The global test and measurement equipment market size is expected to reach USD 42.9 billion by 2028 from USD 34.3 billion in 2023, at a CAGR of 4.6% during the 2023–2028 period.

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Various types of test and measurement equipment are utilized to analyze, validate, and verify measurements of electronic and mechanical systems. These instruments generate signals and capture responses from electronic devices under test (DUTs). Their purpose is to assess the efficacy of operational processes and aid manufacturers in monitoring and enhancing the quality, safety, and productivity of their products. The two main categories of such equipment are general-purpose test equipment (GPTE) (including oscilloscopes, signal generators, arbitrary waveform generators, digital multimeters, logic analyzers, power meters, power supplies, and modular instruments) and mechanical test equipment (MTE) (encompassing non-destructive test equipment, machine vision inspection systems, and machine condition monitoring systems).

Test and Measurement Equipment companies include:
• Yokogawa Electric (Japan),
• Keysight Technologies (US),
• Rohde & Schwarz (Germany),
• Fortive (US),
• Anritsu (Japan),
• Advantest (Japan),
• National Instruments (US),
• EXFO (Canada),
• VIAVI Solutions (US),
• OWON Technology (China),
• Teledyne Technologies (US).

Periodic calibration and servicing are required to maintain the high standards of test instruments. Calibration helps increase the life of the equipment as the process compares the actual performance with the standard performance. Any deviations in the actual performance are identified and rectified to match the standard performance. Calibration is the process of evaluating and adjusting the precision and accuracy of measurement equipment. This process includes operations that, under certain conditions, establish relations between values indicated by a measuring instrument and those realized by reference standards. The calibration of the test and measurement equipment is vital to ensure precision, quality assurance, and compliance with quality standards during the production, maintenance, and servicing phases. Thus, if carried out regularly, calibration ensures not only optimum performance but also the extended operational life of the equipment.

Technological advancements boost the demand for test and measurement equipment in end-user industries. This ratio is increasing because the adoption of test and measurement equipment on rental basis is more profitable to the customers whereas it is a restraint to the producing firms. Mostly companies with less capital go for rented test and measurement equipment. The unavailability of our own equipment, facing challenges towards repair, calibration, and unexpected peak in testing workload are the main reasons for the customers renting the equipment. However, new test and measurement equipment are typically expensive. To reduce their operational costs, several organizations across industries, including aerospace & defense, communications, automotive, and electronics, often take testing and measurement equipment on a rental basis, which is a cost-saving approach rather than buying new testing and measurement equipment.

The country is becoming a new hub for companies from all over the world which in turn increases the demand for test and measurement equipment in the country. There are many test and measurement manufacturers in India such as MEXTECH, Rishabh Instruments, Meco Instruments, Fluke Corporation, Rohde & Schwarz India Pvt Ltd, Microtek Instrument, Metro Electronic, Anritsu Corporation, Aplab Ltd and Tektronics. The Indian government is all ready to accept Micron Technology's investment request for USD 1 billion to build an ATMP plant in India. The fifth-largest semiconductor manufacturer in the world, Micron Technology is headquartered in Idaho, USA. The company operates 11 production facilities in the US, China, Japan, Taiwan, Malaysia, and Singapore. During the Commercial Dialogue March 2023, India and the US inked an MoU of partnership aims to create a collaboration framework between the two governments on supply chain resiliency and diversity for semiconductors.

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Fortive was established as a result of some strategic acquisitions and divisions. Danaher acquired Tektronix in 2007 for USD 2.8 billion. In May 2015, Danaher announced the split of its group into two business units. These two newly formed companies focused on the science and technology business and test and measurement equipment businesses. The new science and technology company continues to be a part of Danaher, while the second company, which includes Tektronix, Fluke, and the rest of the test and measurement equipment business of Danaher operates as Fortive.