The global measurement and test equipment market, which was valued at $28.13 billion in 2021, is projected to reach $46.64 billion by 2031, growing at a CAGR of 5.22% from 2022 to 2031.
The measurement and test equipment market has been severely impacted by the outbreak of the Covid-19 pandemic. With governments of several nations imposing and extending lockdowns, production and manufacturing facilities across the globe have been shut down, owing crisis and unavailability of workforce. Furthermore, the market was adversely impacted by Covid-19 owing to the decrease in demand for power from commercial applications, said the Allied Market Research report.
The outbreak of the pandemic has disrupted the global supply chain, thereby creating significant gap in supply chain. Economic impact of the pandemic has been disruptive, the report said.
Key players operating in measurement and test equipment industry temporary witnessed a slowdown, owing to lack of availability of skilled professional to develop emission monitoring system market solutions, which has led to decline in revenues for the financial year 2020 to 2021.
The measurement and test equipment market size is expected to witness notable growth during the forecast period, owing to rise in demand for modular instruments especially from product designers and manufacturers. Furthermore, upsurge in penetration of electronic devices has increased the need for measurement and test equipment, which in turn is driving the measurement and test equipment industry growth. Moreover, increase in demand for high-performance and power efficient electronic devices is expected to propel the growth of measurement and test equipment market share during the forecast period, it said.
The Test and Measurement Equipment market in the US is estimated at $7 billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of $9.2 billion by the year 2030, trailing a CAGR of 9.8% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 5.4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR.
However, strong inclination of end users toward adoption of measurement and test equipment on rental basis is one of the prime factors restraining the measurement and test equipment market outlook.
On the contrary, advent of 5G technology and deployment of LTE and LTE-Advanced (4G) networks is expected to provide lucrative opportunities to major companies offering measurement and test equipment, it added.