Test and Measurement Equipment Market Revenue, Company Profile, Key Trend Analysis & Forecast, 2034

The test and measurement equipment market is experiencing a 5.6% CAGR through 2034, with an estimated value of USD 35,684.4 million in 2024 and a projected value exceeding USD 61,534.3 million by 2034.

The demand for precise and reliable test and measurement equipment is increasing across various industries such as telecommunications, aerospace, automotive, and healthcare. This trend is driven by the need to ensure quality and performance in these sectors. The growth is also driven by the booming telecom industry, especially in emerging economies.

The increasing complexity of electronic products and systems has led to a growing need for sophisticated testing equipment. This equipment ensures functionality, reliability, and compliance with industry standards and regulations.

The demand for test and measurement devices is driven by Industry 4.0 and increasing automation. Their utilization in aerospace, automotive, and healthcare industries has shown significant growth post-pandemic.

Countries like China, Japan, India, and the United States have deployed 5G networks. This has also led to a heightened need for equipment capable of handling the technology’s higher frequencies, wider bandwidths, and increased data rates.

Key Takeaways from the Market Study:

The calibration services segment dominates the global test and measurement equipment market with a share of 4% in 2024.
Based on product type, the general-purpose test equipment segment leads the test and measurement equipment market with a share of 4% in 2024.
The test and measurement equipment market in Spain is anticipated to grow at a CAGR of 2% through 2034.
The test and measurement equipment market in China is estimated to rise at a 3% CAGR through 2034.
The test and measurement equipment market in India has the potential to increase at an 3% CAGR through 2034.
The United States test and measurement equipment market is predicted to rise by a 1% CAGR through 2034.
The test and measurement equipment market in the United Kingdom is very likely to grow at a CAGR of 2% through 2034.

“Companies in the test and measurement equipment market must forge strategic partnerships with technology firms, research institutions, and industry bodies. This approach helps them stay ahead in innovation and expand their market reach,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape:

The global test and measurement equipment market is highly competitive due to the presence of numerous key players and constant innovation.

Leading companies such as Agilent Technologies, Keysight Technologies, Tektronix, Rohde & Schwarz, and National Instruments have established loyal consumer bases and extensive distribution networks through their long-standing presence and industry expertise.
Companies are actively pursuing mergers and acquisitions to broaden their product offerings, enter new markets, and gain access to cutting-edge technologies in addition to competition.

Top 10 Key Players in the Test and Measurement Equipment Industry:

Keysight Technologies
Agilent Technologies
Tektronix
Rohde & Schwarz
National Instruments (NI)
Fluke Corporation
Anritsu
Yokogawa Electric Corporation
Teledyne LeCroy
Advantest Corporation

Recent Developments:

Electro Rent expanded its services in May 2024 to offer Calibration-as-a-Service (CaaS) for test and measurement equipment in the United States. and Canada, adding to its portfolio.
In April 2024, FLUKE won a USD 3.8 million contract from the United States Navy for 5730A multimeter calibrators to enhance the accuracy of the Naval Air Systems Command Metrology and Calibration Program in testing power electronics devices.

Key Segments of Market Report:

By Service:

On the basis of services, the sector is bifurcated into: