According to Market Research Future, the Global Renting & Leasing Test and Measurement Equipment Market has been segmented based on Product, Component, Application, and Region.
The major factors contributing towards the market growth include the growing adoption of consumer electronics devices and technological advancement in telecommunication and networking. The roll-out of 5G network across several regions has significantly increases the adoption of wireless test and measurement equipment such as logic analyzers, spectrum analyzers, and network analyzers. The role of renting & leasing test and measurement instruments has immense importance in telecommunication to rectify faults and distortions in the networks for providing better signal quality. Although the telecommunication industry remains one of the dominating applications segments of renting & leasing test and measurement equipment market, other applications such as automotive, electronics and semiconductor, and healthcare also show a significant growth rate during the forecast period. The market witnesses a growth opportunity due to commercialization of IoT.
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By Product, the market has been segmented into general purpose test equipment, wireless test equipment, semiconductor test equipment, and RF test chambers. The general-purpose test equipment is further segmented into oscilloscopes, signal generator, analyzers, meters, thermal imagers, bit error ration testers (BERT), and others. The wireless test equipment market is further segmented into logic analyzers, spectrum analyzers, network analyzers, and network simulators. Among these, general-purpose test equipment segment accounted for the largest market share in 2019 and is expected to register a CAGR of 4.6% during the forecast period. The wireless test equipment segment was the second-largest market in 2019 to exhibit a CAGR of 5.4%.
By Component, the market has been segmented into connectors, cable assemblies, and value-added accessories. Connectors held the largest market share in 2019. Connectors are either plugs or cables that connect two or more systems for the transmission of data or power between different systems or devices. The connectors are shock and vibration resistant and offer strong shielding against adverse environments. The connectors are used in navigation systems and measurement equipment including thermocouple sensors, flow sensors, current sensors, voltage sensors, and pressure sensors.
By Application, the market has been segmented into aerospace & defense, healthcare & medical equipment, telecommunication, electronics & semiconductor, industrial & manufacturing, automotive, and others. Aerospace and defense is one of the prominent end users of testing and measurement equipment. Increasing government investment in military and defense departments is also creating the demand for new and improved ammunition and machinery. However, the increasing demand for advanced testing solutions and growing complexity in aviation and defense systems are creating challenges for testing, validation, and verification of these equipment which further creates the need for reliable and scalable testing solutions.
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By Region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America holds the largest market share in renting & leasing test and measurement equipment market owing to the presence of key players such as National Instruments, Keysight Technologies, Teledyne Technologies Incorporated, among others. These companies are market leaders and continuously making significant investments towards technological advancement. Also, the growing development in the IT and telecom industry demands accurate testing of equipment, which is fueling the growth of renting & leasing test and measurement equipment market in North America. The growing need for increased operational efficiency, enhanced safety, and new technological breakthrough in the aerospace industry is expected to drive the demand for this market in the region.
Some of the prominent players in the global renting & leasing test and measurement equipment market. These include Transcat Inc, Keysight Technologies, Viavi, Tektronix, General Electric, Rhode & Schwarz, Anritsu Corporation, Exfo Inc, Megger, Bird, Yokogawa Electric, Vanguard, National Instruments, Siemens AG, and Fluke Networks.
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