Modular Instruments Market size to grow by USD 1.08 billion from 2022 to 2027, The expanding aerospace and defense sectors in developed economies to drive the growth- Technavio
NEW YORK, Jan. 18, 2024 /PRNewswire/ -- The modular instruments market is expected to grow by USD 1.08 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 9.69% during the forecast period. The expanding aerospace and defense sectors in developed economies is a key factor driving market growth. The increase in the sale of portable equipment is anticipated to be driven by falling defense budgets in the United Kingdom, the US, France, Japan, Middle Eastern countries, and others. The increase in worldwide security threats is the main driver of these investments. In addition, as developed countries' governments move to modernize their armed forces and adopt next-generation technologies such as defense electronics, precision attack applications, cyber defense, and intelligence collection, the security sector is expected to grow again. The emergence of 5G networks is a major trend in the market. However, the growing leasing and rental services is a significant challenge restricting market growth.
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The market is segmented by end-user (semiconductor and electronics, telecommunication, aerospace and defense, and others), product (PXI platform, VXI platform, and AXIe platform), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
Key Highlights:
- The report recognizes the following as some of the key players in the modular instruments market: ADLINK Technology Inc., AMETEK Inc., Aplab Ltd., Astronics Corp., Chroma ATE Inc., Coolisys Technology Inc., EXFO Inc., Fortive Corp., GOPEL electronic GmbH, Guzik Technical Enterprises, Keysight Technologies Inc., National Instruments Corp., Pickering Interfaces Ltd., Rohde and Schwarz GmbH and Co. KG, Sulzer Management Ltd., Teledyne Technologies Inc., Teradyne Inc., The Marvin Group, Viavi Solutions Inc., and Yokogawa Electric Corp.
- Modular Instruments Market is fragmented in nature.
- Market to observe 9.59% YOY growth in 2023.
Market Dynamics:
The Modular Instruments Market is experiencing significant trends driven by advancements in technology. Key areas include PXI (PCI eXtensions for Instrumentation), VXI (VMEbus eXtensions for Instrumentation), and LXI (LAN eXtensions for Instrumentation), marking a shift toward modular and scalable solutions. DAQ (Data Acquisition) systems, FPGA (Field-Programmable Gate Array), and IVI (Interchangeable Virtual Instruments) are gaining prominence. Instruments such as Oscilloscopes, Signal Generators, Spectrum Analyzers, Digital Multimeters, Power Meters, and Logic Analyzers are witnessing increased demand. RF (Radio Frequency) Modules and USB (Universal Serial Bus) Instruments are becoming essential.
The market is expanding into Automated Test Equipment (ATE), Software-Defined Instrumentation, Rack-Mount Systems, and Benchtop Instruments. Calibration Services and a focus on sectors like Wireless Communication Testing, 5G Testing, Aerospace and Defense Testing, Semiconductor Testing, Automotive Testing, Cloud Testing Services, AI (Artificial Intelligence) Integration, IoT (Internet of Things) Testing, Remote Monitoring and Control, Environmental Testing, and collaboration with Educational and Research Institutions are driving the industry forward.
Major trend
- The emergence of 5G networks is a major trend in the market.
Significant Challenge
- The growing leasing and rental services is a significant challenge restricting market growth.
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Keg Segments:
- The semiconductor and electronics segment will account for a major share of the market's growth during the forecast period. Modular tools find application in semiconductor and electronics sectors, encompassing mechanical and electrical engineering, precision technology, photonics manufacturing, and nanotechnology. The semiconductor industry's expansion is propelled by factory automation and control systems in construction.
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Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Product
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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