Test And Measurement Market to grow by USD 10.94 Billion from 2024-2029, driven by end-user industries, Report on AI-powered market evolution - Technavio

Key Market Drivers: Aerospace and Modular Instrumentation

The test and measurement market thrives on the aerospace sector’s need for precision instruments like oscilloscopes and multimeters to ensure safety and reliability. Signal generators and industrial testing equipment meet stringent standards, driving demand for test equipment calibration. The rise of modular measurement devices offers flexibility, while wireless measurement tools and portable test devices enhance testing in telecom and automotive, supported by test equipment retail growth and AI integration.

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Challenges: Costs and Complexity

High costs of automated test systems and industrial testing equipment limit adoption, while integrating AI into measurement software requires expertise. Test equipment calibration and scalable solutions from suppliers like Keysight mitigate these issues.

Market Trends: AI and Portability

AI enhances measurement software for automated test systems, improving test equipment calibration. Portable test devices and wireless measurement tools grow in telecom and healthcare, reflecting demand for flexible electronic test tools.

Key Companies: Leaders in Test Solutions

The market is moderately fragmented, with key players excelling in electronic test tools. Below are the leading companies:

• Keysight Technologies Inc.: Keysight leads with oscilloscopes, signal generators, and measurement software, integrating AI for automated test systems in telecom and automotive. Its test equipment retail spans globally.
• Rohde & Schwarz GmbH & Co. KG: Rohde & Schwarz offers industrial testing equipment and wireless measurement tools for 5G and defense, with measurement devices ensuring precision in test equipment calibration.
• Advantest Corp.: Advantest specializes in automated test systems for semiconductors, using multimeters and measurement software to enhance electronic test tools accuracy.
• Anritsu Corp.: Anritsu provides portable test devices and signal generators for telecom, with measurement devices supporting industrial testing equipment in high-speed testing.
• Fortive Corp.: Fortive’s precision instruments, including oscilloscopes, cater to industrial needs, with test equipment retail and measurement software driving efficiency.

These companies innovate with wireless measurement tools and AI, shaping industrial testing equipment.

Market Segmentation: Product, End-User, and Geography

The market is segmented as follows:

• By Product: Includes general-purpose electronic test tools, wireless measurement tools, and semiconductor measurement devices. General-purpose leads with versatile multimeters.
• By End-User: Covers aerospace, telecom, semiconductors, automotive, and healthcare. Aerospace dominates with precision instruments.
• By Geography: Spans North America, APAC, Europe, South America, and MEA. APAC holds a 33% growth share, driven by aerospace and test equipment retail.

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