The inclusion of maintenance and support services in rental agreements significantly enhances operational efficiency for businesses. By outsourcing maintenance and support, companies avoid the complexities and costs associated with managing these functions in-house. This arrangement allows businesses to focus on their core operations while ensuring that the rented equipment is consistently maintained and calibrated. This efficiency is particularly valuable in high-demand environments where equipment uptime and reliability are crucial for meeting project deadlines and maintaining productivity. Incorporating maintenance and support into rental agreements helps businesses manage costs more effectively. Instead of bearing the full financial burden of equipment upkeep, which includes regular servicing, repairs, and troubleshooting, companies benefit from a predictable and often lower rental cost that includes these services.
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Data Bridge Market Research analyses that the Renting and Leasing Test and Measurement Equipment Market is expected to reach USD 8.75 billion by 2031 from USD 6.20 billion in 2023, growing with a CAGR of 4.6% in the forecast period of 2024 to 2031.
Key Findings of the Study
Increasing Demand of Project Based Equipment
The increasing demand for project-based equipment is a significant driver for the renting and leasing test and measurement equipment market. Projects often require specialized test and measurement equipment for limited periods, and renting provides a flexible solution to meet these short-term needs. Companies can access the specific tools they need without committing to long-term ownership, which is ideal for industries with fluctuating project requirements or those embarking on temporary initiatives Renting test and measurement equipment for project-based work offers cost efficiency, as businesses avoid the high upfront costs and depreciation associated with purchasing in the renting and leasing test and measurement equipment sector.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable from 2016-2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Offering (Hardware and Services), Component (Cable Assemblies, Connectors, Value Added Accessories, and Others), System Type (Sensing System, Connectivity System, Safety & Security System, Human Machine Interface (HMI), Power & Energy Management System, Motor Control System, and Lighting System), Type (Rent and Lease), Features (Diagnostic Equipment, Electrical Sensing, Metering ICS, and Others), End-User (IT & Telecommunication, Automotive, Aerospace & Defense, Industrial, Consumer Electronics, Energy & Utilities, Medical Equipment, and Others)
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Countries Covered
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U.S., Canada, and Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Norway, Finland, Denmark, Sweden, Poland, and Rest of Europe, Japan, China, South Korea, India, Australia, New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Taiwan, Vietnam, and Rest of Asia-Pacific, U.A.E, Saudi Arabia, South Africa, Egypt, Israel, Bahrain, Oman, Qatar, Kuwait, and Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America
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Market Players Covered
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Siemens (Germany), Keysight Technologies (U.S), Rohde & Schwarz (Germany), Fortive (U.S), Emerson Electric Co. (U.S), Texas Instruments Incorporated (U.S), ADVANTEST CORPORATION (Japan), Viavi Solutions (U.S), Yokogawa Electric Corporation (Japan), STMicroelectronics (Switzerland), Learnado DRS (U.S), General electric company (U.S), Anritsu (Japan), EXFO Inc. (Canada), Megger (U.K), ADLINK Technology Inc. (Taiwan), Transcat, Inc (U.S), electrorent com.Inc (U.S), Good Will Instrument Co, Ltd (China), Leader Electronics of Europe Lim (Taiwan), Doble Engineering Company (U.S), Bird(Netherlands), Boontoon Electronics (U.S) Saluki Technology (Taiwan), Fluke netoworks (U.S), and DS Instruments (U.S) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis
The global renting and leasing test and measurement equipment market is segmented into six notable segments, which are based on the basis of offering, component, system type, type, features, and end-user.
- On the basis of offering, the renting and leasing test and measurement equipment market is segmented into hardware and services
In 2024, the hardware segment is expected to dominate the global renting and leasing test and measurement equipment market
In 2024, the hardware segment is expected to dominate the market with a market share of 68.94% due to the high demand for specialized, costly instruments that companies prefer to rent rather than purchase, reducing upfront capital expenditure.
- On the basis of component, the renting and leasing test and measurement equipment market is segmented into cable assemblies, connectors, value added accessories, and others
In 2024, the cable assemblies segment is expected to dominate the global renting and leasing test and measurement equipment market
In 2024, the cable assemblies segment is expected to dominate the market with a market share of 35.92% due to rapid advancement in technological innovation.
- On the basis of system type, the renting and leasing test and measurement equipment market is segmented into lighting system, connectivity system, Human Machine Interface (HMI), sensing system, safety & security system, motor control system, power & energy management system. In 2024, the sensing system is expected to dominate the renting and leasing test and measurement equipment market with a market share of 30.31%
- On the basis of type, the renting and leasing test and measurement equipment market is segmented into lease and rent. In 2024, rent segment is expected to dominate the renting and leasing test and measurement equipment market with a market share of 59.38%
- On the basis of features, the renting and leasing test and measurement equipment market is segmented into metering ICS, diagnostic equipment, electrical sensing and others. In 2024, diagnostic equipment segment is expected to dominate the renting and leasing test and measurement market with a market share of 40.63%
- On the basis of end-user, the renting and leasing test and measurement equipment market is segmented into IT & telecommunication, automotive, aerospace and defense, consumer electronics, industrial, energy & utilities, medical equipment, and others. In 2024, IT & telecommunication segment is expected to dominate the renting and leasing test and measurement equipment market with market share of 29.64%
Major Players
Data Bridge Market Research analyzes Siemens (Germany), Keysight Technologies (U.S), Rohde & Schwarz (Germany), Fortive (U.S), Emerson Electric Co. (U.S) as the major companies operating in the market.
Market Development
- In April 2024, Rohde & Schwarz and IPG Automotive launched a Hardware-in-the-Loop (HIL) automotive radar test solution that integrates simulation software with radar equipment, moving autonomous driving tests from proving ground to lab in order to cut costs and improve efficiency. This solution bolstered Rohde & Schwarz’s position in the test and measurement rental market, offering advanced tools that attracts automotive OEMs and radar suppliers, and enhances leasing opportunities
- In April 2024, Keysight Technologies, partnering with Zafaco GmbH and IMTEST, supported a major mobile network benchmarking campaign across Germany, evaluating Telekom, Vodafone, and Telefónica (O2). This highlighted Keysight's advanced testing solutions, boosting their market presence and potential for renting and leasing test and measurement equipment
- In October, Siemens introduced two new additions to the Sitrans LR100 series of 80 GHz radar transmitters, offering robust and reliable measurements in challenging environments. These compact transmitters ensured easy configuration, reliable readings, and optional HMI for simplified commissioning and diagnostics. They were designed for a wide range of applications across energy, mining, aggregates, and water sectors. This news reinforced Siemens' position as a leader in innovative measurement solutions, enhancing its reputation and expanding product portfolio
- In May, Rohde & Schwarz's Interactivity Test has been recognized by the ITU as a new standard for network performance evaluation, providing more precise measurements for real-time and interactive applications than traditional methods. This advancement strengthens Rohde & Schwarz's standing in the renting and leasing market by highlighting their ITU-approved, cutting-edge testing solutions, attracting mobile network operators and boosting opportunities for leasing their advanced equipment
- In October, Siemens introduced two new additions to the Sitrans LR100 series of 80 GHz radar transmitters, offering robust and reliable measurements in challenging environments. These compact transmitters ensured easy configuration, reliable readings, and optional HMI for simplified commissioning and diagnostics. They were designed for a wide range of applications across energy, mining, aggregates, and water sectors. This news reinforced Siemens' position as a leader in innovative measurement solutions, enhancing its reputation and expanding product portfolio
Regional Analysis
Geographically, the countries covered in the global renting and leasing test and measurement equipment market report are U.S., Canada, and Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Norway, Finland, Denmark, Sweden, Poland, and rest of Europe, Japan, China, South Korea, India, Australia, New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Taiwan, Vietnam, and rest of Asia-Pacific, U.A.E, Saudi Arabia, South Africa, Egypt, Israel, Bahrain, Oman, Qatar, Kuwait, and rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
As per Data Bridge Market Research analysis:
North America is expected to dominate global renting and leasing test and measurement equipment market
North America is expected to dominate the renting and leasing test and measurement equipment market due to its advanced technological infrastructure, higher R&D investment, and strong presence of key industries, leading to greater demand for renting and leasing test and measurement equipment compared to other regions.
Asia-Pacific is expected to be the fastest growing region in the global renting and leasing test and measurement equipment market
Asia-Pacific is expected to be the fastest growing region in the global renting and leasing test and measurement equipment market due to regular maintenance and strategic upgrades reduce depreciation risk and financial loss.
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