Market Size of Test And Measurement Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 30.14 Billion |
| Market Size (2029) | USD 38.65 Billion |
| CAGR (2024 - 2029) | 5.10 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Test And Measurement Market Analysis
The Test And Measurement Market size is estimated at USD 30.14 billion in 2024, and is expected to reach USD 38.65 billion by 2029, growing at a CAGR of 5.10% during the forecast period (2024-2029).
- Across industries, the demand for test and measurement equipment is being driven by the rising need for precision and efficiency in the design, manufacture, and repair of electronic products. Furthermore, the surge in the adoption of new, interconnected electronic devices, coupled with the emergence of advanced technologies like electric vehicles, autonomous driving, and 5G, is propelling the market's growth.
- For instance, battery-electric vehicles face a fire risk due to thermal runaway, where battery damage leads to uncontrollable overheating. Furthermore, many EVs that experienced fires utilized a temperature-sensitive battery chemistry known as NMC. Despite using this sensitive battery, no design measures were implemented to ensure proper thermal cooling at the battery pack level. Through rigorous electrical testing and measurement practices, manufacturers and engineers can enhance both the performance and safety of electric vehicles.
- The markets for consumer products, industrial machinery, and medical device manufacturing have seen substantial growth over the last decade. To meet market demands and avoid costly recalls, manufacturers in diverse sectors, ranging from medical devices and industrial machinery to aerospace, military equipment, railway, and automotive, must uphold quality while simultaneously reducing costs and expediting time-to-market.
- Numerous manufacturers of test solutions for smart devices are channeling investments into the digital test equipment segment. Additionally, many government regulations mandate testing for electronic devices utilized in various industries.
- For example, the Russian Federal law introduced new regulations for medical device circulation, aiming to address gaps in existing legislation and mitigate risks for market participants. The conventional licensing system for medical device production will be replaced. Instead of licensing, there will be a focus on compliance with requirements for maintaining, implementing, and evaluating a quality management system for medical devices. Such regulatory shifts are anticipated to open up more avenues for vendors in the market.
- Moreover, test equipment aids consumer goods manufacturers in adhering to government compliance and regulations for equipment testing. Rising incomes and spending in emerging economies have boosted sales of consumer goods, suggesting a growing demand for test equipment and measurement markets in the foreseeable future.
