North America Renting and Leasing Test and Measurement Equipment Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2032

North America Renting and Leasing Test and Measurement Equipment Market Size

• The North America renting and leasing test and measurement equipment market size was valued at USD 2.57 billion in 2024 and is expected to reach USD 3.57 billion by 2032, at a CAGR of 4.80% during the forecast period
• The market growth is largely fuelled by the increasing demand for cost-effective solutions, rapid technological advancements in test and measurement equipment, and the growing need for flexible access to advanced instruments across industries
• Rising adoption of rental and leasing services by sectors such as telecommunications, electronics, automotive, and aerospace further supports market expansion, reducing upfront capital investments while ensuring access to the latest technologies

North America Renting and Leasing Test and Measurement Equipment Market Analysis

• The market is experiencing strong momentum as businesses increasingly prefer renting and leasing models to meet short-term project needs and manage operating expenses efficiently
• The shift towards smart manufacturing, IoT adoption, and 5G testing requirements is creating sustained opportunities for rental service providers, positioning the market for consistent long-term growth
• U.S. renting and leasing test and measurement equipment market accounted for the largest revenue share of 82% in 2024 within North America, fuelled by the widespread adoption of advanced testing tools across sectors such as aerospace, defense, automotive, and telecommunications
• ​Canada is expected to witness the highest compound annual growth rate (CAGR) in the North America renting and leasing test and measurement equipment market due to increasing investment in R&D, expanding manufacturing activities, and rising awareness of the operational benefits of renting and leasing advanced testing equipment
• The hardware segment held the largest market revenue share in 2024, driven by the high demand for advanced instruments across industries such as aerospace, defense, and IT. Hardware-based rentals allow companies to access the latest testing devices without making heavy upfront investments, ensuring cost efficiency and operational flexibility

Report Scope and North America Renting and Leasing Test and Measurement Equipment Market Segmentation         

North America Renting and Leasing Test and Measurement Equipment Market Trends

Growing Shift Toward Flexible Equipment Leasing Models

• The increasing preference for renting and leasing test and measurement equipment is reshaping the market by providing cost-effective access to advanced tools without heavy upfront investments. This trend is particularly beneficial for small and mid-sized enterprises that require high-performance equipment for limited durations

• The demand is further supported by industries such as telecommunications, electronics, and automotive, where frequent technology upgrades make ownership less practical. Renting enables companies to stay updated with the latest testing solutions while optimizing operational budgets

• The flexibility of leasing agreements, including short- and long-term options, is attracting organizations looking to match equipment usage with project timelines. This reduces idle inventory and enhances resource utilization across the value chain

• For instance, in 2023, several telecom operators in the U.S. adopted rental models for 5G testing equipment to accelerate deployment schedules while minimizing capital expenditure. This approach allowed faster rollouts and improved scalability in network infrastructure projects

• While rental and leasing solutions are gaining traction, their success depends on consistent service quality, equipment availability, and after-sales support. Providers must focus on tailored packages and customer-centric solutions to fully capture this growing demand

North America Renting and Leasing Test and Measurement Equipment Market Dynamics

Driver

Rising Demand for Cost-Effective Access to Advanced Testing Tools

• The increasing cost of sophisticated test and measurement equipment is pushing companies to seek rental and leasing solutions as a practical alternative. By avoiding large capital investments, firms can allocate budgets more efficiently toward R&D and innovation, ensuring continuous progress in product development

• Businesses are becoming more aware of the operational advantages of rentals, such as lower maintenance expenses, reduced storage needs, and immediate access to calibrated equipment. This growing recognition is strengthening adoption across diverse sectors, from telecommunications to automotive, where flexibility is essential

• Industry-specific needs, particularly in semiconductors, aerospace, and defense, are fueling reliance on rentals, as companies prefer access to specialized instruments on-demand rather than permanent ownership. This helps them adapt to fluctuating project requirements while ensuring access to the latest technologies

• For instance, in 2022, aerospace companies in North America increasingly turned to leasing oscilloscopes and spectrum analyzers to support short-term testing cycles, reducing project costs while ensuring accuracy. These practices also improved testing efficiency and allowed firms to handle multiple concurrent projects

• While demand is accelerating, providers need to enhance service reliability, broaden inventory portfolios, and offer flexible contracts to ensure sustainable adoption of rental models. Building trust through transparent policies and strong customer support will be vital for long-term market success

Restraint/Challenge

Concerns Over Equipment Reliability and Limited Availability in Niche Applications

• Dependence on rented equipment raises concerns about reliability, as companies often question the condition, calibration, and service history of tools provided. Any malfunction or delay can disrupt critical testing schedules, potentially leading to costly project overruns and client dissatisfaction

• In remote or specialized industries, access to advanced equipment remains limited due to supply chain constraints or insufficient stock of niche instruments. This creates bottlenecks for high-end research initiatives and forces organizations to delay or compromise on testing standards

• Contractual complexities, such as hidden fees, rigid leasing terms, or unclear liability clauses, also restrict some organizations from fully embracing rental models. These issues create hesitation among small and mid-sized enterprises that are already cautious about long-term financial commitments

• For instance, in 2023, several North American startups in electronics manufacturing reported project delays due to unavailability of advanced RF testing equipment in the rental market, emphasizing the need for broader supplier coverage. This highlighted significant gaps in inventory management and regional distribution networks

• While the rental and leasing model offers strong benefits, overcoming challenges related to equipment reliability, availability, and flexible service agreements will be crucial to sustaining long-term market growth. Providers that address these barriers effectively are more likely to secure customer loyalty and expand market penetration

North America Renting and Leasing Test and Measurement Equipment Market Scope

The market is segmented on the basis of offering, component, system type, type, features, and end-user.

• By Offering

On the basis of offering, the North America renting and leasing test and measurement equipment market is segmented into hardware and services. The hardware segment held the largest market revenue share in 2024, driven by the high demand for advanced instruments across industries such as aerospace, defense, and IT. Hardware-based rentals allow companies to access the latest testing devices without making heavy upfront investments, ensuring cost efficiency and operational flexibility.

The services segment is expected to witness the fastest growth rate from 2025 to 2032, fuelled by the growing need for calibration, maintenance, and technical support in rented equipment. Service-based offerings provide end-users with reliable, ready-to-use tools and minimize downtime, which is particularly critical in high-precision applications.

• By Component

On the basis of component, the market is segmented into cable assemblies, connectors, value-added accessories, and others. The cable assemblies segment accounted for the largest share in 2024, supported by their critical role in ensuring accurate signal transmission during testing processes across multiple industries. Rental providers frequently update cable assemblies to meet evolving safety and quality standards, making them a popular choice.

The connectors and value-added accessories segments is expected to witness the fastest growth rate from 2025 to 2032, as industries increasingly demand customizable solutions. Their role in enhancing the adaptability of test setups and ensuring seamless integration with varied devices is boosting their adoption in rental models.

• By System Type

On the basis of system type, the market is segmented into sensing system, connectivity system, safety & security system, human machine interface (HMI), power & energy management system, motor control system, and lighting system. The sensing system segment captured the largest revenue share in 2024, owing to its extensive use in applications such as automotive testing, industrial monitoring, and consumer electronics validation. Access to advanced sensing technologies through rentals helps companies maintain high-quality standards without large upfront expenses.

The connectivity system segment is expected to witness the fastest growth rate from 2025 to 2032, driven by the rising adoption of IoT-enabled devices and smart infrastructure. The increasing need for reliable communication between devices is encouraging businesses to rent connectivity testing tools, ensuring efficient deployment and reduced risks.

• By Type

On the basis of type, the market is segmented into rent and lease. The rent segment held the largest revenue share in 2024, largely driven by the demand for short-term, project-specific access to test and measurement equipment. Renting allows companies to remain agile in meeting temporary requirements, particularly for R&D and pilot projects.

The lease segment is expected to witness the fastest growth rate from 2025 to 2032, as companies adopt longer-term leasing models to reduce overall operational costs. Leasing provides continuous access to high-value equipment and includes benefits such as predictable costs and structured upgrade options, appealing to industries with ongoing testing requirements.

• By Features

On the basis of features, the market is segmented into diagnostic equipment, electrical sensing, metering ICS, and others. The diagnostic equipment segment dominated the market in 2024, due to its crucial role in medical devices, industrial machinery, and automotive applications. Companies are renting diagnostic equipment to ensure precise analysis while avoiding significant capital expenditure.

The electrical sensing segment is expected to witness the fastest growth rate from 2025 to 2032, fuelled by the rising demand for testing solutions in power systems, renewable energy projects, and semiconductor applications. Rentals in this category are particularly valued for their adaptability and access to advanced technology.

• By End-User

On the basis of end-user, the market is segmented into IT & telecommunication, automotive, aerospace & defense, industrial, consumer electronics, energy & utilities, medical equipment, and others. The IT & telecommunication segment held the largest revenue share in 2024, driven by ongoing network expansion, 5G rollouts, and the need for continuous testing of connectivity equipment. Renting allows telecom providers to scale testing infrastructure quickly while reducing upfront costs.

The aerospace & defense segment is expected to witness the fastest growth rate from 2025 to 2032, owing to its reliance on advanced, highly specialized instruments for precision testing and compliance. Leasing or renting equipment enables these industries to access the latest technologies on demand, supporting innovation while controlling operational budgets.

North America Renting and Leasing Test and Measurement Equipment Market Regional Analysis

• U.S. renting and leasing test and measurement equipment market accounted for the largest revenue share of 82% in 2024 within North America, fuelled by the widespread adoption of advanced testing tools across sectors such as aerospace, defense, automotive, and telecommunications
• Companies in the U.S. are prioritizing short-term rentals to support project-based testing cycles, reduce maintenance costs, and enhance flexibility
• Furthermore, the increasing demand for calibrated, ready-to-use equipment, combined with the strong presence of global rental service providers, is driving significant market growth

Canada Renting and Leasing Test and Measurement Equipment Market Insight

The Canada renting and leasing test and measurement equipment market is expected to witness the fastest growth rate from 2025 to 2032, supported by growing industrial digitization, renewable energy projects, and advancements in the automotive and electronics industries. Canadian firms are showing increased reliance on rental solutions to overcome budget constraints and address fluctuating testing needs. The country’s focus on cost-efficiency, coupled with the availability of modern diagnostic and sensing tools through rental providers, is strengthening market adoption across small and medium-sized enterprises.

North America Renting and Leasing Test and Measurement Equipment Market Share

The North America renting and leasing test and measurement equipment industry is primarily led by well-established companies, including:

• Keysight Technologies (U.S.)
• Electrorent.com, Inc. (U.S.)
• Transcat, Inc. (U.S.)
• VIAVI Solutions Inc. (U.S.)
• General Electric Company (U.S.)
• Leonardo DRS (U.S.)
• Boonton Electronics (U.S.)
• FLUKE NETWORKS (U.S.)
• Bird (U.S.)
• Fortive (U.S.)
• EXFO Inc. (Canada)
• Emerson Electric Co. (U.S.)
• Doble Engineering Company (U.S.)
• Texas Instruments Incorporated (U.S.)
• DS INSTRUMENTS (U.S.)

Latest Developments in North America Renting and Leasing Test and Measurement Equipment Market

• In January 2024, according to an article mentioned in linkedIn, Iravati M. highlighted that inventory management remains a significant challenge in the renting and leasing test and measurement equipment market. The complexity of managing diverse and specialized equipment, ensuring timely availability, and maintaining accurate tracking is critical for operational efficiency. Effective inventory management systems are essential to address these challenges and optimize equipment utilization in a highly competitive and saturated market
• In March 2024, according to a blog of Booqable.com, inventory management is a major hurdle in the rental industry. The article emphasized difficulty in tracking diverse equipment, managing maintenance schedules, and ensuring timely availability of items. Effective inventory management systems are crucial for addressing these issues, optimizing operations, and enhancing customer satisfaction in a competitive market

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