Test and Measurement Equipment Market Size, Share & Industry Analysis by Component (Hardware (General Purpose Test Equipment (High-frequency/RF/Microwave Test Instruments, Modular Instruments (SW, FPGA-based), Portable/Handheld/Field Instruments, and Power/Battery Test and Analyzers) and Automated Test Equipment (ATE)) and Software & Services), By End-user (Semiconductor/Electronics, Automotive & EV Infrastructure, Telecommunication/5G/6G, Renewable Energy/Battery Storage, Aerospace & Defense, Medical Devices/Healthcare, and Others), and Regional Forecast, 2025 – 2032

The global test and measurement equipment market size was valued at USD 34.62 billion in 2024. The market is projected to grow from USD 42.61 billion in 2025 to USD 182.49 billion by 2032, exhibiting a CAGR of 4.56% during the forecast period.

The market consists of devices and instruments used to check, measure, and analyze the performance of electronic devices and mechanical systems. It includes general purpose test equipment and automated test equipment, which are widely used in industries such as semiconductor/electronics, automotive & electric vehicles infrastructure, telecommunication/5G/6G, renewable energy/battery storage, aerospace & defense, medical devices/healthcare, and others. The market is growing due to advancements in communication technologies, the rise of Industry 4.0, and the need for wireless testing in complex systems. Reciprocal tariffs are expected to increase costs and disrupt global supply chains. At the same time, the integration of generative AI will enhance automation, efficiency, and product innovation in the market.

The market is dominated by key players such as Keysight Technologies, Fortive Corporation, AMETEK, Rohde & Schwarz, National Instruments (NI), Teledyne Technologies, VIAVI Solutions, Anritsu Corporation, Yokogawa Electric Corporation, and Advantest Corporation. These companies are focusing on innovation, product development, and strategic partnerships to address the growing demand for advanced testing solutions across diverse industries. For instance,

• In July 2025, Keysight Technologies upgraded its PXE EMI Receiver with real-time TDS up to 1 GHz, accelerating EMC testing and certification.

MARKET DYNAMICS

MARKET DRIVERS

5G Adoption to Accelerate Growth of the Market

The rapid adoption of advanced communication technologies is a key factor driving the growth of the market. For instance,

• According to 5G Americas, the global wireless telecom industry reached a historic milestone in 2024 as 5G connections surpassed 2.25 billion worldwide.

As 5G networks and related applications expand, there is a rising need for highly accurate and reliable testing solutions to validate performance, speed, and connectivity. Test and measurement equipment plays a critical role in ensuring compliance with global standards, minimizing errors, and supporting the seamless deployment of next-generation communication infrastructure. This growing demand from the telecom sector significantly boosts market opportunities for leading equipment manufacturers.

MARKET RESTRAINTS

High Costs and Complexity May Restrain the Market

The market is restrained by the high cost of advanced test and measurement equipment, which can limit its adoption among smaller organizations. Continuous technological advancements also create challenges, as companies need to invest in frequent upgrades to remain aligned with evolving standards. Moreover, the increasing complexity of modern systems requires specialized skills and the shortage of trained professionals often restricts effective usage. Together, these factors act as barriers to wider market growth despite rising test and measurement equipment market value.

MARKET OPPORTUNITIES

Rising IoT Adoption to Unlock Growth Opportunities in the Market

The increasing adoption of IoT devices is creating significant opportunities for the market. IoT applications are expanding across industries such as healthcare, automotive, industrial automation, and smart homes, which is driving the need for advanced testing equipment to ensure performance, connectivity, and security. For instance,

• According to IoT Analytics’ State of IoT Summer 2024 report, the number of connected IoT devices reached 16.6 billion by the end of 2023, reflecting a 15% increase compared to 2022.

Testing and measurement equipment is crucial for validating interoperability and ensuring compliance with regulatory standards in these complex ecosystems. Consequently, the rising penetration of IoT devices is expected to boost product demand, supporting test and measurement equipment market growth.

TEST AND MEASUREMENT EQUIPMENT MARKET TRENDS

AI and Machine Learning Integration Emerges as a Key Trend in the Market

The integration of AI and machine learning into testing solutions is emerging as a major trend in the market. These technologies enable faster and more accurate data analysis, allowing companies to detect errors and inefficiencies with greater precision. For instance,

• According to a research by industry experts, by 2025, 75% of organizations are projected to adopt AI-augmented test automation.

AI-driven testing also supports predictive maintenance, helping industries reduce downtime and improve operational efficiency. As the demand for smarter and more automated testing grows, the use of AI and machine learning is expected to shape the future of the market significantly.

SEGMENTATION ANALYSIS

By Component

High Demand for Instruments Drives Hardware Dominance

Based on component, the market is divided into hardware and software & services.

The hardware segment holds the largest test and measurement equipment market share. It held 69.7% of the overall market in 2024 due to the extensive demand for physical instruments such as oscilloscopes, analyzers, and signal generators across multiple industries.

The software and services segment is projected to grow at the highest CAGR of 6.6% over the forecast period. This is owing to the increasing digitalization and cloud-based platforms that drive the need for advanced analytics, automation, and remote testing solutions.

By End-user

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Chip Advancements Fuel Semiconductor and Electronics Leadership

Based on end-user, the market is divided into semiconductor/electronics, automotive & EV infrastructure, telecommunication/5G/6G, renewable energy/battery storage, aerospace and defense, medical devices/healthcare, and others.

The semiconductor and electronics segment held the largest share of 32.4% in 2024. It is expected to grow at the maximum CAGR of 7.2% over the forecast period owing to continuous advancements in chip design, consumer electronics, and demand for precise testing in complex systems.

The telecommunication sector accounts for the second-largest share of the market. This is supported by large-scale 5G deployments and ongoing research into 6G technologies that require extensive testing and validation.

TEST AND MEASUREMENT EQUIPMENT REGIONAL OUTLOOK

By geography, the market is categorized into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

Asia Pacific

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The Asia Pacific held the dominant share in 2023, valued at USD 14.61 billion, and also bagged the leading share in 2024, with a valuation of USD 15.51 billion. The regional market is anticipated to grow at the maximum CAGR of 6.8% over the forecast period. This is due to the strong presence of semiconductor and electronics manufacturing hubs, particularly in countries such as China, Japan, South Korea, and Taiwan. Rapid industrialization, rising investments in 5G infrastructure, and the growth of consumer electronics further accelerate market expansion in the region.

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During the forecast period, the North America market is poised to grow at a CAGR of 5.6% over the forecast period, which is the second highest amongst all the regions. The regional market has reached a valuation of USD 10.98 billion in 2025. It holds a significant share, driven by strong R&D activities, early adoption of advanced technologies, and the presence of leading market players. The U.S. dominates the North American market due to its strong manufacturing base, advanced R&D, and high adoption of advanced technologies across major industries. Government support and a mature industrial ecosystem further strengthen its leadership.

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Europe

The European market is expected to grow at a CAGR of 4.7% over the analysis period and is projected to have reached USD 7.25 billion in 2025. Europe maintains a substantial market share supported by technological innovation, robust industrial automation, and increasing demand from the automotive and aerospace sectors.

Middle East & Africa and South America

Compared to other regions, the Middle East & Africa and South America markets are expected to grow at a slow rate, with the CAGR of 2.5% and 3.9% respectively over the forecast period. This is due to limited technological infrastructure and lower adoption of advanced testing solutions. Economic challenges and lower industrial investments further restrict large-scale market growth in these regions.

COMPETITIVE LANDSCAPE

Key Industry Players

Key Players Launch New Products to Strengthen their Market Positioning

Industry players are launching new product portfolios to consolidate their positioning in the market. They are addressing diverse consumer needs and leveraging technological advancements to stay ahead of competitors. In addition, they are prioritizing portfolio enhancement, acquisitions, and strategic collaborations to strengthen their test and measurement equipment offerings. Such strategic product launches help industry players maintain and expand their market share in a rapidly evolving landscape.

LIST OF KEY TEST AND MEASUREMENT EQUIPMENT COMPANIES PROFILED

• Keysight Technologies Inc. (U.S.)
• Fortive Corporation (U.S.)
• AMETEK, Inc. (U.S.)
• Rohde & Schwarz GmbH & Co. KG (Germany)
• National Instruments (NI) (U.S.)
• Teledyne Technologies Inc. (U.S.)
• VIAVI Solutions Inc. (U.S.)
• Anritsu Corporation (Japan)
• Yokogawa Electric Corporation (Japan)
• Advantest Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS

• In September 2025, GW Instek launched the GPP-1000 Series High-Precision Programmable DC Power Supplies with advanced functionality and safety features.
• In September 2025, MPI Corporation announced a 250 GHz broadband test solution for Keysight’s PNA-X Extender using TITAN RF Probes.
• In August 2025, Axiometrix Solutions introduced the CANSASflex HISO-T-8-2L module for high-voltage temperature monitoring in e-mobility applications.
• In July 2025, Emerson integrated its Nigel AI Advisor into its flagship test software to enhance efficiency in complex testing environments.
• In June 2025, Liquid Instruments unveiled Generative Instrumentation, enabling engineers to design custom instruments using AI and natural language.

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REPORT SCOPE & SEGMENTATION