The general purpose test equipment (GPTE) market size is expected to post a CAGR of close to 5% during the period 2020-2024, 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 general purpose test equipment (GPTE) market 2020-2024 (Graphic: Business Wire)
The continuous technological developments in the communication industry are one of the primary reasons for the general purpose test equipment (GPTE) market growth. Over the past few years, there have been significant developments in cellular networks and cloud systems. Companies in the communication industry are investing vast amounts in developing networks across the world, due to significant growth in the IP traffic. The majority of the growing IP traffic can be attributed to the rise in mobile data traffic. Highly populated nations such as India have been witnessing massive investments from major telecom service providers toward the provision of nationwide 4G service. Developed countries such as the US have already launched 5G connections. These developments in the communication industry are stimulating the demand for GPTE, thereby driving the market growth.
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As per Technavio, the growing adoption of modular GPTE 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 affect market growth over 2020-2024.
General Purpose Test Equipment (GPTE) Market: Growing Adoption of Modular GPTE
One of the biggest challenges for the end-users of GPTE is the continually changing technology and systems, which are growing more complex with time. Along with the changing technology, test and measurement equipment also needs to be upgraded to produce effective testing and measurement results. With the development of modular GPTE, the essential test equipment remains functional, with only a few modules requiring replacement or upgrade. Thus, the adoption of modular GPTE is expected to be a key trend in the market during the forecast period.
“Apart from the growing adoption of modular GPTE, factors such as the increasing adoption of autonomous and electric vehicles, and the advent of integrated industry 4.0 and quality 4.0 with IoT will have a significant impact on the growth of the general purpose test equipment (GPTE) market value during the forecast period,” says a senior analyst at Technavio.
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General Purpose Test Equipment (GPTE) Market: Segmentation Analysis
This market research report segments the general purpose test equipment (GPTE) market by product (oscilloscope, spectrum analyzer, signal generator, network analyzer, multimeter, and other products), end-user (industrial, aerospace and defense, electronics and semiconductors, and others) and geographical regions (North America, Europe, APAC, South America, and MEA).
The APAC region led the market in 2019, followed by North America, Europe, South America, and MEA, respectively. The growth of the general purpose test equipment (GPTE) market share in APAC can be attributed to factors such as the increase in industrialization and the significant production of automobiles and industrial machinery in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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