The European general purpose test equipment market is recovering from the economic recession. Although the European market is mature, growth over the next few years will be gradual. Promisingly, most design applications are still occurring in the European market. Significant research and development in Western Europe and the growing manufacturing opportunities in Eastern Europe are set to open up a number of lucrative market opportunities.
New analysis from Frost & Sullivan General Purpose Test Equipment Markets, finds that the market generated revenues of $487.9 million in 2010 and estimates this to reach $535.5 million in 2017. The research covers the following market sectors: power metres, spectrum analysers, network analysers, logic analysers, electronic counters and multimetres.
"The majority of research and development activities in Europe are concentrated in Germany," notes Frost & Sullivan Research Analyst Mariano Kimbara."Advanced German technology is helping to set standards worldwide in research, development, production and service, ensuring that the region overall garners increasing market share in the overall test & equipment market."
The European market leads globally in terms of product innovation. Europe and Germany are the core markets for design development. There are increasing opportunities being presented by the aerospace and defence and the automotive sector.
The economic downturn significantly affected market growth, with a revenue decline of nearly 20 per cent in most segments in 2009 compared to the previous year. A climate of economic turmoil caused end users to reconsider purchasing new test equipment.
Similar to their North American counterparts, European end users were also negatively affected by the economic downturn, due to the decreased spending on test equipment.
"However, the shift of manufacturing activity from the developed Western European markets to the East has resulted in steady demand emanating from this market space," remarks Kimbara."This is a key factor that has ensured that Europe continues to account for a substantial revenue share of the total test and measurement market."
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