Renting Leasing Test Measurement Equipment Market Segmentation
The renting and leasing test and measurement equipment market is segmented based on application, component, and product.
By product, the general-purpose test equipment segment will lead the market over the forecast period and at a 4.6% CAGR.
By component, the connectors segment will dominate the market over the forecast period.
By application, the aerospace and defense segment will spearhead the market over the forecast period.
Renting Leasing Test Measurement Equipment Market COVID-19 Analysis
The adoption of renting and leasing test and measurement equipment is high in healthcare and pharmaceuticals, food and beverages, and biological research. Strict government regulations and the growing need for quality maintenance in such industries drive the adoption of such equipment. The COVID-19 pandemic has led to a fall in demand for several products. Manufacturing plants moreover in the different countries have been put on halt to curb the spread of the deadly virus. The spread of this novel coronavirus led to the increased production of medicines as well as other medical equipment. This has boosted the need for renting and leasing test and measurement equipment in pharmaceuticals and healthcare end use industry, resulting to surged need for renting and leasing test and measurement equipment solutions and products.
The COVID-19 pandemic has already made its shadow felt on different industries except a handful like the global renting leasing test measurement equipment market. The spread of the virus resulted to a growing production of medicines and other medical equipment. This has fueled the need for renting and leasing test and measurement equipment in the healthcare and
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Renting Leasing Test Measurement Equipment Market Analysis
The renting and leasing test and measurement equipment market will touch USD 9.43 billion at a 5.4% CAGR in the forecast period (2020 2027), states the latest Market Research Future (MRFR) report.
Drivers
Rapid Technological Advances in Telecommunication to Boost Market Growth
Rapid technological advances in networking and telecommunication and commercialization of IoT services worldwide will boost the renting leasing test measurement equipment market growth over the forecast period.
Opportunities
Deployment of LTE 4G Networks to offer Lucrative Opportunities
The deployment of LTE and also LTE-advanced (4G) networks will offer lucrative opportunities that will lead to the growth of the renting and leasing test and measurement equipment market in the forecast period.
Restraints
Price Sensitivity to act as Market Restraint
The price sensitivity of renting and leasing test and measurement equipment coupled with the absence of standards and protocols may act as a market restraint over the forecast period.
Challenges
Lack of Skilled Workforce to act as Market Challenge
The lack of skilled workforce and with the rising penetration of rental and leasing services may act as a market challenge over the forecast period.
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Renting Leasing Test Measurement Equipment Market Regional Analysis
North America to Steer Renting and Leasing Test and Measurement Equipment Market
North America will steer the renting and leasing test and measurement equipment market over the forecast period. The presence of several key players like National Instruments, Keysight Technologies, Teledyne Technologies Incorporated, among others, these companies being market leaders are constantly making significant investments towards technological advancement, growing development in the IT and telecom industry that demands accurate testing of equipment, new technological breakthrough in the aerospace industry, enhanced safety, and increased operational efficiency are adding to the global renting leasing test measurement equipment market growth in the region.
APAC to Have Favorable Growth in Renting and Leasing Test and Measurement Equipment Market
The APAC region will have favorable growth in the renting and leasing test and measurement equipment market over the forecast period. Strong government initiatives and continuous projects, Japan, China and India are undertaking initiatives for encouraging industries to establish manufacturing and RD facilities in their countries, the presence of leading manufacturers of consumer electronic devices such as laptops, smartphones, and gaming consoles, China being the hub for semiconductor fabrication and manufacturing, implementation and development of IoT, and the region being the hub for several industries like automotive, electrical, and electronics are adding to the global renting and leasing test and measurement equipment market growth in the region.
Renting Leasing Test Measurement Equipment Market Key Players
Key players profiled in the global renting and leasing test and measurement equipment market report include Transcat Inc, Keysight Technologies, Exfo Inc, Viavi, Tektronix, General Electric, Rhode Schwarz, Anritsu Corporation, Megger, Bird, National Instruments, Yokogawa Electric, Vanguard, Siemens AG, and Fluke Networks.
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