Source Measure Unit Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (General Purpose SMUs, Application Specific SMUs, Precision SMUs), By Current Range (µa – 1 Ma, Ma – 1 A, Above 1 A), Application (Automotive, IT & Telecommunication, Aerospace & Defence, Healthcare, Others), By Form Factor (Benchtop, Modular), And By Geography - Forecasts From 2022 To 2027

The global source measure unit market is expected to grow at a CAGR of 9.98% over the forecast period to reach a market size of US$931.564 million by 2027, increasing from US$478.517 million in 2020.  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 their ability to support faster tests with improved accuracy as compared to the traditional methods. 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, and 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 in 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 spending $471 million to upgrade and expand its factory near Valenciennes, France.

Also, the increasing focus of the governments of numerous countries on 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, 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 plans 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 are anticipated to witness progressive growth opportunities for the source measure units market during the forecast period. For instance, in the United States, the Trump administration has announced policies favourable for the manufacturing sector, which has resulted in the year-on-year growth of total industrial production.

The Asia Pacific holds a significant share of the market

By geography, the global source measure unit market is segmented into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. The Asia Pacific is expected to hold a significant share of 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 the 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 the deployment of LTE networks coupled with the growing IoT market leverage precision for device testing, which is anticipated to boost the growth of the market in the region.

Key developments

• August 2022: Keysight Technologies unveiled a new device modeling software to enable customers to achieve a one-stop workflow.
• December 2019: Tektronix launched the Keithley I-V Tracer software which is able to stimulate classic curve tracer functions for Keithley source meter source measure units. The tracer uses the full capabilities of the supported source measure units, including dual high-speed digitizers.

COVID-19 Insights

The coronavirus pandemic impacted the SMU market negatively as it caused a decline in the consumer electronics industry as most of the manufacturers suspended their operations following the lockdown, disrupting the supply chain. There was also a decrease in demand from the automotive sector to the economic slowdown of several countries across the globe. This economic slowdown especially during the initial phases caused the demand to fall very short for the automotive due to people having low disposable incomes. For instance, in China, sales fell by 71% in February and by April, the US and Europe experienced a plunge of 47% and 80% respectively. This automatically decreased the demand for these devices, leading to declining in the market.

Source Measure Unit Market Scope:

Market Segmentation:

• By Product
  • General Purpose SMUs
  • Application Specific SMUs
  • Precision SMUs
• By Current Range
  • µa – 1 Ma
  • Ma – 1 A
  • Above 1 A
• By Form Factor
  • Benchtop
  • Modular
• By Industry Vertical
  • Automotive
  • IT & Telecommunication
  • Aerospace & Defense
  • Healthcare
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • Spain
    • United Kingdom
    • France
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
    • Taiwan
    • Indonesia
    • Others