According to the latest report by IMARC Group, titled “Modular Instruments Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global modular instruments market size reached US$ 1.4 Billion in 2019. Modular instruments are devices used for configuring automated test and measurement (T&M) equipment, which assist in the designing, developing, maintaining, verifying and repairing of different electronic and mechanical products. These instruments have a frame in which different types and numbers of functional cards can be plugged. Modular instruments rely on a computer-user interface for connecting functional cards and accommodating input and output channels. They help in reducing costs and achieving longevity, faster output and greater flexibility, owing to which their demand is escalating worldwide.
Global Modular Instruments Market Trends:
Modular instruments are employed in the electronics and semiconductor industries for testing components and devices at different stages of the manufacturing cycle and increasing the efficiency of electronic systems. Apart from this, on account of the advancements in long-term evolution (LTE) systems, boosting sales of smart devices and growing mobile data traffic, there is a rise in the requirement for advanced modular instruments for developing technologies, such as LTE-A, 4G and 5G. Furthermore, governments of numerous countries, especially in the emerging regions, are investing in the development of 4G and 5G infrastructure, which in turn is strengthening the modular instruments market growth. Other factors that are anticipated to bolster the market growth in the upcoming years include the increasing popularity of flexible electronics and the integration of connected devices with the Internet of Things (IoT). On account of these factors, the market value is projected to reach US$ 2.2 Billion by 2025, expanding at a CAGR of 7.9% during the forecast period (2020-2025).
- Based on the platform type, the market has been segmented into PXI, AXIe and VXI.
- On the basis of the application, the market has been segregated into research and development, and manufacturing and installation.
- The market has been analyzed on the basis of the vertical into aerospace and defense, automotive, electronics and semiconductor, telecommunications, and others.
- Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being AMETEK, Inc., Astronics Corporation, Cobham Plc, Fortive Corporation, JDS Uniphase Corporation, Keysight Technologies, National Instruments Corporation, Pickering Interfaces Ltd., Premier Measurement Solutions Pvt Ltd., Rohde & Schwarz GmbH & Co KG, Scientech Technologies Pvt. Ltd., Teledyne LeCroy Inc., Teradyne, Inc., Viavi Solutions Inc. and Yokogawa Electric Corporation.
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