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The global test and measurement equipment market reached a value of US$ 24.34 Billion in 2020. Looking forward, IMARC Group expects the global test and measurement equipment market to reach a value of US$ 30.09 Billion by 2026, exhibiting a CAGR of 3.70% during 2021-2026.Test and measurement equipment refers to various tools used to measure, analyze, display, test and record electrical data. These tools generate electrical signals and capture the responses from multiple devices in the testing phase to identify faults and ensure the proper functioning of the equipment. Some of the commonly used test and measurement equipment include oscilloscopes, ammeter, voltmeter, wattmeter, digital multimeters and spectrum analyzers. They are designed to indicate a specific parameter, such as length, weight, current, voltage and temperature and indicate the presence or absence of specific physical characteristics.
Rapid industrialization, along with significant growth in the electronics industry, represents one of the key factors creating a positive impact on the industry growth. Test and measurement equipment are used for checking defects in high-performance and power-efficient consumer electronics and semiconductors during manufacturing. Consequently, increasing utilization of test and measurement equipment for regular testing and diagnosing any faults in aircraft, helicopters and other machines is also driving the market growth. They are also used for machine control, factory automation and establishing remote sensor connections in the automotive and transportation sectors. Various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and the development of machine-to-machine (M2M) interaction systems, are acting as other growth-inducing factors. These systems offer portable and embedded testing and measurement solutions with remote troubleshooting capabilities and interactive interfaces. Other factors, including improvements in the networking and communications infrastructure, along with the increasing automation of laboratory instruments, are expected to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global test and measurement equipment market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product, service type and end use industry.
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The report has also analysed the competitive landscape of the market with some of the key players being Advantest Corporation, Anritsu Corporation, EXFO Inc., Fortive, Keysight Technologies, National Instruments, Rohde & Schwarz, Teledyne Technologies Incorporated, Texas Instruments Incorporated, VIAVI Solutions Inc. and Yokogawa Electric Corporation.
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