Test & Measurement Industry Update Spring 2024

Read more about M&A activity and trends in the test & measurement sector

Test & Measurement Newsletter

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Test & Measurement Market Commentary

Industrial markets
KPMG Corporate Finance LLC’s investment bankers have extensive Industrial Markets transaction and industry experience, which enables them to understand the industry- specific issues and challenges facing our clients.

The Test & Measurement ("T&M") sector performed broadly in-line with overall market in 2024 YTD period despite ongoing concerns about inflation, interest rates, debt levels, and the 2024 U.S. presidential election. Investors are optimistic that the Federal Reserve will achieve a soft landing for the U.S. economy and will pivot from interest rate hikes to rate cuts

Performance across sub-sectors varied:

Industrial & Energy TICC Services: +23.5% 2024 YTD. Primary impacted by stock price impact of ongoing take private of Applus

Diversified TICC Services: +7.2% 2024 YTD. Strong performance in 2024 YTD following declines in 2022 and 2023 driven by improved clarity and return to organic growth, abating inflationary pressures, stabilized margins, and acceleration of M&A programs

Instrumentation: +1.6% 2024 YTD. Flat performance in 2024 YTD following strong 2023 appreciation driven by resilient fundamentals and attractive long-term prospects from secular mega-trends such as automation and digitization

Life Science Instruments: +2.2% 2024 YTD. Flat performance in 2024 YTD following declines in 2022 and 2023 driven by slower growth and de-stocking related headwinds, which have continued to ease in 2023 and 2024 as the sector returns to long-term growth

We hope you find this information valuable, and as always, feel free to reach out if you would like to discuss in further detail. To read the full report, download the PDF below.

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Test & Measurement Newsletter

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Chrisanne Corbett
Managing Director, KPMG Corporate Finance LLC

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