The test and measurement market is expected to grow by USD 4.56 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Test and Measurement Market 2020-2024 (Graphic: Business Wire)
Test and measurement products and services are extensively used in automotive, ground vehicle, and aircraft manufacturing. The electronic components and structure of vehicles and aircraft are thoroughly tested during manufacturing and regular maintenance to ensure passenger and vehicle safety. These end-user industries use complex electronics and components to enhance the comfort and safety of drivers and passengers. The growth of the automotive as well as aerospace and defense industries in APAC, coupled with the growing adoption of complex electronic systems, is expected to drive the demand for test and measurement products and services during the forecast period.
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As per Technavio, the expansion of telecommunication networks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Test and Measurement Market: Expansion of Telecommunication Networks
The rise in the number of smartphone users and internet subscribers as well as the demand for high-speed data access, has been driving network operators to expand and upgrade their network infrastructure. Telecom operators are progressively adopting technologies to handle rapid increases in data traffic. The communications segment is one of the largest end-users of test and measurement equipment. Test and measurement equipment is critical for telecommunication service providers, mobile device manufacturers, and network equipment manufacturers to offer their customers high-quality and high-performing services and products. Thus, the expansion of telecommunication networks and the increase in capital investments by telecom operators and telecommunication equipment manufacturers are expected to have a direct impact on the demand for test and measurement equipment during the coming years.
“Factors such as the emergence of 5G network, and the rise in R&D investments in APAC countries will have a significant impact on the growth of the test and measurement market value during the forecast period,” says a senior analyst at Technavio.
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Test and Measurement Market: Segmentation Analysis
This market research report segments the test and measurement market by product (wireless test equipment, GPTE, semiconductor test equipment, and real-time test equipment), end-user (aerospace and defense, telecommunication, semiconductor and electronics, and others) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the test and measurement market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increased demand from the aerospace and defense and IoT sectors, and developments in the telecommunication industry.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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