Test and Measurement Equipment Market Worth $32.3 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, December 14, 2018 /PRNewswire/ --

According to the new market research report "Test and Measurement Equipment Market by Product (General Purpose Test Equipment, Mechanical Test Equipment), Service Type (Calibration Services, Repair Services/After Sales Services), End-Use Sector, and Geography - Global Forecast to 2024", published by MarketsandMarkets, the overall Test And Measurement Equipment Market is expected to grow from USD 25.7 billion in 2018 to USD 32.3 billion by 2024, at a CAGR of 3.90% during the forecast period. The market is growing due to the increasing demand for this equipment in end-use sectors, such as automotive & transportation, aerospace & defense, IT & telecommunications, education & government, semiconductor & electronics, industrial, and healthcare. The test and measurement equipment market is expected to grow at the highest CAGR in the healthcare sector during the forecast period. There is significant potential for growth of the test and measurement equipment market in this sector due to the development of new healthcare equipment, patient-monitoring systems, and personal emergency reporting systems.

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Test and measurement equipment market for general purpose test equipment to grow at highest CAGR during forecast period  

The general purpose test equipment segment includes oscilloscopes, signal generators, digital multimeters, logic analyzers, spectrum analyzers, Bit Error Rate Tester (BERT), network analyzers, power meters, electronic counters, modular instrumentation, Automated Test Equipment (ATE), and power supplies. The characteristics of the aforementioned types of equipment include large size, bulky displays, slightly complicated control systems, and customer user interfaces. This scenario is expected to change to an extent, owing to the demand for small-sized tools and integration of various test and measurement equipment into one offering.