Testing and Measurement Equipment Market is Powered by the Growing Electronics Industry
The size of the testing and measurement equipment market was about USD 34.8 billion in 2023, and it will power at a rate of 4.8% by the end of this decade, to touch USD 47.9 billion by 2030.
The rising EV acceptance worldwide is consistently supporting testing tool requirement as each automobile needs widespread testing before launch. The main EV components that require to be determined in performance comprise the motor, battery, and on-board charger. Moreover, the related systems, such as charging stations, back-office systems, and telematics modules, need testing.
Report Description:
https://www.psmarketresearch.com/market-analysis/testing-measurement-equipment-market
Amid GTPE and MTE, the GPTE bifurcation has the larger share, of about 60%, in 2023. This has a lot to do with the growing acceptance of the 5G network. Furthermore, these devices measure the wattage, voltage, frequency, and other working parameters of numerous electronic devices.
Regarding this, the mounting investment in the telecom sector is supporting the growth of the industry. For example, India has seen enormous investments from major telecom corporations for 4G service provision.
At present, the nation has the second largest telecom network with approximately 1.2 billion subscribers, the second-highest count of internet users, and the fastest-rising mobile app industry in the world. This is mostly because of the snowballing low prices, convenience, and promising coverage.
Hence, the need of telecom businesses for testing solutions for their carrier networks continues to increase.
In the testing and measurement equipment market, healthcare vertical will grow the fastest at a rate of 5.6%, in the years to come. This is attributed to the robust emphasis on the expansion of novel medical devices, as they can encounter performance waning or failures, which could bring about serious consequences. To evade such an issue, the use of testing tools will increase in the future.
Additionally, the healthcare sector has observed significant tech interventions recently, such as the advent of wearable devices, for example smartwatches. Such devices allow the collection of health data, letting for instantaneous health monitoring and the proactive treatment of health situations before the developing of the symptoms.
In the current scenario, wireless communication is the favored method for internet connectivity. 5G, WLAN, Bluetooth, LTE, IoT, and other technologies are used for wireless communications. Wi-Fi, Bluetooth and cellular IoT lead the IoT market.
The growing electronics sector has a lot to do with the growing requirement for testing and measurement equipment market in the world.
Testing and Measurement Equipment Market is Powered by the Growing Electronics Industry
The size of the testing and measurement equipment market was about USD 34.8 billion in 2023, and it will power at a rate of 4.8% by the end of this decade, to touch USD 47.9 billion by 2030.
The rising EV acceptance worldwide is consistently supporting testing tool requirement as each automobile needs widespread testing before launch. The main EV components that require to be determined in performance comprise the motor, battery, and on-board charger. Moreover, the related systems, such as charging stations, back-office systems, and telematics modules, need testing.
Report Description: https://www.psmarketresearch.com/market-analysis/testing-measurement-equipment-market
Amid GTPE and MTE, the GPTE bifurcation has the larger share, of about 60%, in 2023. This has a lot to do with the growing acceptance of the 5G network. Furthermore, these devices measure the wattage, voltage, frequency, and other working parameters of numerous electronic devices.
Regarding this, the mounting investment in the telecom sector is supporting the growth of the industry. For example, India has seen enormous investments from major telecom corporations for 4G service provision.
At present, the nation has the second largest telecom network with approximately 1.2 billion subscribers, the second-highest count of internet users, and the fastest-rising mobile app industry in the world. This is mostly because of the snowballing low prices, convenience, and promising coverage.
Hence, the need of telecom businesses for testing solutions for their carrier networks continues to increase.
In the testing and measurement equipment market, healthcare vertical will grow the fastest at a rate of 5.6%, in the years to come. This is attributed to the robust emphasis on the expansion of novel medical devices, as they can encounter performance waning or failures, which could bring about serious consequences. To evade such an issue, the use of testing tools will increase in the future.
Additionally, the healthcare sector has observed significant tech interventions recently, such as the advent of wearable devices, for example smartwatches. Such devices allow the collection of health data, letting for instantaneous health monitoring and the proactive treatment of health situations before the developing of the symptoms.
In the current scenario, wireless communication is the favored method for internet connectivity. 5G, WLAN, Bluetooth, LTE, IoT, and other technologies are used for wireless communications. Wi-Fi, Bluetooth and cellular IoT lead the IoT market.
The growing electronics sector has a lot to do with the growing requirement for testing and measurement equipment market in the world.
