The global source measure unit market is expected to grow at a CAGR of 11.27% over the forecast period to reach a total market size of US$975.160 million by 2025, increasing from US$513.816 million in 2019. The source measure unit devices are instruments that are capable of sourcing voltage while simultaneously measuring the current.
The demand for source measure units (SMUs) is increasing on account of its ability to support faster tests with improved accuracy as compared to the traditional means. Simultaneously, the use of SMUs tends to eliminate the need for developing complex synchronization and connection using multiple instruments which reduces the cost of ownership, in the long run, thus further propelling the growth of the market.
Industry vertical segment insight
by industry vertical source measure unit market is segmented based on automotive, it & telecommunication, aerospace & defense, healthcare, manufacturing. The automotive industry is expected to grow at a significant rate on account of the growing adoption of sourcing and measuring units to address the proper function of electrical parts in vehicles.
The growing trend and adoption of self-driving cars and vehicle automation by manufacturers are further anticipated to propel the market growth opportunities during the forecast period. In addition, significant growth of the automotive industry coupled with increasing investments by key players in the market in the form of facility expansions and new manufacturing sites to boost their automotive production is also anticipated to propel the market growth opportunities during the forecast period and beyond. For instance, In January 2018, Toyota announced to spend $471 million to upgrade and expand its factory near Valenciennes, in France.
Also, the increasing focus of the governments of numerous countries in the production of electric and hybrid vehicles is further leading to increased investments for booming electric vehicle production, which is also anticipated to positively impact the growth of the source measure unit market for the automotive industry, as electric vehicles are equipped with numerous sensors, thereby expected to amplify the growth of the market in near future.
For instance, the Made In 2025 program, in which the government considers new energy vehicles (NEVs) an important part of the program and the government is aiming to manufacture 1 million electric and plug-in hybrid cars in China by 2020. Similarly, in July 2018, Renault announced to invest $1.2 billion to increase electric vehicle production capacity in France.
Furthermore, the growing demand for precision source measure units for device testing in the telecommunication and consumer electronics industry is further anticipated to propel the market growth opportunities for vendors and manufacturers in the coming years. Expanding the manufacturing sector and rising government initiatives to promote the growth of consumer electronics manufacturing setups is anticipated to witness the progressive growth opportunities for the source measure units’ market during the forecast period. For instance, in the United States Trump administration has announced policies favorable for the manufacturing sector, which has resulted in the year-on-year growth of total industrial production.
However, the impact of the coronavirus pandemic on the consumer electronics and automotive industry is huge as most of the manufacturers of electronics goods have suspended their operations following the lockdown and there is also significant disruption in the supply chain resulting in shipment delays for consumer electronics manufacturers. However, it is expected that the pandemic will push the world into uncharted territory on automation capabilities and the current crisis will catalyze more investment in automating the manufacturing and supply chain thus augmenting the growth of the source measure units market in long term.
By geography, the global source measure unit market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The Asia Pacific is expected to hold a significant share in the market owing to the presence of established automotive and semiconductor industries in the region. In addition, rising defense budgets in countries like India and China coupled with the growing adoption of source measure units in the healthcare industry is further anticipated to boost the growth of the market in the region.
The North American region is anticipated to witness significant growth on account of early adoption of technology and growing investment in research and development by major market players in the region. Furthermore, the advent of 5g technology and deployment of LTE networks coupled with the growing IoT market leverages precision for device testing anticipated to boost the growth of the market in the region.
Prominent key market players in the source measure unit market include Keysight Technologies, Tektronix, Inc., Rohde & Schwarz, Yokogawa Test & Measurement Corporation, VX Instrument GmbH, Advantest Corporation, Premier Farnell Limited, and Chroma Ate, Inc. The number of players in the source measure unit market is large and growing with the opportunity to generate significant revenues because of growing demand across various industries. The players in the global source measure unit market are implementing various growth strategies to gain a competitive advantage over their competitors across the globe. For instance, In December 2019, Keithley I-V Tracer Software leverages the unique touchscreen interface of the 2400 Series SourceMeter® Source Measure Unit (SMU) instruments two-terminal devices.
Adding the I-V Tracer to your SourceMeter instrument gives a dedicated user interface for tracing the characteristics of devices through both current and voltage. Major market players in the global source measure unit market have been covered along with their relative competitive position and strategies. 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 global source measure unit market.
|Market size value in 2019||US$513.816 million|
|Market size value in 2025||US$975.160 million|
|Growth Rate||CAGR of 11.27% from 2019 to 2025|
|Forecast Unit (Value)||USD Million|
|Segments covered||Product, Current Range, Form Factor, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Keysight Technologies, Tektronix, Inc., Rohde & Schwarz, Yokogawa Test & Measurement Corporation, VX Instrument GmbH, Advantest Corporation, Premier Farnell Limited, Chroma Ate, Inc.|
|Customization scope||Free report customization with purchase.|
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