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The Renting and Leasing Test and Measurement Equipment Market is shaped by various factors that influence its dynamics and growth. One key driver is the increasing cost-conscious approach adopted by businesses across industries. As companies strive to manage budgets effectively, the option to rent or lease test and measurement equipment becomes an attractive alternative to outright purchasing. This financial flexibility allows businesses to access cutting-edge equipment without the substantial upfront costs, making it a cost-effective solution, particularly for short-term projects or when specific equipment is only needed occasionally. In addition, the high market speed of innovative technologies in test and measure areas leads to fast growth. Technological changes in testing and measurement equipment are highly frequent, resulting in fast obsolescence of products based on the said technologies. It allows a company to have the latest and most up-to-date equipment without worrying about the long-term commitment neither of expenses because of depreciation costs as purchased for ownership.
The ability to adjust their operations in relation to changing technological trends positions the renting and leasing market as a strategic option for organizations looking for ways of staying relevant. However, there are also other factors that help to influence the demand for rented and leased test and measurement equipment, such as increasing outsourcing trend and project-based work. In the telecommunications industry as well as in aerospace and electronics, where project durations change from one project to another, firms opt for renting specialized equipment within the specified phases of projects. This helps them to increase the size of their operations relative to project requirements and maximize utilization of resources while minimizing standstill cost due to down times. In addition, the market grows in large part due to globalization of business activities.
If companies grow their reaches overseas, therefore testing equipment and measuring tools are not only needed in one place. The renting and leasing services ease away the hassles from companies which are not limited operations in a particular region. This makes it unnecessary to have the burden of logistic challenges and costs resulting from transports of owned equipment interstate, as a whole the selling argument for rental and leasing services is made globally. The new customer action of renting and leasing test and measurement equipment based on sustainability, increases demand for environmental responsibility as well. The awareness of the environmental issues that come with manufacturing, use, and eventually disposal is ever present among business as they demand high quality materials. Renting and leasing activities support a more sustainable approach through the promotion of reusing equipment, e-waste reduction, and lower CAPEX as well as OCIP.
The sustainability characteristic associated with renting and leasing a facility appeals to businesses that promote CSR standards and operate in line with principles of environmentally responsible business. Also, in the market there are regulatory compliance and industry standards, which influence its dynamics. When it comes to sectors such as health care, telecommunications, and manufacturing the need for adhering certain high standards and rules and regulations cannot be undermined. Renting and leasing services usually offer equipment which is up-to the mark of industry standards, with which businesses can fulfill regulatory laws without having to bother self-sufficiently maintaining their own equipment as per currently prevailing changes. The competitive landscape and the emergence of specialized rental and leasing service providers also impact the market. Companies that focus exclusively on providing test and measurement equipment rental services often offer a broader range of options, customized solutions, and expertise in the field. This specialization enhances the overall customer experience and fosters innovation in service delivery, further driving the market's growth.
Renting Leasing Test Measurement Equipment Market Highlights:
Global Renting & Leasing Test and Measurement Equipment Market Overview:
Renting & Leasing Test and Measurement Equipment Market Size was valued at USD 6.2 Billion in 2022. The Renting & Leasing Test and Measurement Equipment market Application is projected to grow from USD 6.5 Billion in 2023 to USD 10.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.40% during the forecast period (2023 - 2032). The quick technological advancement in networking and telecommunications, as well as the widespread commercialization of numerous services, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Renting & Leasing Test and Measurement Equipment Market Trends
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The rapid technological advancement available in the telecommunication and networking is driving the market growth
The market for renting and leasing test and measurement equipment is also anticipated to grow as a result of the quick technological developments in networking, telecommunications, and the global commercialization of numerous services. The high adoption of 5G cellular technology by the target market, which includes the working population, teenagers, and older people, as well as the high demand for high-performance and energy-efficient electronic devices, are also anticipated to have a positive effect on the market's growth. The rapid technological advancement in networking and communication, along with the increased penetration of modular instrumentation, are also anticipated to greatly increase demand for renting and leasing test and measurement equipment and propel the growth of the renting and leasing test and measurement equipment market. High-performance products are frequently provided by suppliers of semiconductor equipment for the calibration of devices utilising test and measurement equipment that is leased or rented. Renting and leasing test and measurement equipment is utilised in a number of industries, including electronics, manufacturing analysis, and material analysis.
The increased use of consumer electronic devices is expected to have an impact on the market for renting and leasing test and measurement equipment between 2021 and 2028. The market for renting and leasing test and measurement equipment is also anticipated to grow as a result of the quick technological development in networking and telecommunications, as well as the global commercialization of loT services. Additionally, it is anticipated that the widespread use of 5G cellular technology and the increased need for high-performance and power-efficient devices will positively affect the market's growth. The rapid technical improvements in networking and communication as well as the greater penetration of modular instrumentation are both expected to significantly enhance the demand for renting and leasing test and measurement equipment. The market for renting and leasing test and measurement equipment will also expand as a result of this.
Rapid industrialization, which has also witnessed significant growth in the electronics sector, is one of the key factors fostering the industry's progress. High-performance and power-efficient consumer gadgets and semiconductors are tested and measured during manufacturing to look for defects. As a result, the market is rising as a result of an increase in the usage of test and measurement tools for standard testing and finding flaws in helicopters, aeroplanes, and other machinery. They are also used in the automotive and transportation sectors for factory automation, machine control, and setting up remote sensor connections. The creation of machine-to-machine (M2M) interaction systems and the incorporation of linked devices into the Internet of Things (IoT) are two further technological advancements that are growth-promoting. These gadgets offer portable and embedded testing and measuring solutions with interactive interfaces and remote troubleshooting capabilities. Additional factors are projected to drive market expansion, including improvements in networking and communications infrastructure and a rise in laboratory instrument automation. Thus, driving the Renting & Leasing Test and Measurement Equipment market revenue.
Renting & Leasing Test and Measurement Equipment Market Segment Insights:
Renting & Leasing Test and Measurement Equipment Product Insights
The Renting & Leasing Test and Measurement Equipment Market segmentation, based on product, includes general purpose test equipment, wireless test equipment, semiconductor test equipment, and RF test chambers. General purpose test equipment segment dominated the global market in 2022. There are different categories for oscilloscopes, signal generators, analyzers, metres, thermal imagers, bit error ratio testers (BERT), and other general-purpose test devices. Wireless test equipment has been further separated into logic analyzers, spectrum analyzers, and network simulators in order to better meet the rising needs of the global target market.
Renting & Leasing Test and Measurement Equipment Component Insights
The Renting & Leasing Test and Measurement Equipment Market segmentation, based on component, includes connectors, cable assemblies, and value added accessories. Connectors segment dominated the Renting & Leasing Test and Measurement Equipment Market in 2022. The increased demand for connectors may be to blame.
Figure 1: Renting & Leasing Test and Measurement Equipment Market, by Component, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Renting & Leasing Test and Measurement Equipment Application Insights
The Renting & Leasing Test and Measurement Equipment Market segmentation, based on application, includes aerospace & defense, healthcare & medical equipment, telecommunication, electronics & semiconductor, industrial & manufacturing, automotive, and others. Healthcare & medical equipment segment dominated the global market in 2022. The industry's expanding requirement for test and measurement equipment in the medical and healthcare sectors may be to blame for this.
Renting & Leasing Test and Measurement Equipment Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Renting & Leasing Test and Measurement Equipment Market dominated this market in 2022 (45.80%). This is based on market trends and statistics that show a rising demand for high-performance and power-efficient electronic equipment. Further, the U.S. Renting & Leasing Test and Measurement Equipment market held the largest market share, and the Canada Renting & Leasing Test and Measurement Equipment market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Renting & Leasing Test and Measurement Equipment Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Renting & Leasing Test and Measurement Equipment market accounted for the healthy market share in 2022. A surge in the use of electronic devices and a demand for those that are both high-performing and power-efficient are the main causes of this. Further, the German Renting & Leasing Test and Measurement Equipment market held the largest market share, and the U.K Renting & Leasing Test and Measurement Equipment market was the fastest growing market in the European region.
The Asia Pacific Renting & Leasing Test and Measurement Equipment market is expected to register significant growth from 2023 to 2032. This is as a result of consistent governmental efforts and ongoing initiatives. Moreover, China’s Renting & Leasing Test and Measurement Equipment market held the largest market share, and the Indian Renting & Leasing Test and Measurement Equipment market was the fastest growing market in the Asia-Pacific region.
Renting & Leasing Test and Measurement Equipment Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Renting & Leasing Test and Measurement Equipment market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Renting & Leasing Test and Measurement Equipment Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Renting & Leasing Test and Measurement Equipment Industry to benefit clients and increase the market sector. In recent years, the Renting & Leasing Test and Measurement Equipment Industry has offered some of the most significant advantages to medicine. Major players in the Renting & Leasing Test and Measurement Equipment market, including Transcat Inc., Keysight Technologies, ADVANTEST CORPORATION, NATIONAL INSTRUMENTS CORP, Fortive, VIAVI Solutions Inc., B&K Precision Corporation, TEKTRONIX I.N.C., Teledyne Technologies Incorporated, Texas Instruments Incorporated, McGrath RentCorp Inc., AMETEK Inc., Rhode & Schwarz, Yokogawa India Ltd., and Bird, are attempting to increase market demand by investing in research and development operations.
Keysight Technologies Inc (Keysight) offers electronic design and testing solutions. The company offers software design tools and services for designing, simulating, developing, manufacturing, installing, deploying, validating, optimising, and operating secure electronics systems. In addition to these services, it also provides asset management, instrument calibration and maintenance services, customization services, consulting services, and optimisation services throughout the customer's product lifecycle. In January 2023, Keysight Technologies released the Electrical Performance Scan (EP-Scan), a brand-new high-speed digital simulation tool that offers hardware engineers and printed circuit board (PCB) designers fast signal integrity (SI) examination.
Rohde & Schwarz GmbH & Co KG is one manufacturer of electronic test, measurement, and communications equipment. The company's primary areas of expertise are test and measurement equipment, broadcasting, secure communications, radio monitoring, and IT security. Additional solutions provided by Rohde & Schwarz include those for airborne communications, naval communications, tactical communications, wireless communication solutions, avionics and navigation, network infrastructure and testing, border and perimeter control, cybersecurity, and public safety. It provides services for calibration, upkeep, and customer support. In January 2023, Rohde & Schwarz released Benchmarker 3, a new device that intends to further the advancement of network benchmarking.
Key Companies in the Renting & Leasing Test and Measurement Equipment market include
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Keysight Technologies
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ADVANTEST CORPORATION
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NATIONAL INSTRUMENTS CORP
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Fortive
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VIAVI Solutions Inc.
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B&K Precision Corporation
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TEKTRONIX I.N.C.
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Teledyne Technologies Incorporated
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Texas Instruments Incorporated
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McGrath RentCorp Inc.
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AMETEK Inc.
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Rhode & Schwarz
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Yokogawa India Ltd.
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Bird
Renting & Leasing Test and Measurement Equipment Industry Developments
November 2022: AVL and Rohde & Schwarz have partnered to expedite electromagnetic compatibility (EMC) testing performed in actual driving scenarios.
Renting & Leasing Test and Measurement Equipment Market Segmentation:
Renting & Leasing Test and Measurement Equipment Product Outlook
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General Purpose Test Equipment
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Wireless Test Equipment
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Semiconductor Test Equipment
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RF Test Chambers
Renting & Leasing Test and Measurement Equipment Component Outlook
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Connectors
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Cable Assemblies
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Value Added Accessories
Renting & Leasing Test and Measurement Equipment Application Outlook
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Aerospace & Defense
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Healthcare & Medical Equipment
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Telecommunication
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Electronics & Semiconductor
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Industrial & Manufacturing
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Automotive
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Others
Renting & Leasing Test and Measurement Equipment Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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