Test and Measurement Equipment Market to Expand at 5.4% CAGR Through 2031, Says Persistence Market Research

The global test and measurement equipment market is set for steady growth, expanding from US$ 8.4 Bn in 2024 to US$ 12.2 Bn by 2031, reflecting a compound annual growth rate (CAGR) of 5.4%. This growth trajectory is fueled by demand across industries such as telecommunications, electronics, automotive, aerospace, healthcare, and renewable energy. As industries shift toward automation, digitalization, and stringent regulatory compliance, precision testing tools are becoming indispensable.

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A closer look at the industry shows that digital multimeters dominate as the leading product type, holding a 24.2% share in 2024 due to their cost-effectiveness, portability, and multi-functionality. On the other hand, the healthcare sector is the leading end-user, accounting for a 20.7% share in 2024, as testing and measurement are critical for ensuring medical device accuracy, reliability, and patient safety. Geographically, North America leads the market, with a projected 30.7% share in 2024, thanks to robust demand from healthcare, automotive, and electronics sectors and strong adoption of advanced testing technologies.

✦ Key Highlights from the Report

✦ Digital multimeters are projected to hold a 24.2% market share in 2024 due to their versatility and accuracy.
✦ Healthcare end-use sector captures a 20.7% share in 2024, driven by the need for precision diagnostics and patient safety.
✦ South Asia and Pacific expected to record the fastest CAGR of 6.1% during 2024-2031.
✦ Electronics and semiconductor testing will expand at a CAGR of 5.6% through 2031.
✦ Growing digitization and automation are driving global demand for more user-friendly test solutions.
✦ Automotive, aerospace, telecom, and healthcare remain key sectors driving adoption of test and measurement equipment.

Market Segmentation Insights

By Product Type: Digital multimeters, oscilloscopes, power meters, spectrum analyzers, and network analyzers form the core of the market. Among these, digital multimeters continue to lead, thanks to their affordability and widespread application across automotive, energy, and electronics industries. Meanwhile, oscilloscopes and spectrum analyzers are gaining traction as 5G, IoT, and wireless technologies demand advanced testing capabilities.

By End User: Healthcare remains the leading segment with a 20.7% market share in 2024. Precision testing equipment ensures compliance with stringent regulatory standards, supports medical innovation, and safeguards patient safety. The electronics and semiconductor sector is another fast-growing segment, forecasted to expand at 5.6% CAGR, driven by increasing device complexity, shrinking component sizes, and demand for higher performance.

By Application: Test and measurement equipment is essential in industries such as automotive, aerospace, telecom, and renewable energy. With rising production of electric vehicles (EVs) and deployment of renewable energy infrastructure, demand for battery testing systems, solar test equipment, and high-voltage testers is set to rise.

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Regional Insights

North America dominates the global test and measurement equipment market, capturing a 30.7% share in 2024. This dominance is driven by demand in healthcare, aerospace, and telecom, coupled with rapid adoption of advanced digital testing systems. Regulatory mandates in the healthcare and automotive sectors also reinforce regional growth.

Europe holds a strong position, supported by aerospace, automotive, and industrial automation industries. Adoption of smart factories under Industry 4.0 initiatives has strengthened the region's demand for high-precision testing equipment.

South Asia & Pacific is forecasted to grow at the fastest CAGR of 6.1% during 2024-2031. Rapid industrialization, growing electronics manufacturing, and increased adoption of digital devices are fueling demand.

East Asia is emerging as a critical hub, particularly China, Japan, and South Korea, owing to large-scale electronics and semiconductor manufacturing. Continuous investment in 5G infrastructure further accelerates demand.

Latin America and the Middle East & Africa (MEA) present growing opportunities, primarily in telecommunications and renewable energy, as these regions invest in digital connectivity and sustainable energy projects.

Market Drivers

The rise in renewable energy deployment is one of the strongest growth drivers. With countries targeting aggressive climate goals, robust and accurate testing tools are essential to ensure solar PV and wind installations operate safely and efficiently. Similarly, the expansion of electric vehicle production fuels demand for advanced battery testing systems.

Automation and smart factories are another key driver, where test and measurement tools ensure machine safety, compliance, and efficiency. The adoption of Industry 4.0, IoT, and robotics requires constant monitoring, creating steady demand for advanced measurement devices.

Market Restraints

High calibration and maintenance costs represent a significant barrier. Test equipment must undergo regular calibration to ensure accuracy, especially in highly regulated sectors. However, calibration costs and downtime increase the total cost of ownership, deterring small and medium enterprises.

Strict regulatory compliance further restrains market growth. Global variations in safety and quality standards, enforced by organizations like IEC, OSHA, and FDA, make compliance challenging for manufacturers operating across multiple jurisdictions.

Market Opportunities

The growing production of electric vehicles (EVs) offers major opportunities. As EV batteries require rigorous testing for performance, safety, and durability, demand for advanced testing tools is expected to surge.

Meanwhile, rapid advances in wireless communication technologies such as 5G and Wi-Fi 6 present another growth avenue. Sophisticated test solutions are required to ensure reliable device performance in high-speed, high-complexity network environments.

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✔ Reasons to Buy the Report

✔ Gain a comprehensive overview of market size, growth trends, and competitive dynamics.
✔ Understand key drivers, restraints, and opportunities shaping the industry landscape.
✔ Access detailed insights on product, application, and end-user segmentation.
✔ Explore regional growth opportunities across North America, Asia Pacific, Europe, and more.
✔ Benchmark your strategy against leading competitors and their recent developments.

Company Insights

• Keysight
• Fluke
• Yokogawa
• TDK-Lambda
• Ametek
• FLIR
• Megger
• Bender
• Benning
• Hioki
• Netech
• BC Group
• Gossen Metrawatt

Recent Developments

In November 2024, Yokogawa Test and Measurement launched the PBDH0400 Series differential probe with a maximum input voltage of 2000 V and a bandwidth of 400 MHz, supporting next-gen power device testing.

In June 2024, Yokogawa introduced the CT1000S AC/DC split core current sensor, enhancing clamp design convenience with high accuracy and performance for frequencies beyond 10 kHz.

In January 2024, TDK Corporation confirmed that 100% of the electricity used across all TDK-Lambda Corporation manufacturing sites comes from renewable energy sources.

In March 2023, TDK Corporation expanded its TDK-Lambda CCG series of DC-DC converters, offering 6W and 10W models to support applications in telecom, test, and broadcast industries.

Conclusion

The test and measurement equipment market is on a steady growth path, projected to expand at 5.4% CAGR through 2031. With industries adopting automation, renewable energy, and next-gen communication technologies, demand for precision testing solutions is only expected to rise. North America currently leads the global market, but South Asia & Pacific is emerging as the fastest-growing region. Despite challenges such as high calibration costs and regulatory hurdles, opportunities in EV production and 5G deployment will propel future growth. For companies and stakeholders, investing in innovation, sustainability, and compliance will be key to capturing value in this expanding market.

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