Portland,OR, Nov. 08, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global automatic test equipment market generated $6.43 billion in 2020, and is expected to reach $9.51 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030.
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Rise in penetration of 5G and internet of things, surge in need for advanced semiconductor components in consumer electronics, and increase in demand for SoCs in computing and AI-powered applications have boosted the growth of the global automatic test equipment market. However, high initial and maintenance costs hinder the market growth. On the contrary, rise in government initiatives in the semiconductor industry and increase in adoption of energy-efficient integrated circuits solutions are expected to open new opportunities for the market players in the future.
- The Covid-19 pandemic severely affected the global economy due to strict government regulations across the globe.
- The halt in construction of commercial and residential places and lack of workforce hampered the demand for automatic test equipment.
- However, increase in digital infrastructure solutions across the consumer electronics and aerospace sector is expected to boost the market growth.
The report segments the global automatic test equipment market on the basis of type, component,…