Market Size of Modular Test Equipment Industry
| Study Period | 2022 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Modular Test Equipment Market Analysis
The Modular Test Equipment market is expected to grow at a CAGR of 7.6% over a forecast period. The rising number of connected devices and increasing companies' attention towards quality improvements and end-to-end test solutions are expected to drive market growth over the studied period.
- In modular instrumentation systems, GHz PC processors analyze the data and make measurements using the software. The result is measurements at 10 to 100 times the throughput of a test system built solely on traditional instruments, which use built-in vendor-defined firmware and application-specific processors.
- The market for modular testing is witnessing various strategic investments made by national and international players to remain competitive. For instance, in October 2022, Omega Laboratories, a provider of laboratory testing solutions, acquired Acumium to enhance its ability to provide risk mitigation while providing more timely results for faster clinical, court, and employment decisions.
- Further, in September 2022, inTEST Corporation, a supplier of innovative test and process solutions for manufacturing and testing, announced to feature companies of its solutions for electric vehicles, OEMs, EV battery manufacturers, and other battery technologies at the Battery Show North America.
- The solution will ensure the quality of battery arrays with the Acculogic STINGRAY flying probe tester. A cost-effective automated test platform with accelerated performance offers an accurate, fast, and reliable test of battery array interconnections.
- Additionally, in September 2022, Keysight Technologies announced its partnership with Credo Technology Group for its Layer 1-3 800GE network device and Ethernet protocol test solutions for network infrastructure. Keysight's colKeysight with Credo will provide the global networking industry with a comprehensive set of test and measurement capabilities that address the rapidly growing and diverse ecosystem of 800GE-capable components, network silicon devices, and networking equipment systems.
