According to Precedence Research, the current market for automated test equipment – worth $7.1 billion globally – is set to grow 3.5 percent from 2021 to 2030 to $9.58 billion, buoyed in part by increasing demand for consumer electronics.
Identifying other reasons for the growth, the report also cited the rise in demand for complex electronic devices that require a high grade of testing as well as regulatory changes that have helped push the development of the worldwide semiconductor industry.
It noted that non-memory automated test equipment had the highest market share, contributing more than 66.5 percent of the revenue share.
While North America is expected to witness major growth in the upcoming years - owing largely to the uptake of automated test equipment in the aerospace and defense sector – the Asia-Pacific region will continue to dominate the market, making up more than 76 percent of revenue share in 2021.
According to the report the biggest challenge to the growth of the automated test equipment market is the high cost involved in the development of the technologies themselves. It also identified the presence of high competition among the major market players as a potential stumbling block for market growth.
However, to demonstrate the health of the market the report identified some key partnerships, including between the collaborative robotics manufacturer Teradyne and California-based AI chip manufacturer Syntiant which has used Teradyne’s UltraFLEX test platform to successfully test millions of its microwatt-power, deep-learning Neural Decision Processors prior to their being shipped to customers worldwide.