The global modular instruments market is evaluated at US$1.637 billion for the year 2019 and is estimated to grow at a CAGR of 9.31% to reach a market size of US$3.052 billion by the year 2026.
Modular instruments are the types of electronic devices that use a frame wherein different types of or a varying number of functional cards can be plugged.
The market for modular instruments is anticipated to be driven by the increase in awareness about the devices amongst the end-users. For instance, high channel count; these measurements, such as data acquisition, really benefit from the standards-based modular form factor. Module size is relatively big, so a large number of channels can be included. Data acquisition usually requires many types of channels. Not everything can be purchased from one vendor. The mix and match capability of modular instruments allows the system to be easily configured from multiple vendors.
Secondly, automated test systems; these instruments address the needs of automated test systems very well. Automated test systems typically involve many types of instruments. The instruments are driven by software, not directly manipulated by a user. Packaging density is a concern, and the logistics of racking and cabling are as important to system design as making measurements. With modular instruments, modules can be acquired from multiple vendors. Additionally, the space factor; for a given volume and multiple instruments, modular instruments usually create the smallest, most compact solution. These factors have encouraged the adoption of modular instruments over the years and with the rapid pace of technological developments, it is expected to do so in the coming years as well.
The demand is prominently influenced by the growth of the test and measurement instruments market. Modular instruments are equipment that is used to test, monitor, and are user-defined measurement systems.
The advent of COVID-19 had an adverse impact on the global modular instruments market. The immense downturn in the global semiconductor industry has been a significant reason for the decline in the demand for modular instruments at a global level. The pandemic substantially affected the businesses worldwide wherein the lockdowns were imposed in several countries which further disrupted the supply chain. This made it even more difficult to attain the raw materials to manufacture the instrument during the initial period. On the supply side, the pandemic has exposed risks that were previously unrecognized, leading to potential shortages of critical parts and components. In response, many semiconductor companies are already reconfiguring their supply chains to improve resiliency, and the changes may continue into the next normal. The covid-19 crisis has given rise to a new normal wherein the adoption of emerging technologies has picked up the pace to facilitate the employees. Remote manufacturing, diagnostics, and maintenance could all become permanent features. The companies are expected to start, a hybrid model in which a certain number of employees are remote and the rest remain on site. The efficiencies gained through such changes, as well as their start-up costs, could influence future semiconductor revenues, which in turn will fuel the growth of the market in the coming years.
The segmentation of the global modular instruments market has been done into type, industry vertical, and geography. By type, the classification of the market has been done into VME, AXIE, PXI, VXI. By industry vertical, the classification of the market has been done into Aerospace And Defense, Automotive, Electrical And Electronics, Telecommunication. Furthermore, based on geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Rising demands coming from the defense sector at a global level will drive the market during the forecast period.
The growth of the modular instruments market is fuelled by the increasing demands coming from the defense sector of various countries across the world. Modular instruments play a vital role in the aerospace and defense sector owing to complex communication equipment. In the aerospace and defense industry, modular instruments are used for machine vision systems, automatic test equipment, spectrum analyzers, network analyzers, and signal generators, among others. Thus, these instruments are used for ensuring the security and safety of the end-use equipment by checking various sub-systems, components, and systems for communications, tracking, and detection. Additionally, the major purpose of the adoption of modular instruments in the aerospace and defense industry is due to its features such as lower power consumption and quick measurement of the end-use equipment.
Increasing adoption of the Internet of Things concept by several industries will be a tailwind to the growth of the market during the forecast period.
The growth of the market of modular instruments will be further fuelled by the increasing adoption of the internet of things (IoT) concept by various industries. Similarly, according to GSMA, there would be 30 billion connected devices by 2026. The IoT-connected devices include tracking devices, vehicles, utility meters, consumer electronics, and wearable technology vending machines, as well as smartphones and tablets. Thus, increased adoption of the aforementioned devices has led to the growing need for testing, inspecting, and verifying the smart products and other equipment to ensure the fidelity of the deployed devices. Moreover, an increasing number of connected devices results in more spending on testing the feasibility of the devices, thus resulting in the adoption of modular instruments.
The players in the global modular instruments market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.
|The market size value in 2019||US$1.637 billion|
|The market size value in 2026||US$3.052 billion|
|Growth Rate||CAGR of 9.31% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Industry vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Keysight Technologies Inc., National Instruments Corporation, Viavi Solutions Inc., Fortive Corporation, Astronics Corporation, Teledyne LeCroy Inc., Rohde & Schwarz GmbH & Company KG, AMETEK Inc., Teradyne Inc., Pickering Interfaces Ltd|
|Customization scope||Free report customization with purchase|
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