Test And Measurement Market

The article discusses the increasing demand for test and measurement instruments globally, with a forecasted growth in market volume and value. It also analyzes consumption, production, imports, and exports trends, highlighting key countries and their growth rates. The data shows fluctuations in market performance over the years but overall positive growth. China and the United States are identified as major players in both production and exports, with Singapore showing rapid growth in exports. The average test and measurement export price is also discussed, showcasing variations among exporting countries.

Market Forecast

Driven by increasing demand for instruments and apparatus for measuring or checking pressure of liquids or gasses worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market volume to 2B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.9% for the period from 2022 to 2030, which is projected to bring the market value to $90.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Instruments And Apparatus For Measuring Or Checking Pressure Of Liquids Or Gasses

In 2022, the amount of instruments and apparatus for measuring or checking pressure of liquids or gasses consumed worldwide expanded to 1.5B units, with an increase of 3.5% compared with the year before. In general, the total consumption indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +81.9% against 2012 indices. Global consumption peaked in 2022 and is likely to see steady growth in years to come.

The global test and measurement market value declined slightly to $53B in 2022, reducing by -4.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -14.0% against 2019 indices. As a result, consumption reached the peak level of $61.6B. From 2020 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (300M units), the United States (246M units) and Germany (131M units), together accounting for 45% of global consumption.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +17.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest test and measurement markets worldwide were China ($3.6B), India ($3.4B) and Germany ($2.6B), together accounting for 18% of the global market. The United States, Canada, Turkey, Italy, the UK, Brazil and Singapore lagged somewhat behind, together accounting for a further 12%.

In terms of the main consuming countries, Italy, with a CAGR of +17.3%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of test and measurement per capita consumption was registered in Singapore (6.9 units per person), followed by Germany (1.6 units per person), the UK (0.8 units per person) and the United States (0.7 units per person), while the world average per capita consumption of test and measurement was estimated at 0.2 units per person.

From 2012 to 2022, the average annual growth rate of the test and measurement per capita consumption in Singapore stood at +16.1%. In the other countries, the average annual rates were as follows: Germany (+17.6% per year) and the UK (-6.9% per year).

Production

World Production of Instruments And Apparatus For Measuring Or Checking Pressure Of Liquids Or Gasses

In 2022, production of instruments and apparatus for measuring or checking pressure of liquids or gasses increased by 26% to 1.3B units, rising for the seventh year in a row after two years of decline. In general, the total production indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +98.7% against 2015 indices. As a result, production attained the peak volume and is likely to continue growth in the immediate term.

In value terms, test and measurement production declined to $45.9B in 2022 estimated in export price. Over the period under review, the total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -21.4% against 2019 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 41%. As a result, production attained the peak level of $58.5B. From 2020 to 2022, global production growth remained at a lower figure.

Production By Country

China (410M units) constituted the country with the largest volume of test and measurement production, accounting for 32% of total volume. Moreover, test and measurement production in China exceeded the figures recorded by the second-largest producer, Germany (134M units), threefold. Brazil (113M units) ranked third in terms of total production with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +4.8%. In the other countries, the average annual rates were as follows: Germany (+14.2% per year) and Brazil (+17.2% per year).

Imports

World Imports of Instruments And Apparatus For Measuring Or Checking Pressure Of Liquids Or Gasses

In 2022, approx. 970M units of instruments and apparatus for measuring or checking pressure of liquids or gasses were imported worldwide; which is down by -1.8% against the previous year's figure. In general, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +13.1% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 25%. Global imports peaked at 988M units in 2021, and then shrank in the following year.

In value terms, test and measurement imports declined to $10.9B in 2022. Overall, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +14.9% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 15%. As a result, imports reached the peak of $10.9B, leveling off in the following year.

Imports By Country

The purchases of the three major importers of instruments and apparatus for measuring or checking pressure of liquids or gasses, namely the United States, China and Singapore, represented more than half of total import. It was distantly followed by Mexico (56M units), creating a 5.8% share of total imports. The UK (40M units), Germany (25M units), Turkey (22M units), Brazil (18M units) and India (18M units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Singapore (with a CAGR of +29.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.7B), China ($1.5B) and Germany ($1.3B) constituted the countries with the highest levels of imports in 2022, together comprising 42% of global imports. Mexico, the UK, Singapore, Turkey, Brazil and India lagged somewhat behind, together comprising a further 13%.

In terms of the main importing countries, Turkey, with a CAGR of +12.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average test and measurement import price amounted to $11 per unit, rising by 1.8% against the previous year. In general, the import price, however, showed a mild contraction. The pace of growth appeared the most rapid in 2018 when the average import price increased by 9.9% against the previous year. Global import price peaked at $13 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($51 per unit), while Singapore ($1.7 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+3.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Instruments And Apparatus For Measuring Or Checking Pressure Of Liquids Or Gasses

In 2022, overseas shipments of instruments and apparatus for measuring or checking pressure of liquids or gasses increased by 34% to 776M units, rising for the second consecutive year after two years of decline. Overall, total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +128.3% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 70% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, test and measurement exports expanded to $10.5B in 2022. The total export value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 18% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, China (298M units) represented the main exporter of instruments and apparatus for measuring or checking pressure of liquids or gasses, creating 38% of total exports. Singapore (141M units) held the second position in the ranking, followed by Mexico (90M units) and Malaysia (51M units). All these countries together held approx. 36% share of total exports. The UK (30M units), Germany (28M units), Switzerland (23M units) and the United States (20M units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +6.6% from 2012 to 2022. At the same time, Singapore (+25.6%), the UK (+7.2%), Switzerland (+7.1%), Mexico (+2.9%) and Malaysia (+2.9%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in the world, with a CAGR of +25.6% from 2012-2022. The United States and Germany experienced a relatively flat trend pattern. Singapore (+15 p.p.) and China (+4.7 p.p.) significantly strengthened its position in terms of the global exports, while Malaysia, Germany and Mexico saw its share reduced by -1.6%, -2% and -2.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($2.3B), the United States ($1.8B) and China ($1.3B) were the countries with the highest levels of exports in 2022, together accounting for 51% of global exports.

In terms of the main exporting countries, China, with a CAGR of +10.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average test and measurement export price amounted to $14 per unit, with a decrease of -23.6% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 19% against the previous year. The global export price peaked at $25 per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($90 per unit), while Singapore ($2.6 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform