The market – valued at $7.5 billion in 2022 – is gearing up for substantial growth in the years ahead, helped by rising demand for digital oscilloscopes and extension-based test and measurement (T&M) instruments.
According to the report by online market research company, ResearchAndMarkets.com, the market for digital oscilloscopes is expected to experience a CAGR of 8.4 percent, pushing the market for these instruments up to $3 billion by 2030.
This growth is mainly due to the increasing demand for precise measurement and analysis of electronic signals, the report said. Demand for extension-based T&M instruments is expected to outpace even that growth, with a projected CAGR of 12.4 percent over the next eight years.
Extension-based T&M instruments are specialized measurement tools designed to expand or extend the capabilities of standard T&M instruments and include frequency extenders, probe and calibration extensions.
The US market for electronic test and measurement instruments was the largest, estimated at $2.3 billion in 2022. Meanwhile, China, the world's second-largest economy, is poised for significant growth, with a projected market size of $2.2 billion by 2030, underpinned by increased technological adoption and investment.
The report highlighted more than 200 key players in the industry including Keysight Technologies, Tektronix, and Fluke Corporation.