Test & Measurement Equipment Market To Grow at 4.8% in Australia
Chicago, Oct. 24, 2023 (GLOBE NEWSWIRE) — The government has implemented various corrective measures, but typically, monetary and fiscal policies primarily target the demand for IT and telecommunications products. Responding promptly to the disruption in global supply chains, which has affected economies worldwide, can be challenging for instruments based on conventional measures or standards. In the Australian test and measurement equipment market, notable players include IFR Australia Pty Ltd., Pacific Test Equipment, and Scientific Devices Australia Pty. Ltd. (SDA). Factors such as the increasing demand for wireless communication and networking solutions, a growing number of smartphone users, and the ever-evolving standards for next-generation telecommunication equipment will continue to propel market expansion. Australia market to grow at 4.8% in test and measurement equipment market.
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In July 2022, at the International Conference on the Physics of Semiconductors 2022, the Minister for Science, Innovation, and Technology of New South Wales (NSW) highlighted the semiconductor industry as a local strength, as emphasized in the recently released NSW 20-Year R&D Roadmap. This presents a significant opportunity for economic growth, with a USD 6 million collaboration between the government, universities, and businesses.
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In April 2023, the Australian automotive industry saw the delivery of 82,137 vehicles, marking a 1.3% increase compared to the previous year. Notably, 8% of these sales in April 2023 were electric automobiles, a significant rise from the 1.1% recorded in April 2022. When considering all forms of electrification, the percentage has surged from 9.5% to 15.4%, which further contributes to the development of the test and measurement industry in Australia.
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