Market Highlights
The global renting and leasing test and measurement equipment market is expected to register a CAGR of 5.4% during the forecast period of 2020–2026.
The supply and demand sides operating in the global market following a more strategic approach to purchasing or lease the equipment. It becomes challenging for the companies in the test and measurement equipment market to broaden their product base as customers become aware of the benefits of leasing and renting services. The benefit of these services earlier was observed for short-term requirements; however, the current scenario and future trends are expected to change as the customers turn to rental specialists, especially in the telecommunication and IT industry. The current spending on renting and leasing services accounts for nearly 32% of the total spending in the test and measurement market and is expected to reach 57% by 2026.
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Key Segments
The global renting & leasing test and measurement equipment market has been segmented based on product, component, application, and region.
By product, the global renting & leasing test and measurement equipment market forecast 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 generators, 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.
By component, the global renting & leasing test and measurement equipment market has been segmented into connectors, cable assemblies, and value-added accessories.
By application, the global renting & leasing test and measurement equipment market has been segmented into aerospace & defense, healthcare & medical equipment, telecommunication, electronics & semiconductor, industrial & manufacturing, automotive, and others.
By region, the renting & leasing test and measurement equipment market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world
By product, the global renting & leasing test and measurement equipment 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 generators, 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, the 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 global renting & leasing test and measurement equipment 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 to transmit 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 global renting & leasing test and measurement equipment market has been segmented into aerospace & defense, healthcare & medical equipment, telecommunication, electronics & semiconductor, industrial & manufacturing, automotive, and others. The aerospace & defense segment is one of the prominent end users of testing and measurement equipment. Increasing government investment in military and defense departments also creates 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 create challenges for testing, validation, and verification of these equipment, which further creates the need for reliable and scalable testing solutions.
By region, the renting & leasing test and measurement equipment market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America holds the largest share in the renting & leasing test and measurement equipment market due to the presence of key players such as National Instruments, Keysight Technologies, and Teledyne Technologies Incorporated. These companies are market leaders and continuously making significant investments towards technological advancement. Additionally, 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 the regional market.
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Key Players
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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