The sensor testing market is estimated to be worth USD 1.8 billion in 2023 and is projected to reach USD 2.4 billion by 2028 at a CAGR of 6.1% during the forecast period. The Increased demand for sensors in hybrid and autonomous vehicles and growing technological advancements, stringent quality control requirements, increasing safety concerns in critical applications, expanding regulatory compliance mandates, growing market competition driving the need for reliable and innovative sensor technologies, the proliferation of Internet of Things (IoT) devices relying on accurate sensor data, cost-efficient preemptive measures to avoid recalls, and ongoing research and development efforts in sensor testing are major factors driving the growth of the global sensor testing market.
The major players in the sensor testing market with a significant global presence are TE Connectivity Ltd. (Switzerland), National Instruments Corp. (US), Keysight Technologies, Inc. (US), Fluke Corporation (US), and Rohde & Schwarz GmbH & Co. KG (Germany). The market players have adopted various strategies, such as developing advanced products, partnerships, contracts, expansions, and acquisitions, to strengthen their position in the sensor testing market. The organic and inorganic strategies have helped the market players expand globally by providing advanced solutions in the sensor testing market.
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TE Connectivity Ltd. is a leading global player in industrial technology, driving the development of a safer, more sustainable, productive, and interconnected future. The company’s extensive portfolio of connectivity and sensor solutions has been proven in the most demanding environments, facilitating advancements in transportation, industrial applications, medical technology, energy, data communications, and homes. It operates across three main segments: Transportation, Industrial, and Communications Solutions. The company provides offers a portfolio of efficient, intelligent, and high-performing sensor solutions that are used by customers across multiple industries, including industrial equipment, automotive, medical solutions, commercial transportation, aerospace and defense, and consumer applications.
National Instruments Corp. is a provider of automated test equipment and virtual instrumentation software. The company’s offerings include application software, multi-function hardware, and software for design, control, and test applications. The company was founded in 1976 and has its headquarters in Austin, Texas, US. National Instruments Corp. provides a range of products, including automated test and automated measurement hardware and software, which are used in a variety of industries, such as automotive, aerospace, defense & government, transportation, telecommunications, semiconductor, and electronics. The company’s products are designed to help scientists and engineers to develop and test new technologies and products. The company operates through three business segments, the Americas, APAC, and EMEA. The Americas segment represents the largest portion of National Instruments Corp.'s business, accounting for approximately 43% of the company's total revenue in 2022.
Keysight Technologies, Inc. provides electronic measurement instruments and systems, and related software, software design tools, and services to design, develop, manufacture, install, deploy, and operate electronic equipment. It also provides deployment assistance, instrument productivity and application, instrument calibration, and repair services. The company was formed as a result of a spinoff of the electronic measurement business of Agilent Technologies. The company operates through two major business segments: Communications Solutions Group (CSG) and Electronic Industrial Solutions Group (EISG). The Communications Solutions Group caters to clients across the global commercial communications, aerospace, defense, and government sectors. Its offerings comprise electronic measurement instruments, electronic design and test software, related services, and systems. The Electronic Industrial Solutions Group delivers electronic measurement instruments, design and test software, systems, and related services that are employed in the simulation, design, validation, optimization, manufacturing, installation, and optimization of electronic equipment.
Fluke Corporation holds the top position globally when it comes to providing certification, troubleshooting, and installation tools for professionals who are responsible for setting up and maintaining crucial network cabling infrastructure. The company manufactures, distributes, and services electronic test and measurement tools. It offers testing and measurement solutions for commercial buildings and industrial maintenance applications worldwide. Fluke Corporation offers its products and solutions for computer network professionals, engineers, etc. The company operates its sales and services subsidiaries in the Americas, Europe, Asia, and Australia. It has manufacturing centers in the Netherlands, the US, the UK, and APAC. Fluke Corporation is a wholly owned subsidiary of Fortive Corporation. Fortive was established as a result of some strategic acquisitions and divisions.
Rohde & Schwarz GmbH & Co. KG is a technology group that caters to the needs of professional users by creating and selling advanced products in the field of information and communications technology. The group primarily specializes in test and measurement, broadcast and media, cybersecurity, secure communications, and monitoring and network testing, which serve a diverse range of industry and government market segments. Rohde & Schwarz GmbH & Co. KG is one of the leading manufacturers of test and measurement equipment used in wireless communication, electromagnetic compatibility (EMC) testing, and digital terrestrial television broadcasting applications. It provides testing equipment for broadcasting and media, cybersecurity, secure communication, radio monitoring, and radiolocation applications. The company offers its products for wireless communication, aerospace and defense, homeland security, broadcasting, electronics, and critical infrastructure applications.
Sensor Testing Market by Offering (Oscilloscope, Multimeter, Spectrum Analyzer, Signal Generator), Software, Sensor Type (Analog, Digital Sensors), Application (Automotive, Consumer Electronics, Aerospace, Healthcare, Industrial) - Global Forecast to 2028
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