The general purpose electronic test and measurement instruments market is estimated to generate revenue, surpassing US$ 8.3 billion in 2023. Between 2023 and 2033, the market is forecasted to exhibit a compound annual growth rate (CAGR) of 9.7%.
Increased modular T&M equipment utilization is expected to fuel global market growth. Another key growth driver for this sector has been the rising requirement for devices from the world’s burgeoning telecommunications business. This industry largely uses general-purpose electronic evaluation and measurement tools for testing LTE network technologies and regulations.
General Purpose Electronic Test and Measurement Instruments Market Outlook 2018 to 2022 Compared to 2023 to 2033 Forecast
According to the latest study conducted by Future Market Insights, the global general purpose electronic test and measurement instruments market has expanded with a growth rate of 10.7% from 2018 to 2022. Further, the study also states that the general purpose electronic test and measurement instruments market is all set to experience healthy growth with a CAGR of 9.7% during the forecast period of 2023 to 2033.
Continuing data traffic development, expanding adoption of smartphones, growing broadband service acceptance, and 5G technology are key drivers that are projected to drive general-purpose electronic test and measurement instrument consumption in this market. Moreover, the development of communications devices might be fast compared to the expansion of electronics, semiconductors, aviation, defense, and business sectors.
How is Rising Technological Advancement Driving the Market Growth?
Growing technical improvements in networks and connectivity are significant contributors to the market’s growth. Furthermore, there are a few factors that are estimated to propel the test and measurement equipment market forward such as:
Rising demand for measurement and testing tools in several fields such as telecommunications, consumer electronics, and semiconductor components.
Increasing spending power.
The emergence of 5G technology.
The growing acceptance of IoT devices, the introduction of 5G technology, and the deployment of 4G networks are expected to create multiple prospects in the general purpose electronic test and measurement instruments industry.
How is the General Purpose Electronic Test and Measurement Instruments Market Expanding in the United States?
Industry in the United States is projected to be driven by increased demand from the medical and IT & telecom industries. With developments in technology for self-driving vehicles and current developments in the Internet of Things (IoT) technology, there is a need to increase the bandwidth and latency decreases that 5G can readily deliver. The United States constitutes one of the nations that are actively involved in the national 5G business development league. By 2033, the United States general purpose electronic test and measurement instruments market is expected to expand by 9.6% year on year. Further, the United States is expected to create an incremental dollar opportunity of US$ 3.8 million from 2023 to 2033.
Category-wise Insights – General Purpose Electronic Test and Measurement Instruments Market
The market for test and measurement equipment is expected to grow notably as a result of the vast range of applications in the automotive and electronics sector. During the projection period, segment growth is estimated to be driven by the increasing use of electric and hybrid cars, along with developing demand for autonomous vehicles.
Many autonomous cars use wireless networking protocols including continuing development (LTE) and Wi-Fi for their infotainment systems and other automobile components. Around 150 million vehicles might be Wi-Fi equipped by 2020, with 60 to 75 percent of them able to consume, develop, and share Web-based information. Further, these advanced electronic components in autos are driving up the need for RF testing tools which is expected to further drive the segment growth.
Which is the Leading Product Segment of General Purpose Electronic Test and Measurement Instruments?
Digital oscilloscopes can preserve disturbed or unforeseen electric signals for later analysis. This function aids in the capture of unexpected or unwanted situations, even when technicians are not present.
The automated event collecting and storing capability of digital oscilloscopes allows technicians and engineers to obtain a better grasp of the incorrect properties of the components and signals being examined. As a result of these characteristics, this segment is predicted to increase significantly throughout the forecast period.
General Purpose Electronic Test and Measurement Instruments Market Competitive Landscape
Leading players in the general purpose electronic test and measurement instruments market are focused on the development and launch of new products, and strategic expansion of production capacity to widen revenue generation avenues.
Keysight Technologies released the Electrical Performance Scan (EP-Scan) in January 2023, a novel high rates electronic simulation tool for hardware developers and printed circuit board (PCB) designers that offers swift signal integrity (SI) examination.
Rohde & Schwarz introduced Benchmarker 3, a new technology focused on accelerating the future of network benchmarking, in January 2023. This comprehensive benchmarking system enables mobile network operators (MNOs) to successfully meet the sector’s expanding difficulties, such as technology developments, cost limits, time constraints, and fierce competition.
AVL and Rohde & Schwarz collaborated in November 2022 to consolidate and accelerate electromagnetic compatibility (EMC) testing in realistic driving environments.
