Test and Measurement Equipment Market Size - By Product, By Service, By Technology, By End Use, Analysis, Share, Growth Forecast, 2024 - 2032

Test and Measurement Equipment Market Size

The global test and measurement equipment market size was valued at USD 28.8 billion in 2023 and is projected to grow at a CAGR of 5.1% between 2024 and 2032. The rapid expansion of 5G networks is significantly driving the demand for advanced testing solutions. As telecommunications companies invest in upgrading infrastructure, the need for precise wireless test equipment has surged. This growth is further fueled by the increasing complexity of devices requiring extensive testing to ensure performance and compliance with emerging standards, particularly in sectors like automotive and healthcare.
 

For instance, in February 2024, Keysight Technologies introduced the E7515W UXM Wireless Connectivity Test Platform, tailored for testing Wi-Fi 7 technology in accordance with the latest IEEE 802.11be standards. This cutting-edge platform is designed to streamline the testing process for Wi-Fi 7 devices, improving performance and speeding up time-to-market for manufacturers.
 

Furthermore, the increasing emphasis on quality assurance and regulatory compliance across various industries is propelling the demand for advanced testing equipment. As manufacturers face stricter standards, especially in sectors like healthcare, automotive, and aerospace, they require precise and reliable measurement tools to ensure safety and performance. This growth is driving innovation and investment in high-performance testing solutions.
 

For instance, in July 2024, Doosan Tesna, a subsidiary of the Doosan Group, announced its plans to invest around USD 160 million in a new semiconductor testing plant in Korea. This investment is part of a larger strategy to bolster the company's capabilities in the semiconductor sector, specifically in chip testing and packaging. Additionally, it will support the growing testing equipment market, enhancing overall industry efficiency and innovation.
 

Test and Measurement Equipment Market Trends

The shift towards automation in testing processes is transforming the landscape, as companies seek greater efficiency and accuracy. Advanced technologies, such as AI and machine learning, are increasingly being integrated into testing equipment, enabling real-time data analysis and predictive maintenance. This growth is particularly prominent in industries like telecommunications and automotive, where precise measurements are crucial for performance and compliance.
 

For instance, in March 2024, Airties launched Orbit, a new continuous test automation platform specifically designed for managed Wi-Fi deployments. This innovative solution aims to optimize and simplify testing procedures for various industry players, including broadband service providers, manufacturers of customer premises equipment (CPE), and system-on-chip (SoC) producers.
 

The high cost of upgrading advanced testing equipment poses a significant challenge for many organizations, as financial constraints can limit access to the latest technologies. This is compounded by the increasing complexity of modern devices, which often require specialized knowledge for operation and maintenance. As industries evolve and demand for precision rises, the skill gap in the workforce becomes more pronounced, making it difficult for companies to fully utilize their investments in new technologies. This combination of high costs and the need for specialized expertise can hinder operational efficiency and innovation.
 

Test and Measurement Equipment Market Analysis

Based on product, the market is segmented into general purpose test equipment, wireless test equipment, semiconductor test equipment, and others. In 2023, the general-purpose test equipment segment accounted for over 44% of the test and measurement equipment market share. The increasing complexity of electronic devices is driving the demand for versatile and user-friendly general-purpose test equipment. Manufacturers are integrating advanced features, such as automated testing capabilities and cloud platform connectivity, to enhance data analysis. This trend is particularly notable in sectors like education and research, where cost-effective and adaptable solutions are essential for prototyping and experimentation.
 

Furthermore, the growing need for multi-functional devices that can handle various testing requirements across different industries is also driving the demand for general-purpose test equipment. This growth encourages manufacturers to innovate and incorporate features like digital interfaces and compatibility with automated systems. As companies seek to streamline their operations, the versatility of these tools is becoming increasingly essential for cost-effective testing solutions in the electronics and automotive sectors.
 

Based on the technology, the test and measurement equipment market is divided into analog test, digital test, automated test, and others. The digital test segment held over 40% of the share in 2023. Digital testing solutions are transforming the measurement equipment landscape, enhancing both efficiency and accuracy. The rise of automation in testing processes and the integration of AI and machine learning enable real-time data analysis and decision-making. This shift is particularly evident in sectors like telecommunications and automotive, where precision is crucial for performance and safety compliance.
 

The growing demand for digital test solutions drives innovation in automated testing equipment. Enhanced connectivity through IoT allows seamless device integration, facilitating remote testing and monitoring. This evolution is vital for industries focusing on real-time performance metrics and reducing operational costs. The trend is particularly strong in electronics and telecommunications, where rapid advancements necessitate frequent testing updates.
 

North America region accounted for a test and measurement equipment market share of over 37% in 2023, driven by the rapid adoption of advanced technologies such as 5G, IoT, and autonomous vehicles. Increased investments in R&D are fostering innovation, particularly in the wireless testing and semiconductor sectors. Additionally, the push for higher precision in testing equipment is significant, as industries prioritize quality assurance and compliance with stringent regulatory standards.
 

Europe is experiencing robust growth due to increasing investments in renewable energy and stringent regulatory standards across various industries. The demand for advanced testing solutions is rising, particularly in sectors like telecommunications, automotive, and healthcare. Furthermore, the emphasis on quality assurance and compliance with environmental regulations is driving companies to adopt more sophisticated testing and measurement technologies.
 

The Asia Pacific test and measurement equipment market is witnessing a surge in demand for advanced testing solutions, driven by rapid industrialization and the proliferation of technology. Key sectors, including electronics, automotive, and telecommunications, are investing heavily in R&D. Additionally, the increasing emphasis on quality control and compliance with international standards is propelling the adoption of sophisticated test and measurement equipment.
 

Test and Measurement Equipment Market Share

Keysight Technologies, Advantest Corporation, and Rohde & Schwarz collectively held a substantial market share of around 15% in the test and measurement equipment industry in 2023. Keysight Technologies stands out with its comprehensive range of wireless testing and semiconductor solutions, emphasizing innovation and intuitive software interfaces. Its dominant role in IoT and 5G testing solutions, bolstered by a strong commitment to R&D, sharpens its competitive advantage. Furthermore, partnerships with industry frontrunners and a solid support infrastructure reinforce its standing in the market.
 

Advantest Corporation, a specialist in semiconductor testing systems, has carved out a significant niche in the high-tech manufacturing arena. Its state-of-the-art automated test equipment (ATE) prioritizes efficiency and precision, catering to the surging demand for integrated circuits. With strategic alliances and a relentless focus on R&D, Advantest consistently leads the charge in technological innovations.
 

Test and Measurement Equipment Market Companies

Major players operating in the test and measurement equipment industry are:

• Advantest
• Anritsu
• Emerson Electric
• Fluke
• Keysight Technologies
• National Instruments
• Rohde & Schwarz
• Tektronix
• Teledyne Technologies
• Viavi Solutions
   

Test and Measurement Equipment Industry News

• In July 2024, Boston Semi Equipment (BSE) introduced a new test site module for its Zeus test handler, specifically aimed at improving testing capabilities for power integrated circuit (IC) manufacturers. This innovation addresses the increasing demand for advanced testing solutions in the power electronics sector, particularly for high-voltage applications.
   
• In June 2024, Vector launched the VN8917 execution platform, marking a significant advancement intended to improve test bench performance, especially for complex simulations involving MATLAB and CANoe configurations. This platform is designed to address the growing demands of automotive testing, featuring several key capabilities and enhancements.
   

The test and measurement equipment market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($Bn) and shipment (Units) from 2021 to 2032, for the following segments:

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Market, By Product

• General purpose test equipment (GPTE)
  • Oscilloscopes
  • Signal generators
  • Multimeters
  • Others
• Wireless test equipment
  • RF test equipment
  • Network analyzers
  • EMI/EMC test equipment
  • Others
• Semiconductor test equipment
  • ATE
  • PTE
• Others

Market, By Service

• Calibration services
• Maintenance and repair services
• Others

Market, By Technology

• Analog test
• Digital test
• Automated test
• Others

Market, By End Use

• Telecommunications
• Automotive
• Aerospace and defense
• Healthcare
• Electronics and semiconductors
• Energy and utilities
• Industrial automation
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa