With mass production ever rising, MarketsandMarkets report, “Test and Measurement Equipment Market by Product, Service Type, End-Use Sector, and Geography - Global Forecast to 2024”, verifies the obvious with numbers. Essentially, the overall test-and-measurement (T&M) equipment market is expected to grow from $25.7 billion in 2018 to $32.3 billion by 2024, at a CAGR of 3.9% during said period. According to the research company, the market is growing due to the increasing demand for this equipment in end-use sectors, such as automotive & transportation, aerospace & defense, IT & telecommunications, education & government, semiconductor & electronics, industrial, and healthcare.
- The test and measurement equipment market is expected to grow at the highest CAGR in the healthcare sector during the forecast period.
- Test and measurement equipment market for general purpose test equipment to grow at highest CAGR during forecast period.
- Repair and after-sales service segment, which includes detection and elimination of faults in a product, to grow at highest CAGR from 2018 to 2024.
- APAC projected to be the largest test and measurement equipment market by 2024
- Major vendors in the test and measurement equipment market include Fortive Corporation (US), Rohde & Schwarz GmbH & Co. KG (Germany), Anritsu Corporation (Japan), Keysight Technologies (US), Yokogawa Electric Corporation (Japan), National Instruments Corporation (US), EXFO, Inc. (Canada), Advantest Corporation (Japan), VIAVI Solutions Inc. (US), Teledyne Technologies Inc. (US), and Texas Instruments Incorporated (US).
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