The global test and measurement equipment market is expected to experience steady growth, reaching an estimated USD 37 billion by 2030. This translates to a Compound Annual Growth Rate (CAGR) of 3.6% from a 2023 baseline of USD 26.3 billion.
Several key factors are propelling this market forward:
- Surging Demand in IT & Telecommunications: The IT and telecommunications sector is a major driver, with a rising need for testing equipment to ensure the smooth functioning of complex networks.
- Technological Advancements: Continuous advancements in technology are creating a demand for more sophisticated test and measurement equipment. This ensures compatibility and optimal performance of new devices.
- Explosive Growth of Electronic Devices: The ever-increasing demand for electronic devices like smartphones, tablets, and wearables necessitates robust testing procedures.
The arrival of 5G technology, coupled with the widespread deployment of LTE and LTE-Advanced (4G) networks, is further fueling market growth. Additionally, the rapid penetration of Internet of Things (IoT) devices creates a growing need for reliable testing equipment to guarantee functionality and data security.
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