A new market research report by future market insights on the in-circuit tester market includes the global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report analyses the in-circuit tester market and provides critical insights for the forecast period 2019-2029. As per the findings of the report, the global in-circuit tester market is projected to experience significant growth over the forecast period due to multiple driving factors.
The global in-circuit tester market is estimated to be valued at ~US$ 1.2 Bn in 2019, and increase at a CAGR of ~9% during the forecast period of 2019-2029. This growth is majorly driven by the increasing usage of in-circuit testers in automotive electronics, consumer electronics, medical equipment, defence & aerospace electronics, power generation, storage & distribution, network & communication, computer & peripheral devices, and industrial electronics, among others.
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Focus of automotive industry has shifted to the manufacturing of electronic vehicles, on the account of technological advancement in wireless technology space and growing efforts to reduce vehicle emissions. In addition, manufacturing of electronic equipment for military aircrafts such as highly modified power drive controls and defensive aids systems is rapidly increasing, thereby raising the demand for in-circuit testers to analyse electronic circuits in manufacturing sites.
Lucrative Growth Opportunities in East Asia & North America
Regions such as East Asia & North America are anticipated to hold a prominent revenue share of the in-circuit tester market, according to the FMI’s report. Moreover, East Asia is accounted as high growth potential region for the in-circuit tester market, considering rapidly increasing sales of automotive electronics and consumer electronics, backed by continued industrialization and increasing contribution of electronic and automotive sectors to the GDP growth.
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Increasing demand for electronic vehicles in East Asia, due to increasing carbon emission and depletion of fossil fuel resources, is expected to fuel the in-circuit tester market. Stringent regulations for environmental monitoring in the East Asia region has been complementing the growth of the electronic industry and sales of electric vehicle. As a consequence, the analytical testing equipment manufacturing industry of East Asia is gaining significant and positive momentum, which is forecasted to fuel the growth of the in-circuit tester market in East Asia.
Increasing Demand for Consumer Electronic Devices and Highly Customized Automotive Designs to Boost the Market Growth
The global in-circuit tester market has been segmented on the basis of product, portability, end-use, and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa. The FMI report also includes analysis of developing countries.
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In-Circuit Tester Market: Vendor Insights
The report highlights some of the prominent market players that are holding significant share in the in-circuit tester market. Some of the key players in the global in-circuit tester market are Test Research, Inc., Keysight Technologies, Teradyne Inc., KYORITSU Test System Corporation, HIOKI E.E. CORPORATION, SPEA, Acculogic Inc., and Digitaltest GmbH.