North America Automated Test Equipment Market
Published On: Jun 2024
Published On: Jun 2024
At 6.9% CAGR, North America Automated Test Equipment Market is Projected to be Worth US$ 2,679.51 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the North America automated test equipment market was valued at US$ 1,567.55 million in 2022 and is projected to reach US$ 2,679.51 million by 2030, registering a CAGR of 6.9% from 2022 to 2030. Increasing automation in manufacturing sector and testing of sensors for autonomous vehicles are among the critical factors attributed to drive the North America automated test equipment market growth.
Manufacturers across the globe are collaborating for the development of autonomous vehicles. Autonomous vehicles have evolved and transformed on the platform built by ADAS. Companies such as Tesla, Ford, Mercedes, General Motors, Honda, and Nissan are heavily investing in their research to develop autonomous cars. Also, technology giants such as Apple, IBM, and Intel have further collaborated with the leading auto manufacturers to remain competitive. Car companies across the globe are working on developing autonomous cars to enhance consumer traveling experiences.
Increasing government initiatives to reduce traffic congestion drives the demand for autonomous vehicles across the globe. In the next few years, it is anticipated that autonomous cars will hit the roads and be commercialized. One of the key enabling technologies required in autonomous vehicles is the presence of sensor fusion, whose function would be to integrate data from an array of sensors to make quick and appropriate decisions. Fusion sensor allows manufacturers to use inexpensive and less powerful sensors and also save the battery life of the car while providing maximum functionality. These attributes make the fusion sensors an ideal choice in integration with autonomous vehicles. Testing becomes critical to ensure the smooth functioning of these sensors. The sensor technology has been evolving at a rapid rate, and the synchronization to be maintained between the testing equipment and the sensor requires good calibration.
The RADAR sensors that are used in autonomous vehicles for weather-agnostic obstacle detection are migrating to higher frequency levels to enable the use of smaller antennas, wider bandwidth, and the ability to transmit higher power. Also, LiDAR is being used as an alternative to Radars and proving their worth. Test equipment able to monitor and verify their performances will gain huge momentum in the coming years with rising demands for autonomous vehicles. Rapidly evolving technology would force test equipment manufacturers to develop dynamic and modular test equipment. Modular and flexible test equipment is expected to incorporate any I/O device for providing synchronization. A flexible test solution that would expand with the influx of technologies is therefore essential in the upcoming times.
On the contrary, huge costs incurred in testing and O&M complexities hampers the growth of North America automated test equipment market.
Based on type, the North America automated test equipment market is segmented into integrated circuits (ICs) testing, printed circuit boards (PCBs) testing, hard disk drives (HDDs) testing, and others. The integrated circuits (ICs) testing segment held 38.3% market share in 2022, amassing US$ 600.77 million. It is projected to garner US$ 1,111.52 million by 2030 to register 8.0% CAGR during 2022-2030.
In terms of component, the North America automated test equipment market is segmented into industrial PCs, mass interconnect, and handler/prober. The industrial PCs segment held 51.3% share of North America automated test equipment market in 2022, amassing US$ 804.52 million. It is anticipated to garner US$ 1,347.22 million by 2030 to expand at 6.7% CAGR during 2022-2030.
By end user, the North America automated test equipment market is divided into consumer electronics, automotive, medical, aerospace & defense, IT & telecommunication, and other industries. The consumer electronics segment held 28.3% share of North America automated test equipment market in 2022, amassing US$ 442.88 million. It is projected to garner US$ 772.72 million by 2030 to expand at 7.2% CAGR from 2022 to 2030.
Based on country, the North America automated test equipment market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.0% share of North America automated test equipment market in 2022. It was assessed at US$ 1,301.22 million in 2022 and is likely to hit US$ 2,270.48 million by 2030, registering a CAGR of 7.2% during 2022-2030.
Key players operating in the North America automated test equipment market are Advantest Corp; Anritsu Corp; Astronics Corporation; Averna Technologies Inc; Chroma ATE Inc.; National Instruments Corp; SPEA S.p.A; Teradyne Inc; and Test Research, Inc., among others.
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