Latin America Measurement and Test Equipment Market to Hit $2,777.9 Million By 2030

According to a new report published by Allied Market Research, titled, “Latin America Measurement and Test Equipment Market By Product Type, Service Type, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2021–2030”, the Latin America measurement and test equipment market size was valued at $1,539.2 million in 2020, and is projected to reach $2,777.9 million by 2030, registering a CAGR of 6.1% from 2021 to 2030.

Measurement and test are enhanced devices such as voltage detector and compression testing machine intended to detect and measure physical qualities, electrical impulses, biological interactions, and qualities. Measurement and test equipment are standardized instruments designed to measure and test constructs in various scientific fields, including scales, inventories, and questionnaires. Further, rise in penetration of Internet of Things devices is significantly boosting the measurement and test equipment market growth.

The growth of the Latin America measurement and test equipment industry is majorly driven by increasing demand for modular instruments by product designers and manufacturers paired with rising demand for high-performance and power-efficient electronic devices. Moreover, rise in adoption of electronic devices is anticipated to drive the growth of measurement and test equipment. However, strong inclination of customers toward adoption of measurement and test equipment on rental basis is acting as a prime restraint of the Latin America measurement and test equipment market. On the contrary, advent of 5G technology is anticipated to provide lucrative opportunities for the measurement and test equipment industry during the forecast period.

According to Latin America measurement and test equipment market analysis, the general-purpose test equipment segment was the highest contributor to the market in 2020. The automotive and healthcare collectively accounted for around 27.9% market share in 2020. Surge in adoption of Internet of Things solution and digital electronics solution have driven the growth of the general-purpose test equipment segment; thereby, enhancing the measurement and test equipment market growth. The outbreak of the COVID-19 has significantly impacted the Latin America measurement and test equipment market growth. 

Decline in demand for frequency counter and insulation resistance tester trends has significantly impacted the demand for measurement and test equipment solutions during the pandemic. Further, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments across the globe has restrained the growth of the measurement and test equipment market during the pandemic. However, rise in demand for Internet of Things and machine learning solution has led to the growth of the measurement and test equipment market post pandemic.

Key Findings of the Study

• By product type, the general-purpose test equipment segment accounted for maximum revenue in 2020, and is projected to grow at a notable CAGR of 5.4% during the forecast period.
• By industry vertical, the automotive and healthcare segments together accounted for around 27.9% of the Latin America measurement and test equipment market share in 2020.
• By service type, the repair or after sale services segment is projected to witness growth at a CAGR of 6.7% during the forecast period.

The Latin America measurement and test equipment market key players profiled in the report include Rigol, Instek, Uni-T, Owon, Hantek, Fortive Corporation, Rohde & Schwarz Gmbh, Anritsu Corporation, Keysight Technologies, Yokogawa Electric Corporation, and National Instrument Corporation. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the Latin America measurement and test equipment market.