Trends in the Test and Measurement Market

The global test & measurement equipment market is estimated to reach USD 28.6 billion by 2024 and to grow at a CAGR of 4.0% to 2030, according to Quince Market Insights. The market provides instruments and equipment for testing, measuring, and analyzing various parameters and characteristics of electronic, electrical, and electronic systems and encompasses a wide range of sectors. In fact, test and measurement equipment sets the pace for the development of the overall electronics market. (If you can’t measure it, you can’t make decisions or improve or correlate and quantify something.)

Among the many types of test & measurement equipment are oscilloscopes, spectrum analyzers, power meters and thermal imaging cameras, as well as environmental test equipment, network testers, electronic loads, hipot testers and more. These instruments are used to measure required parameters, such as voltage, current, resistance, signal integrity, loop stability and more to make sure end products are safe and dependable.

Some key players include Keysight Technologies, Rohde & Schwarz, National Instruments, Anritsu Corporation, Tektronix, Fluke Corporation, Yokogawa Electric Corporation, and Advantest Corporation. They offer a wide range of products and services to cater to the diverse needs of industries and research institutions.

The market is witnessing steady growth due to the rapid development of new, more complex consumer technologies, such as 5G, Internet of Things (IoT), and autonomous vehicles. Besides increasing demand for high-quality products, these advancements have required advanced test and measurement solutions to meet stringent regulatory requirements.

The semiconductor industry is another significant user of electronic test equipment. The increasing demand for semiconductors in advanced applications, along with high levels of integration, are driving demand for higher performance and value. Other industries, such as aerospace, defense, healthcare, and telecommunications, also use test equipment to make sure they meet global quality standards and regulations.

Trends in instrumentation and test equipment call for offering more portability, smaller size, and lower weight. Instruments need to have greater networking and connectivity capabilities to easily integrate into ATE systems. The most equipment provides multiple features and functionality -- which used to require multiple types of test equipment – all in one instrument. Other trends are offering greater precision, accuracy, resolution, and reliability than ever before.

The growth of research and development activities across industries is also driving the demand for electronic test equipment. R&D labs, universities, and research institutions all need advanced measurement solutions for prototyping, characterization and validation of new technologies and products.

Most recently, there has been a shift towards software-defined and cloud-based test and measurement solutions that enable more flexibility, scalability, and remote access. Additionally, there is a growing focus on data analytics and automation to streamline testing processes and to extract valuable insights from the raw test data.

Overall, the test and measurement market is expected to continue growing as industries continue to innovate and require accurate and reliable measurement solutions to ensure the performance and quality of their products and systems.