The test and measurement equipment market is estimated to be worth USD 34.3 billion in 2023 and is projected to reach USD 42.9 billion by 2028, at a CAGR of 4.6% during the forecast period.
The major players in the test and measurement equipment market with a significant global presence are Yokogawa Electric (Japan), Keysight Technologies (US), Rohde & Schwarz (Germany), Fortive (US), Anritsu (Japan), Advantest (Japan), National Instruments (US), EXFO (Canada), VIAVI Solutions (US), OWON Technology (China), Teledyne Technologies (US), GW Instek (Taiwan), AMETEK (US), ADLINK Technology (Taiwan), Leader Instruments (US), RIGOL Technologies (China), Dynamic Signal (US), Astronics Test Systems (US), Vaunix (US), DS Instruments (US), Saluki (Taiwan), IKM Instrutek (Norway), Uni-Trend Technology (China), Particle Measuring Systems (US), and Mextech Technologies (India).
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Fortive was established as a result of some strategic acquisitions and divisions. Danaher acquired Tektronix in 2007 for USD 2.8 billion. In May 2015, Danaher announced the split of its group into two business units. These two newly formed companies focused on the science and technology business and test and measurement equipment businesses. The new science and technology company continues to be a part of Danaher, while the second company, which includes Tektronix, Fluke, and the rest of the test and measurement equipment business of Danaher operates as Fortive.
In July 2016, Danaher completed the spinoff of Tektronix after it became operational as Fortive. The addition of Tektronix to the business line of Fortive led to the strengthening of its test and measurement equipment business offerings. Tektronix manufactures and designs test, measurement, and monitoring solutions. It was originally founded in 1946 and is headquartered in Beaverton, Oregon (US). However, presently, it is a wholly owned business entity of Fortive (US).
Tektronix primarily manufactures oscilloscopes, analyzers, signal generators, power sources and supplies, video test equipment, Keithley switching and data acquisition systems, Keithley semiconductor test systems, components and accessories, test and measurement software, and Keithley products. In 65 years and with almost 700 patents. Tektronix offers solutions for analog/digital designing and debugging and spectrum management and interference hunting. It also offers solutions for wireless and RF and radar and electronic warfare applications.
Keysight Technologies was founded in 2013 and headquartered in California (US). The company was formed as a result of a spinoff of the electronic measurement business of Agilent Technologies. It began trading as a legal entity on the New York Stock Exchange (NYSE) on November 3, 2014.
Keysight provides electronic measurement instruments and systems and related software, software designing tools, and services for designing, developing, manufacturing, installing, deploying, and operating electronic equipment. It also offers start-up assistance services, instrument productivity and application services, and instrument calibration and repair services.
Rohde & Schwarz
Rohde & Schwarz was founded in 1933 and is headquartered in Munich (Germany). It is a privately held company, which specializes in the field of electronic test and measurement equipment. The company is known for the quality, precision, and innovation of its products, which are used for wireless communication. Rohde & Schwarz 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.
National Instruments was founded in 1976 and is headquartered in Texas (US). It specializes in designing, prototyping, and deploying instruments and products for measurement and automation applications. The company also designs, prototypes, and deploys embedded systems. National Instruments offers automated test equipment (ATE) and virtual instrumentation software. It also provides software and hardware platforms under the category of modular instrumentation (VXI/PXI-based instrumentation) to speed up the testing and measurement processes. National Instruments caters to the requirements of ongoing advanced research projects. The company offers its products and solutions for automotive, automated test equipment, consumer electronics, commercial aerospace, computers and electronics, continuous process manufacturing, education, government/defense, medical research/pharmaceuticals, energy, semiconductors, and telecommunication applications.
Teledyne Technologies is an American conglomerate providing highly reliable industrial applications technologies. These applications encompass a wide range of sectors, including aerospace and defense, factory automation, air and water quality environmental monitoring, electronics design and development, oceanographic research, deepwater oil and gas exploration and production, medical imaging, and pharmaceutical research. The company offers a diverse array of products within these sectors. These include digital imaging sensors, cameras, and systems operating in the visible, infrared, and X-ray spectra. The company also provides monitoring and control instrumentation for marine and environmental applications, ruggedized interconnect solutions for harsh environments, electronic test and measurement equipment, aircraft information management systems, defense electronics, and satellite communication subsystems. These offerings are organized into four distinct business segments, namely Digital Imaging, Aerospace and Defense, Engineered Systems, and Instrumentation.
Test and Measurement Equipment Market by Product Type (General-purpose Test Equipment and Mechanical Test Equipment), Service Type (Calibration Services and Repair/After-sales Services), Vertical and Region - Global Forecast to 2028
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