According to the ResearchAndMarkets.com's report, the predicted rise - from $540 million in 2021 to $967 million by 2027 - will be helped in part by the growth in the development of 5G wave technologies, along with an increase in the number of new products that are compatible with higher bandwidths.
All these new generation of products will require the development of specialized testing equipment.
Other drivers of growth identified by the report include the shift by European test and measurement equipment OEMS toward the production of cutting-edge semiconductor devices like robots and next-gen sensors.
Issues impeding growth identified by the report include: the high cost of setting up testing facilities, installing testing and measurement equipment, and recruiting qualified testing experts.
The report noted that the European test and measurement equipment market, in contrast to the majority of other markets, was too adversely impacted by the economic fallout from the pandemic. As a reason for this, it cites the increase in the development of electric medical devices and appliances as a result of the Covid outbreak.
“Despite a slump in other parts of the economy, the market for test and measurement equipment actually expanded to help with the quick procurement of such devices,” the report’s authors wrote.
Leading companies mentioned in the report include Rohde & Schwarz, Keysight Technologies and Viavi Solutions.