"The test and measurement equipment market is estimated to grow at a CAGR of 3.55% between 2017 and 2023"
The test and measurement equipment market is expected to reach USD 28.98 billion by 2023 from USD 23.51 billion in 2017, at a CAGR of 3.55%. The increased penetration of modular instrumentation, increasing technological advancement towards networking and communication, increase in the adoption of electronic devices, and increased R&D spending are the factors driving the growth of the test and measurement equipment market.
"The market for modular instrumentation is expected to grow at the highest CAGR during the forecast period"
The test and measurement equipment market for modular instrumentation is expected to witness the highest CAGR between 2017 and 2023. The major factors contributing to this growth are the increasing production and consumption in the automotive sector, technological advancements pertaining to the 5G solutions in the IT and telecommunication sectors, and growing focus of stakeholders on the industry 4.0 and smart applications.
"Machine vision inspection is expected to hold the largest share of the market during the forecast period"
The machine vision inspection equipment is expected to hold the largest share of the market during the forecast period. The market is driven by the increasing adoption of 3D machine vision systems, rising need for quality inspection and automation, growing demand for vision-guided robotic systems, and increasing demand for application-specific machine vision systems. Moreover, realizing the future demand for intelligent transport systems and automated vehicles, the connected vehicle companies and city authorities are increasingly adopting machine vision systems.
"The test and measurement equipment market in APAC is expected to grow at the highest CAGR between 2017 and 2023"
This report covers the market in North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). India and China are considered as huge markets for test and measurement equipment owing to their growing economy. APAC is the prominent market in the overall communication sector owing to the considerable rise in the number of mobile Internet subscribers in the emerging economies such as India and China. APAC also offers significant growth opportunities for the test and measurement solutions for communications, as the end-users, such as mobile device manufacturers, are highly dependent on the communication test and measurement solutions to provide the high-quality and high-performing services to their customers.
Breakdown of Profiles of Primary Participants:
- By Company Type: Tier 1 = 27%, Tier 2 = 41%, and Tier 3 = 32%
- By Designation: C-Level Executives = 26%, Directors = 40%, and Others = 34%
- By Region: North America = 47%, Europe = 28%, APAC = 19%, and RoW = 6%
Fortive (US), Rohde & Schwarz (Germany), Anritsu (Japan), Keysight (US), Yokogawa Electric (Japan), National Instruments (US), EXFO (Canada), Advantest (Japan), Viavi (US), and Cobham (UK), Teledyne (US), and Texas Instruments (US) are the major players in the test and measurement equipment market.