EMC Market Expected to be Worth US$ 3 Billion by 2028
The global EMC testing market is expected to grow from US$ 2,116.9 million in 2021 to US$ 3,066.7 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028. This was reported in the "EMC Testing Market Forecast to 2028 - COVID-19 Impact and Global Analysis" by ResearchAndMarkets.com.
The demand for electronic products is increasing in the majority of sectors due to trends such as smart homes, digitization, connected devices, and the Internet of Things (IoT). Therefore, several industrialists and testing service providers perform EMC tests to validate and verify the compliance of various products toward EMI. The EMC testing market primarily involves EMC testing service providers and EMC test equipment manufacturers.
The mandatory EMC testing of medical equipment, standardization of electronic products globally, and increase in the brand proposition of companies are a few of the significant factors driving the growth of the EMC market. Moreover, an immense rise in the reach of smartphones has contributed to the accelerated introduction of new technologies such as 4G, LTE, and 5G; test and measurement equipment such as EMC test equipment help ensure the quality and reliability of these devices.
EMC testing services help guarantee that goods meet regulatory requirements for quality, technical safety, and performance. In general, testing, which is performed in laboratories, allows producers to enhance the marketability of their products while lowering manufacturing costs during the pre-production phase. Inspection services are available for examining traded items to guarantee that they meet the buyers' requirements.
The report includes key points such as study scope, market segmentation, market overview, PEST analysis, ecosystem analysis, expert opinion, EMC testing standards, EMC regulatory compliance, EMC testing pricing analysis among others.
Impact of COVID-19 Pandemic on the EMC Testing Market
North America has the highest adoption and growth rate of new technologies owing to favorable government policies to boost innovation and strengthen infrastructure capabilities. Hence, any impact on industries affects the economic growth of the region in a negative manner. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak. The outbreak is negatively influencing all industries, such as manufacturing and automotive, in the US.
It is becoming apparent with the COVID-19 pandemic spreading across the US that few can escape its scope, presenting significant challenges to all industries. However, in North America, the major adoption of the technology is noticed in the manufacturing sector where the same is applied for converting traditional manufacturing processes to smart ones. Thus, the closure of all manufacturing units across countries such as the US, Canada, and Mexico is expected to hinder the growth of the EMC testing market in the coming years.
However, the COVID-19 outbreak influenced the adoption of technology across the healthcare sector to detect COVID-19 among patients. Thus, in the present situation, rising investment by the healthcare sector in technologies is expected to drive the market during the forecast period. As a result, the sector can cope with the pandemic's predicament in a relatively short time. This industry is currently operating at the same rate as it did prior to the outbreak. Thus, the EMC testing market in the region is expected to witness a moderate impact of the pandemic in the coming years.
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