Dublin, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The "Global Sensor Testing Market by Offering (Oscilloscope, Multimeter, Spectrum Analyzer, Signal Generator), Software, Sensor Type (Analog, Digital Sensors), Application (Automotive, Consumer Electronics, Aerospace, Healthcare, Industrial), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global sensor testing market is gaining momentum, with an estimated worth of USD 1.8 billion in 2023, projected to reach USD 2.4 billion by 2028. This surge is fueled by a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period. The growing demand for sensor testing, particularly in emerging markets such as automotive, consumer electronics, healthcare, and manufacturing, is contributing to this upward trend.
Key Highlights:
- Safety-Critical Applications Drive Demand: The rise in safety-critical applications, including autonomous vehicles and industrial automation, intensifies the need for meticulous sensor testing to ensure reliability and avert malfunctions.
- Software Segment Witnesses Growth: Software offerings play an integral role in efficient sensor testing. These software tools streamline the testing process, enhance data analysis, and improve accuracy, making them a crucial part of sensor testing.
- Aerospace Requires Comprehensive Sensor Testing: The aerospace industry places a strong emphasis on sensor testing due to the critical role sensors play in securing safety and performance in aircraft and spacecraft.
- North America Dominates the Market: North America holds a significant share of the sensor testing market, driven by stringent industry regulations, technological advancements, and the increasing adoption of sensor-based technologies.
The growth of the sensor testing market is closely tied to our relentless pursuit of innovation, the globalization of trade, and heightened awareness of the significance of accurate sensor data in optimizing efficiency, safety, and overall product quality.
Sensor testing plays a crucial role in industries like automotive, aerospace, healthcare, and manufacturing, where sensor measurements are vital for securing safety and performance. Thorough and comprehensive sensor testing is non-negotiable in these demanding sectors.
The software segment within the sensor testing market is expected to witness substantial growth, driven by the critical role of software tools in enabling data acquisition, test automation, calibration, analysis, simulation, diagnostics, reporting, and documentation. These tools streamline the testing process, enhance data analysis, improve accuracy, and facilitate efficient sensor performance evaluation.
In the aerospace industry, where sensor measurements are essential for ensuring the safety, performance, and efficiency of aircraft and spacecraft, sensor testing is rigorous and comprehensive. The aerospace sector depends on sensor testing to validate the accuracy, reliability, and durability of sensors used in monitoring various parameters.
North America, with its stringent regulations, technological advancements, and increasing adoption of sensor-based technologies, is positioned to hold a substantial market share in the sensor testing sector.
This comprehensive market research report offers valuable insights into the dynamic sensor testing market, helping businesses understand the driving forces, challenges, and opportunities within the industry.
Competitive Landscape
In-depth assessment of market shares, growth strategies and service offerings of leading players such as TE Connectivity Ltd. (Switzerland), National Instruments Corp. (US), Keysight Technologies, Inc. (US), Fluke Corporation (US), and Rohde & Schwarz GmbH & Co. KG (Germany).
Premium Insights
- Emerging Sensor Applications in Automotive and Consumer Electronics Sectors to Offer Lucrative Opportunities for Market Players
- Analog Sensors to Dominate Sensor Testing Market Throughout Forecast Period
- Consumer Electronics Applications to Hold Largest Share of Sensor Testing Market in 2023
- China to Register Highest CAGR in Global Sensor Testing Market During Forecast Period
Market Dynamics
Drivers
- Surging Use of Sensors in Hybrid and Autonomous Vehicles
- Rising Adoption of IoT and Automation Technologies
Restraints
- High Cost of Sensor Testing Equipment
- Rapidly Evolving Sensor Technologies
Opportunities
- Emerging Sensor Applications in Automotive and Consumer Electronics Sectors
- Rising Adoption of Predictive Maintenance Techniques by Manufacturing Firms
Challenges
- Lack of Common Testing Standards
- Difficulties in Calibrating Sensors Under Varied Environmental Conditions
Companies Mentioned
- Advantest Corporation
- AECO Srl
- Anritsu Corporation
- B&K Precision Corporation
- Bosch Sensortec GmbH
- Element Materials Technology
- Fluke Corporation
- H&B Sensors Ltd.
- HORIBA, Ltd.
- ITM Integrated Test + Measurement
- Keysight Technologies, Inc.
- MEASX GmbH & Co. KG
- National Instruments Corp.
- Omega Engineering, Inc.
- Pepperl+Fuchs SE
- Rigol Technologies, Co. Ltd.
- Rohde & Schwarz GmbH & Co. KG
- TE Connectivity Ltd.
- Tektronix, Inc.
- Teradyne Inc.
- Tuv Rheinland AG
- U-Therm International (H.K.) Limited
- UL LLC
- Uni-Trend Technology (China) Co. Ltd.
- Vx Instruments GmbH
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 236 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.8 Billion |
| Forecasted Market Value (USD) by 2028 | $2.4 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/54tebi
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