PUNE, India --- According to the new market research report "Test and Measurement Equipment Market by Service (Calibration Service, and Repair Services), by Equipment Type (General Purpose Test Equipment and Mechanical Test Equipment), by Application, and Geography - Global Trends and Forecast to 2022", published by Marketsandmarkets, the market is estimated to reach USD 35.45 Billion by 2022, at a CAGR of 6.8% between 2016 and 2022.
Factors driving this market are increased investment in R&D activities, increased demand for testing equipment from consumer electronics and telecommunication sectors.
Healthcare (Medical) application expected to exhibit highest CAGR during the forecast period
With the advancement in technology, many new and advanced devices are employed to measure various medical parameters of a patient. It is very important to test and accurately calibrate these devices according to the standards as their applications are critical and any incorrect reading may prove to be fatal for the patient. To calibrate these devices oscilloscopes and signal generators are widely used. The growing demand for better healthcare services will indirectly drive the Test and Measurement Equipment Market.
Non-destructive test equipment to exhibit the highest CAGR during the forecast period
The market for non-destructive test equipment is expected to grow at the highest CAGR during the forecast period. As the object under test is not destroyed and can be reused after testing, this decreases the overall cost of and is hence preferred over other testing methods.
APAC expected to hold the largest market share by 2022 and experience rapid growth during the forecast period
APAC is expected to hold the largest market share by 2022 owing to major driving forces- it is home to some of the largest multinational corporations such as Yokogawa Electric Corporation (Japan) and Anritsu Corporation (Japan) among others in the test and measurement equipment ecosystem. Majority of consumer electronics industries are concentrated in this region, which makes APAC the dominant market.
Major players involved in the development of test and measurement equipment are Yokogawa Electric Corporation (Japan), Keysight Technologies, Inc. (U.S.), Rohde & Schwarz GmbH & Co KG (Germany), Viavi Solutions (U.S.), and Advantest Corporation (Japan) among others.
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