Automated Test Equipment Market is Set to Thrive at a Steady CAGR of 9.8% During the Forecast Period | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The automated test equipment market outlook states that digital multimeters and LCR meters are fuelling the demand. The global automated test equipment market has shown massive development in the last few years. The main parameter supporting the market's growth is the growing adoption in the automotive and semiconductor industries
DUBAI, United Arab Emirates, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The automated test equipment market is anticipated to thrive at a CAGR of 9.8% between 2023 and 2033. The market is anticipated to cross a market share of US$ 23.76 billion by 2033 while it is valued at US$ 9.33 billion in 2023.
The growing manufacturing and corporate spaces adopting ioT systems are thriving the demand for automated test equipment. The demand for cost and time-reducing elements in the market is expected to play a vital role in the growth of the automated test equipment market.
Advanced machinery that works on high-speed networks and is autonomous is also adopting faster testing measures such as automated test equipment. The growth is attributed to the expanding component markets like cloud computing, AI, and machine learning
The growth of new connected devices along with higher penetration of 5G networks are fueling people to adopt IoT services. Hence, it fuels the demand for automated test equipment.
Advanced device manufacturing units functioning with high-end research have flourished in the automated test equipment market.
Lower cost and time-saving prospects delivered by these ATE units are helping the manufacturing units.
Expanding automotive industry fuels the demand for vehicle testing systems that automate machinery systems. The growth of healthcare wearables has also fueled the demand for ATE units as it freshly trends in the market.
Key Points
1. The United States market is attributed to the flourishing industrial growth along with the rapid digitization and addition of IoT devices in the manufacturing hubs. The extended research and development programs have also fueled the growth of the regional market.
2. China automated test equipment market is also a crucial market. The regional growth is attributed to the higher sales of connected devices across the verticals such as healthcare, automotive, and education.
3. Europe with hyper-digitized cities is adopting IoT and implementing it in almost every sector which fuels the demand for automated test equipment for better deployment.
4. The linear and discrete segment is likely to thrive in the type of category due to faster and better testing. It is expected to hold a value of US$ 2.5 billion by 2032.
5. The ICT industry segment tops the application category it holds a 25% share of the global market in 2023. The growth of this is fueled by the extra consumption and higher penetration of computing devices.
The key competitors focus on building reliable, faster, cost-reducing technology for the end-users. Key competitors also merge, acquire, and partner with other companies to increase the network range, connectivity, supply chain, and distribution channel. The key players in the market are: Teradyne, National Instruments, Chroma ATE, Astronics Corporation, Star Technologies, Roos Instruments, Marvin Test Solutions, Cohu, Advantest Corporation, OMRON Corporation.
Recent Market Developments
Advantest Corporation has added a new E5620 DR-SEM for the review and classification of ultra-small photomask defects. The product comes with high accuracy, high-throughput defect sensing, etc.
OMRON Corporation has introduced its IC test system and handler, semiconductor wafer test system, and general and in-circuit tester.
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