The analysts forecast the global general purpose test equipment market to grow at a CAGR of 4.86% during the period 2017-2021.
Global General Purpose Test Equipment Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the demand for GPTE from various end-users.
One trend in market is emergence of 5G network. The increase in the number of mobile users, loads of mobile networks, and the emergence of IoT has triggered the development of 5G networks. These networks enable the use of unused frequency bands such as the V band to transport large amounts of data.
According to the report, one driver in market is growth in communication sector in APAC. The GPTE solutions are being adopted widely by end-users such as the telecommunication service providers, mobile device manufacturers, network equipment manufacturers, and telecommunication service providers, which have led to growth in the market across the world. The telecommunication service providers are expected to dominate the GPTE market (highest market share during the forecast period). APAC offers growth opportunity for GPTE equipment. This is due to the end-users such as the mobile device manufacturers and enterprises that are turning toward GPTE and other testing equipment to offer their customers high quality and performance services.
Further, the report states that one challenges in market is price-sensitive end-users. Advances in technology have encouraged companies to invest in innovative products, thus increasing market competitiveness. Evolving consumer preferences have increased the need for investments in product development. The majority of GPTE vendors are dependent on raw materials from China for the manufacturing processes. The increase in raw material costs and import duty imposed by governments worldwide have increased the production cost of T&M equipment, and thereby also increased the production cost for GPTE.