Test and measurement equipment market to reach $53.7B by 2032

June 10, 2024
Acumen Research and Consulting says the key growth factors are the adoption of Industry 4.0 and the increasing demand for automation.

As the telecom industry and other industry segments continues to scale bandwidth via optical networking platforms to satisfy a growing mix of data demands driven by AI and broadband, the need for test and measurement equipment continues to rise. 

A recent Acumen Research and Consulting report forecasts that the global test and measurement equipment market revenue will increase by $53.7 billion by 2032, with a 4.7% CAGR from 2023 to 2032.

Telecom leads growth

The research firm said that the telecommunications industry is the fastest-growing segment in the market, with a CAGR of 6.7% from 2023 to 2032.

It pointed to the rise of 5G, the growth of the Internet of Things (IoT), and Industry 4.0 as key growth drivers.

While definitions vary, Industry 4.0 consists of industrial IoT (IIoT) and smart manufacturing, linking physical production and operations with intelligent digital technology, machine learning, and big data to create a more holistic and better-connected ecosystem for companies focused on manufacturing and supply chain management. 

“As new technologies emerge, there is a need for more sophisticated and specialized test and measurement equipment to ensure their proper functioning,” said the research firm.

Regional leaders

On a regional basis, North America is the dominant test and measurement market. Meanwhile, the research firm said Asia Pacific is the fastest-growing region.

The research firm said Anritsu, Keysight, Spirent, and Viavi are leading the key testing vendors and others in “contributing to this dominance” in the North American market.   

"These companies have strong R&D capabilities and offer a wide range of advanced test and measurement equipment for various industries,” said Acumen Research and Consulting. “The region also has a well-established infrastructure and regulatory framework supporting the market's growth.” 

Also, North America is the home base of several industries, such as defense and telecom, which are big test and measurement equipment end-users.

Because these industries have a high demand for sophisticated test and measurement equipment to ensure the quality and safety of their products, North America's North American test and measurement equipment is expected to continue its growth trajectory.

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About the Author

Sean Buckley

Sean is responsible for establishing and executing the editorial strategies of Lightwave and Broadband Technology Report across their websites, email newsletters, events, and other information products.

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