The global test and measurement equipment market was valued at USD 34.11 billion in 2024 and is projected to reach USD 43.95 billion by 2030, growing at a CAGR of 4.5% from 2025 to 2030. Market growth is fueled by the increasing complexity of electronic systems across key industries such as automotive, telecommunications, and aerospace.
The adoption of emerging technologies like 5G, IoT, and AI has intensified the need for accurate testing to ensure performance, compliance, and reliability. Additionally, the growing emphasis on quality assurance, automation, and predictive maintenance is accelerating the demand for advanced test and measurement solutions. These tools help industries improve product consistency, minimize downtime, and proactively identify system failures.
Key Market Insights:
- Asia Pacific led the global market in 2024, accounting for 41.5% of total revenue, supported by rapid industrialization, expanding electronics manufacturing, and strong demand for quality testing in sectors like automotive, semiconductors, and telecom. Continued R&D investment and infrastructure development further boost regional growth.
- By Product, the General Purpose Test Equipment (GPTE) segment dominated the market, driven by growing use in consumer electronics, wireless systems, and automotive electronics.
- By Service, calibration services held the largest revenue share at 58.1% in 2024, reflecting the need for precise, reliable measurements across critical applications.
- By End Use, the automotive and transportation segment led with a 23.1% share in 2024, driven by increasing vehicle complexity, including the rise of EVs and autonomous technologies, which require extensive testing for safety, performance, and compliance.
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Market Size & Forecast
- 2024 Market Size: USD 34.11 Billion
- 2030 Projected Market Size: USD 43.95 Billion
- CAGR (2025-2030): 4.5%
- Asia-Pacific: Largest market in 2024
Key Companies & Market Share Insights
Leading companies in the test and measurement equipment market include Keysight Technologies and Fortive Corporation, both of which play a significant role in driving innovation and delivering high-performance solutions across various industries.
Keysight Technologies offers a comprehensive range of electronic design and test solutions tailored to sectors such as aerospace, defense, telecommunications, automotive, and semiconductors. Its product portfolio includes oscilloscopes, signal generators, network analyzers, and advanced software tools, enabling the precise testing, validation, and optimization of complex electronic systems. Keysight plays a pivotal role in supporting next-generation technologies like 5G, IoT, and autonomous vehicles.
Fortive Corporation, a diversified industrial technology company, maintains a strong market presence through its subsidiaries. The company delivers a wide array of precision instruments and solutions for industrial automation, quality assurance, and research applications. Its offerings—ranging from electrical testing tools to flow measurement, calibration, and data acquisition systems—serve diverse sectors including manufacturing, healthcare, and energy.
Key Players
- Anritsu Corporation
- Yokogawa Electric Corporation
- Advantest Corporation
- EXFO Inc.
- Fujian Lilliput Optoelectronics Technology Co., Ltd (OWON)
- IKM Instrutek
- Uni-Trend Technology Co., Ltd.
- Particle Measuring Systems (Spectris)
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Conclusion
Global test and measurement equipment market is experiencing significant growth, fueled by the increasing complexity of electronic devices and the rapid adoption of emerging technologies such as 5G, IoT, and AI. This expansion is also driven by a stronger focus on quality assurance and automation across different industries. The market is led by key segments like general-purpose test equipment and calibration services, with the automotive and transportation sector being a major consumer. The Asia Pacific region is a dominant force in the market, while leading companies are focusing on research and development and strategic partnerships to stay competitive.
