PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463773
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463773
Key Highlights
The testing and measurement equipment market was valued at USD 34.8 billion in 2023, which will increase to USD 47.9 billion, advancing at more than 4.5% compound annual growth rate, by 2030.
The need for measuring as well as testing equipment is driven by the hasty industrial growth, particularly in the electronics sector in emerging economies.
This equipment plays a pivotal part in noticing defects in high-performance consumer electronics, such as those employed for wireless communication, optical communication, and microwave applications.
Safety and quality testing has become an important manufacturing stage with the decreasing size of electronic devices but with more advancement in their wireless capabilities.
The increase in the acceptance of wireless technologies, including Bluetooth, GPS, and Wi-Fi, globally is connecting businesses, governments, and people.
Essentially, the rise in the incorporation of wireless technologies in aerospace, automotive, healthcare, telecommunications, and some other sectors is driving the need for effective testing solutions.
The increasing acceptance of electric vehicles across the globe is correspondingly aiding testing equipment requirements as each automobile needs widespread testing before launch.
The major components of electric vehicles that must be ascertained in performance comprise the motor, on-board charger, and battery.
The related systems like back-office systems, telematics modules, and charging stations, need testing.
Market Insights
APAC is likely to propel at the highest compound annual growth rate, of 5.2%, in the years to come.
The growth in APAC is because of the increasing count of internet users, the advent of semiconductor and automotive firms, the flourishing IT sector, the improving presence of industry players, and the existence of high-capacity manufacturing sites.
The GPTE category was the largest contributor to the industry in 2023, with a share of approximately 60%. This can be primarily because of the rise in the acceptance of the 5G network.
GPTE measures the frequency, wattage, voltage, and various other functioning parameters of different electronic devices.
The increasing funding in the telecom sector is also aiding the growth of the GTPE category. India has seen large funding from key telecom firms for 4G service provision.
The calibration services category is likely to be the largest contributor to the industry in the years to come. These services include sustaining product precision and standardization, which guarantees dependable benchmarks and consequences.
The healthcare category is likely to propel at the highest compound annual growth rate, of 5.6%, in the years to come. This will be because of the robust emphasis on developing new medical equipment because they can encounter performance failures or decline, which could result in serious consequences.
To prevent such a problem, the utilization of testing equipment is likely to surge in the coming years.
The healthcare industry has observed substantial technological interventions over the last few years, such as the arrival of wearable devices like smartwatches.
Such devices allow the gathering of health data, enabling real-time monitoring of health and the proactive treatment of health conditions before symptoms develop.
The testing and measurement equipment industry is concentrated with recognized companies accounting for a significant share. However, growth in specific areas such as EV testing is likely to generate opportunities for new players.