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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Regional Analysis
In 2019, North America held the largest market share and is expected to continue its dominance throughout the forecast period, with the US being a major contributor to the regional market. In the US, the growing adoption of IoT across various industries is enhancing the growth of Renting & Leasing Test and Measurement Equipment Market. Additionally, the increased adoption of advanced electronic devices in the country fuels the growth of this market, as these devices must go through test processes. Due to the emergence of the 5G network, data-transfer rates are expected to exceed by 20 gigabits per second, which would require manufacturers to analyze and test their technologies with new methods and equipment. Furthermore, the growing demand for renting & leasing test and measurement equipment in the aerospace industry is anticipated to boost the growth of the market in the US.
In Europe, enhanced communication technologies and wireless integration have positively impacted the renting & leasing test and measurement equipment market. Furthermore, the demand for services such as digital radio and TV (DAB and DVB-T), Wi-Fi, Bluetooth, and GNSS, even within mid-range vehicles, has boosted this market in Europe. Germany and the UK are the highest contributors to the renting and leasing test and measurement equipment market due to several automotive and aerospace companies in this region. For over 30 years, Finero Corporation, an industrial equipment supplier, has provided the electrical and electronics industries in Europe with a broad range of advanced and reliable test and measurement equipment.
Asia-Pacific is expected to be the fastest-growing region in the renting & leasing test and measurement equipment market. The key influencing factors in the region are acceleration in the deployment of 5G cellular infrastructure and stringent government regulations for testing equipment. A rising number of government initiatives such as smart cities, connected buildings, and smart homes are fueling the renting & leasing test and measurement equipment market. The continuous development in infrastructure and increasing adoption of smartphones are also expected to contribute to the growth of the regional market.
Key players
MRFR recognizes the key 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. These players focus on innovation and, thus, invest in research & development to present a cost-effective product portfolio. There have been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
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 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
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