The North America Test and Measurement Equipment Market would witness market growth of 3.9% CAGR during the forecast period (2023-2030).
Circuit boards are incorporated with electronic parts. Such circuit boards must provide a high level of quality and reliability because they are used in crucial devices with crucial functionality, like the motor drive circuitry for industrial robots and the electronic control units (ECUs) for electric vehicles (EVs). With the expansion of the EVs, the demand for T&M equipment will increase.
The primary industry for the market is electronic equipment, which also includes producers of electronic, analytical test & measurement instruments, scanner/barcode products, display screens, point-of-sale equipment, and security system equipment. In a test environment, signals are generated using electronic test equipment, and responses are recorded from electronic devices. In a particular segment, computer-controlled devices are used to analyze the performance and operation of electronic devices using automated test equipment.
The passenger car sector is one of the US's strongest and most important industrial sectors. Two of the top 10 car manufacturers worldwide are in the United States. In addition, the US was the second-largest producer of passenger cars (in terms of units) and ranked third overall in terms of worth for exports in 2012. In addition, Mexico is the fifth-largest producer and exporter of specialized and heavy vehicles worldwide. Therefore, there is a sizable need for test and measurement equipment due to the region's extensive automotive industry and regulatory standards, which are providing the market with numerous prospects for expansion during the projection period in the region.
The US market dominated the North America 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 $10,786.6 million by 2030. The Canada market is experiencing a CAGR of 6.3% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 5.4% 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 U.S., Mexico, Canada, and Rest of North America.
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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