Renting Leasing Test and Measurement Equipment Market Insights
The renting and leasing test measurement equipment market is likely to garner a notable increase. Rise in semiconductors and consumer electronics sectors are key driving forces. Market Research Future (MRFR) states that the global renting leasing test and measurement equipment market is poised to escalate from USD 6.2 BN in 2022 to USD 10.0 BN by 2032, growing at a 5.40% CAGR during the review period (2023-2032).
Rapid advances in networking and telecom technologies and the widespread commercialization of numerous services are key market drivers. Convenience is the major growth driver, increasing the preference for renting leasing test and measurement equipment services worldwide, allowing the market to substantiate further. The rise in end-user industries, including telecommunication, electronics semiconductors, and others, increases the market size.
Additionally, rising complexities in the development of electronic devices, alongside the rising automation and increased budgets in the defense sector, boost market growth. Advancements in the automation and IoT devices foster the growth of the market. Augmenting demand for efficient power management and the proliferation of smart and connected devices increase the market size.
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Major Players
Leading renting leasing test and measurement equipment market players are
- Transcat Inc.,
- Keysight Technologies,
- Advantest Corporation,
- Fortive,
- VIAVI Solutions Inc.,
- National Instruments Corp,
- BK Precision Corporation,
- Teledyne Technologies Incorporated,
- TEKTRONIX Inc.,
- Texas Instruments Incorporated,
- AMETEK Inc.,
- McGrath RentCorp Inc.,
- Rhode Schwarz,
- Bird, and
- Yokogawa India Ltd., among others.
Renting and Leasing Test Measurement Equipment Market – Segments
The report is segmented into products, components, applications, and regions. The product segment is sub-segmented into general-purpose test equipment, semiconductor test equipment, wireless test equipment, and RF test chambers. The component segment is sub-segmented into connectors, cable assemblies, and value-added accessories.
The application segment is sub-segmented into aerospace defense, healthcare medical equipment, telecommunication, electronics semiconductors, industrial manufacturing, automotive, and others. By region, the renting leasing test and measurement equipment market is segmented into the Americas, APAC, MEA Europe, and the rest of the world.
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Renting Leasing Test and Measurement Equipment Market – Regional Analysis
North America dominates the global renting leasing test and measurement equipment market. The presence of several leading players and easy rental plans provided by them boost the market size. Moreover, growing developments in the IT and telecom industries in the region create substantial market demand. Technological advancements and increased adoption of rental test and measurement equipment across end-use accelerate the region's market share. The North American renting leasing test and measurement equipment market will likely retain its dominance throughout the review period.
Renting Leasing Test and Measurement Equipment Market –Competitive Landscape
Highly competitive, the renting leasing test and measurement equipment market appears fragmented with the presence of several well-established players. These players incorporate strategic initiatives like acquisition, partnership, collaboration, expansion, and technology launch to gain a competitive advantage in the market. Such initiatives support the players' growth and expansion plans, helping them maintain their market position.
Industry/Innovation/Related News:
Feb. 21, 2023 -- Electro Rent, a leading global provider of rental test measurement equipment solutions and services, announced a strategic distribution agreement with the communications industry's test, monitoring, and analytics experts, EXFO. This new agreement will likely enhance the existing relationship between EXFO and Electro Rent, distributing Electro Rent's robust rental and certified pre-owned (CPO) portfolio in the United States.
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