Performing system test for large-scale industrial systems is a challenging activity due to the complexity involved in managing the variety of distributed hardware systems in general, and the hardware-related challenges in test environment in particular. Virtualization technology opens up the possibility to address these challenges, e.g., with respect to cost efficient scalability. In this paper, we identify hardware-related challenges in the test environment for industrial automation systems, identify relevant research studies that address these issues using virtualization technology, and analyze their applicability in the industry domain. In addition, we analyze the impacts of virtualization on essential industrial system requirements with respect to performance, timing, reliability, availability, and safety in the industrial automation domain, and we discuss further limitations in the virtualized test environment.