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We expect the global modular instruments market to exhibit a CAGR of around 6% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in operations across the electronics and semiconductor industries, thereby limiting the demand for modular instruments.
Rise in the demand for modular instruments, along with continuous advancements in long-term evolution (LTE) systems, increased adoption of smart devices, and substantial growth in mobile data traffic, represent some of the factors driving the global modular instruments market.
Based on the platform type, the global modular instruments market can be divided into PXI, AXIe, and VXI, where PXI currently holds the majority of the total market share.
Based on the application, the global modular instruments market has been bifurcated into research and development, and manufacturing and installation. Currently, research and development represents the largest segment.
Based on the vertical, the global modular instruments market can be segmented into aerospace and defense, automotive, electronics and semiconductor, telecommunications, and others. Among these, the telecommunication sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global modular instruments market include Ametek (VTI Instruments), Astronics Corporation, Cobham, Fortive Corporation, JDS Uniphase, Keysight Technologies, National Instruments, Pickering Interfaces, Premier Measurement Solution, Rohde & Schwarz, Scientech Technologies, Teledyne Lecroy, Teradyne, Viavi Solutions, Yokogawa Electric Co. Ltd., etc.
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