Automated Test Equipment Market To Surpass $4 Billion By 2024 - Hexa Research
The global automated test equipment market is expected to witness substantial growth over the forecast period on account of the increasing complex designs and need for effectual testing.
The global automated test equipment market is anticipated to grow beyond USD 4.4 billion by 2024. The growing demands for consumer electronics are projected to drive the global market during the forecast period (from 2016 to 2024). Moreover, the needs for effective testing and rising design complexity are also expected to boost the demand during the next few years. Increased electronic devices in automobile and smartphones penetration are also said to positively impact the overall market. The automated test equipment market is categorized as applications, products, and regions.
Browse Details of Report@
The IT & telecommunication occupied over 50 % of the overall market in 2015 due to the proliferation of smartphones tablets, computers, etc. in the market along with the growing importance of effective communication. The automotive sector is likely to exhibit a considerable growth due to rising integration of advanced electronic devices in vehicles.
The products sector of the automated test equipment market comprises discrete, memory, and non-memory. The non-memory product sector led the market in 2015 and occupied over 75 % of the total market share. The discrete product sector is generally developed in-house as companies avoid investing in costly test tools for low-cost discrete component testing. The sector is anticipated to experience a huge growth in future.
Geographically, the APAC market for automated test equipment led the global market in 2015 occupying over 70 % of the total revenue. The region is further anticipated to continue dominating the global industry over the forecast period. This can be attributed to the rapid technological improvements and the presence of several semiconductor industries in the region. The demands in the European market are characterized by reducing semiconductor consumption as well as reducing expenditure levels of the manufacturers. The rest of the world is said to experience a significant growth over the next few years.
Some of the major companies operating in the global automated test equipment market include Advantest Corp.; LTX-Credence Corp.; and Teradyne Inc. The companies are striving towards cost-effectiveness in the manufacturing process of these devices. The development of fresh instrumentation and improving test platforms along with sustaining a close relationship with consumers are projected to be the major growth strategies.
Browse Related Category Market Reports @
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Felton Office Plaza
6265 Highway 9
Felton, California 95018
Website - http://www.hexaresearch.com/
Follow us on Linkedin: https://www.linkedin.com/company/hexa-research
Automotive & Transportation Market Research Report
Jan 01, 2017