from USD 27. 7 billion in 2021 to USD 33. 3 billion. Increasing demand of test and measurement equipment products in the healthcare and IT & telecommunications industry will drive the market.
New York, April 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Test and Measurement Equipment Market with COVID-19 Impact Analysis by Product Type, Service Type, Verticals And Region - Global Forecast to 2026" - https://www.reportlinker.com/p05220264/?utm_source=GNW
Test and measurement equipment market for repair services/ after-sales services is expected to grow at highest CAGR during forecast period
Repair services are provided for material and workmanship defects.The purpose of repairing is similar to troubleshooting, which includes detecting and eliminating faults present in a product in various stages of the product cycle.
Companies connect with their customers through toll-free numbers, online chat, or emails to provide round-the-clock technical assistance. This helps test and measurement equipment service providers to minimize their turnaround time and enhance the quality of the product under inspection.
Players in this market also offer training and development programs to their customers or end users.Training helps users better understand the technical and operational aspects to be able to reduce the error rate.
For instance, Yokogawa Electric provides training programs on basic aspects and application, control technologies, and maintenance. Rohde & Schwarz offers services such as repair, warranty extension, repair packages, express repair, and spare parts under its repair services.
Test and measurement equipment market for GPTE accounted for largest share in 2020
General-purpose test equipment include oscilloscopes, signal generators, digital multimeters, logic analyzers, spectrum analyzers, bit error rate tester (BERT) solutions, network analyzers, power meters, electronic counters, modular instruments, and automated test equipment (ATE), and power supplies.The characteristics of the above-mentioned type of equipment include large size, bulky displays, and slightly complicated control system and customer user interface.
These characteristics are expected to change to an extent owing to the rising demand for miniature devices and the strong focus of test and measurement equipment manufacturers on integrating different types of equipment into one offering.
Most test and measurement equipment offer high bandwidth, more accuracy, and higher resolution than those in the earlier ones. Some prominent verticals in which such equipment are used include IT & telecommunications, healthcare, automotive, and industrial.
Test and measurement equipment market for industrial end-user industry to hold the largest share during forecast period
In the industrial sector, test and measurement equipment are used at different product life cycles, such as designing, manufacturing, and maintenance.These products could be solar inverters, MP3 players, cell phones, radar systems, etc.
Also, products related to mechanical engineering such as wind turbines, car suspensions, machine health monitoring systems, and steel manufacturing assembly need to be tested for their reliability and performance. Thus, test and measurement equipment play an integral role in the industrial vertical.
According to Rohde-Schwarz (Germany), in the automotive industry, the percentage of electronic devices in cars has been growing at an annual rate of 15%.New applications are continuously being added.
For instance, mechanical components are being replaced by industrial robot components of steer-by-wire systems, radar-based safety systems, and new telematics systems designed for collision avoidance and traffic flow control applications. Due to such technological advancements, there is a potential demand for testing and measuring equipment to ensure the proper functioning of all systems and devices.
North America is expected to hold the largest market for Test and measurement equipment during forecast period
The market in this region is expected to be driven by the growing demand from the healthcare, and IT and telecommunications sectors.With advancements in autonomous driving technology and recent Internet of Things (IoT) technology trends, there is a need for improved bandwidth and latency reduction, which can be easily achieved through 5G.
The US is one of the active participants in the league for commercializing the 5G network throughout the country.
Additionally, the shift toward connected cars and intelligent transportation systems, along with increasing demand for medical devices in the wake of COVID-19, is expected to drive the test and measurement equipment market in the region. Also, the significant presence of major companies offering test and measurement devices in this region and the high demand for test and measurement applications for different applications in the healthcare and telecom verticals fuel market growth in North America.
North America is home to many tier 1 companies in the test and measurement equipment market, including National Instruments (US), Fortive (US), and Keysight Technologies (US). Additionally, Teledyne LeCroy (US), B&K Precision (US), and Stanford Research Systems (US) are among a few private companies in the North American test and measurement equipment market.
Breakdown of the profile of primary participants:
• By Company Type: Tier 1 – 30 %, Tier 2 – 38%, and Tier 3 – 32%
• By Designation: C-level Executives – 44%, Directors - 38%, and Others -18%
• By Region: APAC – 30%, North America– 25%, Europe – 26%, and RoW – 19%
The major players profiled in this report include:
• Fortive (Japan)
• Keysight Technologies (US)
• Anritsu (Japan)
• Advantest (Japan)
• National Instrument (US)
• Yogokawa Electric (Japan)
• VIAVI solutions, Inc. (US)
• EXFO (Canada)
• Rohde & Schwarz (Germany)
• Texas Instruments (US)
The study segments the test and measurement equipment market report into product type (General Purpose test Equipment and Mechanical Test Equipment), services type (calibration services, repair services/after-sales services and others) and verticals (healthcare, automotive & transportation, aerospace & defense, electronics & semiconductor, education & government, IT & telecommunications) . The study also provides market size for various segments regarding four main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to buy the report
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the Test and measurement equipment market comprehensively provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report provides a detailed analysis of the Test and measurement equipment market with the help of competitive leadership mapping, including crucial companies in the market and their relations in the ecosystem.
3. The report helps stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
4. This report would help stakeholders understand their competitors better and gain insights to enhance their position in the business. The competitive landscape section includes the competitor ecosystem, product developments, partnerships, and mergers & acquisitions in the Test and measurement equipment market.
Read the full report: https://www.reportlinker.com/p05220264/?utm_source=GNW
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