The Latin America, Middle East and Africa Test and Measurement Equipment Market would witness market growth of 8.3% CAGR during the forecast period (2023-2030).
The manufacturing of semiconductor devices has increased dramatically in many places with the uptake of cutting-edge digital technologies like machine learning (ML), the Internet of Things (IoT), and even data analytics. Therefore, one of the key elements deciding the key trends and opportunities in the market is expected to be additional growth in this field.
The retailing of consumer electronic products is expected to boom in the approaching days, which can further increase the market share, as evidenced by the continuously increasing worldwide rate of data consumption. Furthermore, the electronics sector is seeing an increase in opportunities for selling home appliances in addition to the growing prevalence of data-accessing technologies in the market. The introduction of new market participants in this space is expected to mobilize market trends as well as forecast values for test and measurement equipment.
The demand for semiconductors in this region is high across the board for the telecommunications industry. The communications industry is well-established in Saudi Arabia. The International Trade Administration (ITA) reports that Saudi Arabia has the largest telecom industry in the Middle East. The telecom industry in this nation accounted for 55% of the Middle East's entire market share in 2019. Consequently, the industry increasingly uses semiconductors to bring new developments and advancements. As a result, these factors drive demand and foster the market's expansion.
The Brazil market dominated the LAMEA Test and Measurement Equipment Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $948.5 million by 2030. The Argentina market is showcasing a CAGR of 8.9% during (2023 - 2030). Additionally, The UAE market would witness a CAGR of 8% during (2023 - 2030).
Based on Offering, the market is segmented into Product (General Purpose Test Equipment, and Mechanical Test Equipment), and Services (Calibration Services, Repair or After Sale Services, Others). Based on Vertical, the market is segmented into Industrial, Automotive & Transportation, Electronics & Semiconductor, Education & Government, Healthcare & Dental, Aerospace & Defense, Manufacturing, Telecom & IT, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Test and Measurement Equipment Market is Projected to reach USD 45.6 Billion by 2030, at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Viavi Solutions, Inc., Yokogawa Electric Corporation, Keysight Technologies, Inc., Fortive Corporation (Tektronix, Inc.), Ametek, Inc., Rohde & Schwarz GmbH & Co. KG, Anritsu Corporation, Advantest Corporation, Teledyne FLIR LLC (Teledyne Technologies Incorporated), and EXFO, Inc.
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