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Test and Measurement Equipment Market worth $47.01 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Aug. 28, 2024 /PRNewswire/ — The test and measurement equipment market are expected to reach USD 47.01 billion by 2029 from USD 38.91 billion in 2024, at a CAGR of 3.9% during the 2024-2029 period according to a new report by MarketsandMarkets™. Various companies are investing in test and measurement equipment which gives an opportunity for growth in the test and measurement equipment market. The test and measurement equipment market are continuously developing, with the presence of multiple players. Currently, the Asia Pacific region is contributing significantly to the growth of the test and measurement equipment market. Similarly, North America, Europe, and RoW regions are expected to be the growing market for the forecasted period.

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Browse in-depth TOC on “Test and Measurement Equipment Market” 
186 – Tables
64 – Figures
254 – Pages

Test and Measurement Equipment Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 38.91 billion

Estimated Value by 2029

$ 47.01 billion

Growth Rate

Poised to grow at a CAGR of 3.9%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Automated Test Equipment, Product Type, Service Type, Vertical and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Keeping pace with rapid technological advancements and managing technological obsolescence

Key Market Opportunities

Rising demand for high-speed and high-bandwidth testing

Key Market Drivers

Stringent government rules and regulations pertaining to product safety and environmental protection

The rising application of Al and machine learning in test and measurement equipment is increasing the market’s demand.

Artificial intelligence and machine learning are revolutionizing the manner in which data analysis and testing is done as well as methods of equipment maintenance to optimality within test and measurement field operations.

Artificial intelligence and machine learning improve business performance in terms of data analysis as it helps in better and faster analysis of big data. Due to the sophisticated computations that are incorporated into these technologies, it is capable of spotting minute variations that might be non-detectable through conventional approaches and, hence, better decisions and outcomes. Artificial intelligence and machine learning based predictive maintenance can identify the likely equipment failure before it takes place, and so reduces the time a machine is out of service for maintenance.

Artificial intelligence-based test automation helps in the reduction in the overall cycle time, brings down the chances of errors. The use of artificial intelligence and machine learning in the test and measurement equipment is opening up huge opportunities for the firm that deal in the development and provision of solutions which has Al integration. Since industries continuously aspire for higher level and time-saving testing procedures, there exists a growing market for highly developed test and measurement equipment with integration of these technologies. The emergence of such change has many effects, not only creating breakthrough technologies but also providing fresh opportunities for business development and being a source of competitive advantage in the test and measurement sector.

Product type segment to have the higher market share compared to service type segment of test and measurement equipment market during the forecast period.

The test and equipment market, based on product type, has been segmented into general-purpose test equipment and mechanical test equipment.

This sub-segment provides an in-depth view of the market based on product type. The market for test and measurement equipment by product types includes oscilloscopes, signal generators, spectrometers, and network analyzers. Test and measurement equipment is essential for constructing or building industrial tools, components, and machinery, as well as for the smooth functioning of wireless internet connectivity, desktop computers, aircraft, and electrical infrastructure.

Among all types considered under the general-purpose test equipment segment automated test equipment, oscilloscopes, and modular instruments are projected to hold a major market share between 2024 and 2029. Additionally, modular instruments are also projected to witness the highest CAGR in the market under study during the forecast period. The increased production and consumption of automobiles, rapid advancement of 5G technology in the IT & telecommunication sectors and enhanced adoption of smart solutions by industry players are the key reasons behind the growth of the market.

NDT is an important quality control tool in manufacturing as it enables the early detection of surface and subsurface defects in finished and work-in- progress (WIP) goods. NDT techniques and services have become essential in industries to maintain product quality standards and customer perception toward a brand. Regulatory policies imposed by various governments also help increase the use of NDT for the early detection of defects in industries such as oil & gas, power generation, and aerospace, where equipment failure could lead to major disasters.

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Test and measurement equipment market for the Asia Pacific region is projected to have the highest market size and the fastest growing market between 2024 and 2029 forecast.

Market size and growth rate of the test and measurement equipment industry in the Asia Pacific region is anticipated to be the highest between the years 2024 and 2029 of the forecast period due to the economic growth of the countries such as China, Japan, India, South Korea and others. The Asia Pacific region comprises of Japan, China, India, South Korea, Australia, Singapore, India and other Asia Pacific countries. The increasing demand for test and measurement equipment is fueled by the rising adoption of electronic devices such as smartphones, wearables etc. and evolving standards for next-generation telecommunications devices. Additionally, supportive regulatory policies for new semiconductor technologies in developed regions are attracting foreign companies to expand their presence in Asia Pacific. Some Asia Pacific based test and measurement equipment players are Yokogawa Electric Corporation (Japan), Advantest Corporation (Japan), and Anritsu (Japan). The increasing demand for automated electronic products acts as an opportunity to grow the test and measurement equipment market in Asia Pacific. For instance, United Nations Development Program on August 2022 said that many countries in the Asia Pacific region have already started focusing on e-mobility and decarbonization in the transportation sector as a part of their NDC (Nationally Determined Contributions) implementation processes. The market in the region is competitive due to the presence of various local players offering specialized solutions. Furthermore, increasing penetration of wireless communication standards is boosting its demand in the IT & telecommunications sector.

Key Players

The companies of test and measurement equipment companies include Keysight Technologies (US), Fortive (US), AMETEK.Inc. (US), Rohde & Schwarz (Germany), NATIONAL INSTRUMENTS CORP. (US), Teledyne Technologies (US), VIAVI Solutions Inc. (US), Anritsu (Japan), Yokogawa Electric Corporation (Japan), Advantest Corporation (Japan), EXFO Inc. (Canada), Fujian Lilliput Optoelectronics Technology Co., Ltd (OWON) (China), IKM Instrutek (Norway), Uni-Trend Technology (China) Co., Ltd. (China), Particle Measuring Systems is a Spectris Company (US), Mextech Technologies India Private Limited (India), RIGOL TECHNOLOGIES, Co. LTD. (China), Good Will Instrument Co., Ltd. (Taiwan), ADLINK Technology Inc. (Taiwan), Leader Electronics Corporation (Japan), Crystal Instruments Corporation (US), Astronics Corporation (US), Vaunix Technology Corporation (US), DS Instruments (US), Saluki Technology (Taiwan), and Insplorion (Sweden).

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Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”

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BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.

Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces

The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.  

Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.

The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.

Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem

Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.

Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.

At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.  

The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.

In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.

 

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Global Ultrasound Institute Launches GUSI Fellowships Platform: Elevating Point-of-Care Ultrasound Education

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SAN FRANCISCO, Sept. 20, 2024 /PRNewswire/ — The Global Ultrasound Institute (GUSI) is proud to announce the launch of the GUSI Fellowships Platform, an innovative online platform designed to empower learners around the world to achieve confidence and competency in point-of-care ultrasound (POCUS). With a holistic, device-independent approach that includes comprehensive evidence-based education, personalized mentorship from world-class POCUS educators, detailed scan review feedback, quantitative assessments, and CME certification, GUSI is setting a new standard in POCUS education.

“GUSI’s online didactics are the best that I have seen. And what I like most about the fellowship were the 1:1 sessions and being able to interact with GUSI expert faculty who have many years of experience in POCUS. And you get to pick their brains and they get to instruct you 1:1. I have used the training I received from GUSI to do much more POCUS clinically and further impact my patients lives.”

Dr. James Wilcox,
Assistant POCUS Director, Indiana University School of Medicine
Adjunct Professor and Assistant Professor of Medicine

“Our mission at GUSI is to democratize access to high-quality ultrasound training,” said Dr. Kevin Bergman and Dr. Mena Ramos, Co-CEOs of Global Ultrasound Institute. “The GUSI Fellowships Platform enables learners from diverse backgrounds to enhance their skills in a supportive, flexible environment, making it easier than ever to reach their POCUS goals.”

With training options covering 38 different scan types, learners can expect personalized 1:1 mentorship with expert POCUS educators who provide timely feedback on practice scans.

“The GUSI fellowship mentors are the best: patient, kind, knowledgeable, experienced, and supportive. GUSI provided education in the areas I wanted and needed to obtain and in my home/office environment not requiring multiple trips around the country. It is not just the way course work is presented – learning is made easier by the support provided to each student.”

Dr. Glenda Patterson
Core Faculty, University of Arkansas Northwest Internal Medicine Residency
Physician, Veterans Health Care of the Ozarks
Board-certified in Internal Medicine, Pulmonary Medicine, and Critical Care Medicine

The GUSI Fellowships Platform features a scalable software system designed to monitor and track performance, ensuring learners can effectively measure their progress.

GUSI understands the challenges faced by healthcare professionals seeking to enhance their ultrasound skills amid demanding schedules. GUSI addresses these concerns with flexible scheduling options, allowing learners to progress at their own pace while balancing their professional and personal commitments. This adaptability and virtual experience is crucial for fostering a culture of continuous learning and skill development.

“I went from not being able to hold the probe to someone who can scan and diagnosing and finding pathologies. I worked with Dr. Milne-Price and she was amazing! She sharpened my skills and we did sessions of live scanning over Zoom. I feel confident in my skills now to scan on my own.”

Dr. Dalea Al-Hawarri
Faculty, Bryn Mawr Family Medicine Residency

As healthcare continues to evolve, the demand for proficient ultrasound practitioners has never been greater. GUSI is not only committed to providing exceptional education but also aims to inspire a new generation of healthcare professionals who can leverage POCUS to improve patient outcomes globally. Join us in this exciting journey towards excellence in ultrasound practice.

For more information on GUSI Fellowships and to start your journey toward ultrasound proficiency, visit https://globalultrasoundinstitute.com/.

About Global Ultrasound Institute:

Global Ultrasound Institute stands at the forefront of point-of-care ultrasound, providing wraparound education, training, AI, and administrative software tools to healthcare providers and health systems globally to lower barriers to POCUS adoption and implementation. GUSI has trained over 14,000 healthcare practitioners in over 60 countries. GUSI is working to create a better world in which every healthcare practitioner is empowered to offer a rapid, reliable, accurate ultrasound-enabled diagnosis directly at the point-of-care, for any patient, anywhere.

For more information about GUSI Fellowships or any of GUSI services, please visit https://globalultrasoundinstitute.com/

Contact:

Dr. Kevin Bergman, Co-Founder, co-CEO, Global Ultrasound Institute
Dr. Mena Ramos, Co-Founder, co-CEO, Global Ultrasound Institute

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Keuka College Notifies Individuals of Data Security Incident

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KEUKA PARK, N.Y., Sept. 20, 2024 /PRNewswire/ — Keuka College has learned of a data security incident that may have involved personal information.

On April 25, 2024, the College identified suspicious activity within its network environment and immediately took steps to secure the environment, restore its systems, and began an investigation to determine the nature and scope of the issue. Keuka College also engaged independent cybersecurity specialists to assist with the process. The comprehensive investigation, which concluded on August 21, 2024, could not determine definitively whether personal information related to current and former students and employees was affected.

Keuka College maintains a variety of records which can include: name, Social Security number, Driver’s license number, student id number, financial account information, and date of birth. Current students and employees were contacted by the College in May and provided with one year of free credit and identity monitoring services.

Keuka College has established a toll-free call center to answer questions about the incident and address related concerns. Call center representatives are available Monday through Friday from 9:00 am to 9:00 pm Eastern Time and can be reached at 1-833-913-7557. Please be prepared to provide the engagement number, B131983, for reference.

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SOURCE Keuka College

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