As per a recent business intelligence report published by IndustryARC, the test and measurement market size was approximately $25 billion in 2018, and the demand will be growing at a CAGR of 4% over a forecast period 2019-2025. The analyst of the report highlights growing uptake of wireless connectivity equipment, radical growth of the semiconductor industry in the recent past, and consistent demand from the transportation and automotive industry as some of the primary factors that will ensure consistent demand in the global test and measurement market. The report is titled “[URL=https://industryarc.com/Report/15458/test-and-measurement-market.html]Test and Measurement Market[/URL]: By Product (Wireless Test Equipment, General Purpose Test Equipment (GPTE), Semiconductor Test Equipment, & Real-Time Test Equipment); By Application ( Battery test, LAN / WAN test equipment, LCD test equipment, Semiconductor test, Wireless communications test equipment); By Instrumentation Type ( Active probes, Data acquisition, Field instrumentation, Lab instrumentation, Laser distance measurement, Scales and weight, Spectroscopy); By End-User ( Telecommunications, Aerospace & defense, Semiconductor & electronics, Transportation, Medical, Others ); By Geography - Forecast(2019-2025).” The analyst has identified that test and measurement systems play a noticeable role in a number of industries including telecommunications, aerospace & defense, semiconductor and electronics, transportation and automobile, and medical industries. However, the transportation and automobile industry currently formulates the most prominent chunk of demand. Geographically, the report rates the Asia Pacific as the region with most opportunities, which once again is dominated by the sectors of transportation and automobile.
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Test and Measurement Market in the Automotive Industry
Worldwide engineers explore for precise and reliable test and measurement instruments to avoid adverse results even with negligible errors. Automobile manufacturers are highly focused on today’s emerging autonomous vehicles with the latest industry specifications. Advanced driver assistance system (ADAS) need to be tested at an extensive range to verify that autonomous vehicles are safer to the human driver. Currently, each and every stage of product development involves testing and measurement that is from R&D to production of the final product. Thus automobile applications enable comfort and safety through an internal process verification.
The essentiality of test and measurement tools for hardware components, medical equipment, and electronic systems for accurate results are anticipated for sustain a healthy demand until 2025. Comfort and safety provided by these systems in the automotive and healthcare industries are projected for the growth of the Test and Measurement market through 2019 to 2025.
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.