proper testing and measurement of the key operational parameters imperative. Further, the growing need for high-performance and energy-saving electronics is projected to drive the market growth significantly.

Further, in October 2021, GE Aerospace announced plans to partner with NASA in the Hybrid Thermally Efficient Core (HyTEC) program, in which it seeks to design and test the next generation of fuel-efficient and environment-friendly commercial aircraft engines. Such developments unlock extensive growth prospects for testing and measuring equipment vendors, who are concentrating on risk reduction and cost-effective solutions for the aerospace & defense industry.

Moreover, manufacturing output is growing as a result of the continuous automation, particularly in developing economies, such as China, India, and Brazil. The market for testing and measurement equipment will boom as a result of its growing usage to check product quality and assess damage in the manufacturing stage itself.

High Demand for Calibration Services

Among the various services provided by market players, calibration services are expected to dominate the market. These services encompass maintaining product accuracy and standardization, which ensures reliable benchmarks and consequences.

Increasing Adoption of Wireless Technologies across Industries

The rise in the adoption of wireless technologies, such as Wi-Fi, Bluetooth, and GPS, at the global scale is connecting people, businesses, and governments. Essentially, the increase in the integration of wireless technologies across automotive, aerospace, telecommunications, healthcare, and other industries is fueling the demand for efficient testing solutions.

Surging Infrastructure Development Activities Are Bolstering APAC Market

The Asia-Pacific region is projected to experience the highest CAGR, of 5.2% during the forecast period. The market growth is supported by the growing number of internet users, booming IT industry, emergence of automotive and semiconductor companies, presence of high-capacity manufacturing sites, and strengthening presence of market players in the region. For instance, Scientech Technologies Pvt. Ltd., Fluke Corporation, Rohde & Schwarz India Pvt. Ltd., Microtek Instrument, and many other companies provide testing and measurement equipment in India.

Further, the APAC market is driven by the escalating urbanization level and a growing emphasis on sustainable infrastructure development. This is because governments in APAC countries are initiating many projects aimed at urbanizing rural areas and constructing smart cities, which is supporting the demand for testing and measurement equipment. Further, the increase in the demand for better medical equipment and the growth of the aerospace & defense industry are creating a substantial demand for enhanced testing equipment for key components.

The biggest testing and measurement equipment market players are Fortive, Keysight Technologies Inc., Rohde & Schwarz GmbH & Co. KG, Advantest Corporation, National Instruments Corporation, VIAVI Solutions Inc., ANRITSU CORPORATION, Yokogawa Electric Corporation, and EXFO INC.