The global test and measurement equipment market was valued at US$ 25.3 billion in 2020 and predicts to reach US$ 36 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.5% during the forecast period from 2021-2030.

COVID-19 Impact Analysis

The applications of test and measurements equipment in healthcare and pharmaceuticals, biological research, and food and beverages industries boosted the adoption of this equipment during the pandemic period. In these industries, strict government rules and the growing demand for quality maintenance drove the growth of the global test and measurement equipment market during the COVID-19 pandemic period. 

However, as a result of the onset and spread of COVID-19, demand for various products has decreased. Furthermore, production factories in various countries halted their activities in order to avoid the further spread of the deadly virus. Moreover, the disruption in import and export activities, decline in the workforce further slowed down the growth of the global test and equipment market. This, in turn, had a slight effect on the growth of the global test and measurement market during the analysis period. 

Growth Drivers

The primary factors promoting the growth of the global test and measurement equipment market are listed as follows:

• The emergence of the Internet of Things (IoT) and smart applications platforms is a key component driving the advancement of technology. Thus, it would surge the demand for technologies in the coming years. 
• The increasing use of electronic devices among the global population is increasing the demand for test and measurement equipment. 
• Moreover, expanding utilization of modular instrumentation forecasts to surge the growth of the global test and measurement equipment market. 
• Increasing need for high-performance and energy-efficient electronic devices
• Rising demand for electronic gadgets is also driving the global test and measurement equipment market growth.
• On the contrary, the expensive price of test and measurement equipment could slow down the growth of the global test and measurement equipment market.

Geographic Analysis

During the forecast period, the Asia-Pacific region is predicted to be the major revenue contributor in the growth of the global test and measurement equipment market. The region is a key global industrial hub for automotive, electrical, and electronic manufacturing. Asia-Pacific is the world's largest vehicle producer. Furthermore, nations such as China, India, and South Korea are prominent makers of consumer electronic gadgets such as smartphones, laptops, and gaming consoles in the APAC area. Thus, the global market will witness a promising expansion in these countries. 

Competitors in the Market

• Keysight Technologies
• Advantest
• Rohde & Schwarz
• Fortive, National Instruments
• Anritsu, EXFO
• Yokogawa Electric
• Texas Instruments
• Teledyne
• Other prominent players

Market Segmentation

By Services

• Calibration Services
• Repair Services/ after-sales Services

By Product Type

• General Purpose Test Equipment
• Mechanical Test Equipment

By Verticals

• Healthcare
• Electronics & Semiconductor
• IT & telecommunications
• Aerospace & defense
• Automobile & transportation
• Education & government

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America