Increase in demand for modular instrument by product designers and manufacturers, and adoption of electronic devices paired with surge in demand for high-performance and power-efficient electronic devices have boosted the growth of the global measurement and test equipment market.
PORTLAND, Ore., Aug. 10, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Measurement and Test Equipment Market By Type (Product, Services), Application (Automotive, Aerospace and Defense, IT and Telecommunication, Industrial, Healthcare, Semiconductor and Electronics, Education and Government, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global measurement and test equipment industry was accounted for $28.13 billion in 2021, and is expected to reach $46.64 billion by 2031, growing at a CAGR of 5.22% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Major determinants of the market growth
Increase in demand for modular instrument by product designers and manufacturers, and adoption of electronic devices paired with surge in demand for high-performance and power-efficient electronic devices have boosted the growth of the global measurement and test equipment market. However, dearth of skilled professionals and high installation and ownership costs hinder the market growth. On the contrary, emergence of 5G technology is anticipated to open lucrative opportunities in the future.
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Report Coverage and Details:
Market Size in 2021
Market Size in 2031
No. of Pages in Report
Type, Application, and Region.
Rise in demand for modular instruments especially from product designers and manufacturers
Increase in demand for high-performance and power efficient electronic devices
Advent of 5G technology
Deployment of LTE and LTE-Advanced (4G) networks
Strong inclination of end users toward adoption of measurement and test equipment on rental basis
The healthcare segment dominated the market
By application, the healthcare segment held the largest share in 2021, accounting for more than nearly one-fifth of the global measurement and test equipment market. However, the automotive segment is expected to dominate the market in terms of revenue by 2031. In addition, the automotive segment would showcase the highest CAGR of 7.1% from 2022 to 2031. Automotive testing puts full vehicles, components and systems through a series of laboratory, virtual and real world assessments to ensure it is safe, reliable and compliant with safety regulations. Rise in stringent emission norms to prevent environment is significantly boosting the growth of measurement and test equipment market in automotive sector.
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The services segment to portray the highest CAGR through 2031
By type, the services segment is projected to manifest the highest CAGR of 5.55% from 2022 to 2031. However, the product segment held the largest share in 2022, accounting for around three-fourths of the global measurement and test equipment market, due to increase in demand for advanced technology electronic products.
Asia-Pacific held the highest share
By region, the global measurement and test equipment market across Asia-Pacific dominated in 2021, accounting for nearly two-fifths of the market. In addition, the region is anticipated to showcase the highest CAGR of 5.64% during the forecast period, due to increasing technological innovations across various end user verticals such as automotive, manufacturing, semiconductor and others. In addition, major players in the region are focused toward investing substantial amount on R&D activities and innovation to introduce advanced embedded electronic devices, components such as sensors and actuators, and software solutions to meet the emerging demand and gain competitive edge in the market. This fuels the market growth in the region.
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Major Market Players
The report analyzes these key players of the global measurement and test equipment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits For Stakeholders:
Measurement and Test Equipment Market Key Segments:
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