IIoT drives the ETE market to touch $4.19 billion by 2024
With Industrial Internet of Things (IIoT) or Industry 4.0 transforming manufacturing and operations ecosystems across the aerospace & defense (A&D) industry, electronic test equipment (ETE) vendors have begun to evolve their technologies to keep pace. A&D companies are ready to support the latest technological developments with substantial investments in R&D as new technology adoption vendors are responding to the surge in opportunities for asset management, condition monitoring, and data analytics services with expansions in the frequencies, bandwidth availability, and functionalities of their existing systems.
“ETE vendors are not only rolling out next-generation measurement and instrumentation equipment but are also adopting novel business models,” said Sambaran Das, Senior Research Analyst, Measurement & Instrumentation. “Software-as-a-Service (SaaS)-based models, in particular, are likely to gain traction as A&D customers across applications automate their processes. It can prove to be a highly significant value addition delivered by hardware vendors selling software.”
Frost & Sullivan’s recent analysis, Global Electronic Test Equipment Market in Aerospace & Defense, Forecast to 2024, provides a detailed analysis of the current and evolving opportunities in the A&D industry for the electronic test, measurement, and instrumentation market. This assessment includes forecasts, an overview of the competitive structure, competitors’ market share, market trends, and product analysis. It also identifies market drivers and restraints, key growth opportunities, challenges, and possible threats.
The A&D industry has seen renewed growth due to increasing defense spending and budget allocations by national governments all over the world.
“While the North American and European markets continue to lead the ETE market due to their historically dominant position in the A&D industry and enthusiasm to adopt new technologies, Asia-Pacific is emerging as a popular investment hub,” noted Das. “The presence of leading ETE manufacturers in high-growth countries such as China, India, and South Korea has already taken this region ahead of the market leaders in terms of growth rate. The greater defense spending in China and India and the record rise in commercial air traffic have further boosted the adoption rates of ETE in the region.”
Globally, the $3.25 billion ETE market is expected to touch $4.19 billion by 2024, once vendors make the most of the market expansion opportunities inherent in Portable/handheld testers, NewSpace, Radar, 5G and millimeter-wave (mmWave) andHardware-in-loop (HIL) testing.
“Adaptability to evolving technologies, ability to address greater bandwidths, and providing software-defined instrumentation are the most important requirements for T&M in the A&D industry,” said Das. “With the growing complexity of end-user systems and testing needs, upgradable and flexible platforms are the focus of leading companies for enhancing the longevity of test equipment and reducing the cost of test. Mega Trends such as Industry 4.0 or IIoT and evolving business models will change the market dynamics and test solution offerings by leading T&M vendors.”