The global test and measurement equipment market is expected to grow from USD 27.7 billion in 2021 to USD 33.3 billion by 2026, at a CAGR of 3.7 %. Increasing demand for test and measurement equipment products in healthcare and IT & telecommunications industry to drive the market.
The test and measurement equipment market is dominated by a few globally established players such as Yokogawa Electric (Japan), Keysight Technologies (US), Rohde & Schwarz (Germany), Fortive (US), Anritsu (Japan), Advantest (Japan), National Instruments (US), EXFO (Canada), VIAVI Solutions (US), and Texas Instruments (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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Rohde & Schwarz develops, produces, and markets a wide range of electronic testing equipment for various industries, infrastructure operators, and government customers. It has its presence in over 70 countries with strong sales and distribution networks across the globe. The company has technical expertise and high brand value in the test and measurement equipment ecosystem. It has adopted the strategies of product developments and collaborations to enhance its position in the test and measurement equipment market. In September 2018, Rohde & Schwarz launched a 5G NR network measurement solution, which enables users and regulators in the 5G network ecosystem to accurately measure the 5G new radio network coverage.
Fortive is one of the major players in the test and measurement equipment market. It offers a wide range of test and measurement equipment products for different segments. The company is collaborating with different companies to study new inventions. It focuses on both organic and inorganic growth strategies to grow in the IR spectroscopy market.
Keysight Technologies offers electronic measurement instruments and systems, related software, software design tools, and related services to design, develop, manufacture, install, deploy, and operate electronic equipment. The company can provide end-to-end customization, consulting, and optimization services to its customers throughout the lifecycle of its products, owing to its wide range of offerings. This, in turn, is expected to further enhance the business opportunities for the company in the test and measurement equipment market.
The company has adopted strategies of product/solution launches, product developments, and partnerships to stay ahead of its competitors in the test and measurement equipment market. For instance, in October 2017, the company launched a new enhancement of its FieldFox handheld radio frequency (RF) and microwave analyzers. These analyzers connect to 89600 VSA software (the industrys leading toolset for signal demodulation and vector signal analysis) of Keysight Technologies. Along with product/solution launches, the company also focuses on launching new versions of its existing products and technologies. This is expected to help the company in maintaining a leading position in the test and measurement equipment market. Keysight Technologies focuses on different business segments such as 5G wireless products, modular instrumentation and solutions, and electronic designing and testing software. It also aims at enhancing its services to expand its business reach across the globe. For instance, in July 2018, the company launched the Infiniium UXR series, an oscilloscope to support terabit research with a real-time bandwidth of up to 110 GHz and signal integrity. The primary R&D facilities and manufacturing sites of the company are located in California and Colorado in the US. It also has its facilities in China, Germany, India, Japan, Malaysia, Singapore, and Spain.
Test and Measurement Equipment Market with COVID-19 Impact Analysis by Product Type (GPTE and MTE), Service Type (Calibration Services, Repair Services/After-sales Services), Verticals, and Region(APAC, Europe, North America) - Global Forecast to 2026
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