Knowledge Sourcing Intelligence announces the publication of a new report on "Global Modular instruments - Forecasts from 2019 to 2026" to their offering.
The Global Modular Instruments Market is projected to grow at a CAGR of 9.31% to reach US$3.052 billion in 2026 from US$1.637 billion in 2019.
Modular instruments are electronic devices which act as frames for different types or numbers of functional cards. The increasing awareness of modular equipment’s among the end user industry has highly driven the global modular instruments market in the forecast period. The use of modular instruments in automated test systems has been encouraged owing to its space factor as modular instruments usually create the most compact and smallest solutions. The technological advancements in this industry have created a sudden interest in the use of these instruments in various industry sectors.
The growth of the market of modular instruments will be further fueled by the increasing adoption of the internet of things (IoT) concept by various industries. Furthermore, the increasing adoption of the Internet of Things (IoT) by various governments in developing nations, automotive, healthcare, and utility sectors is expected to boost the market growth in the next few years. For instance, in the automotive sector, General Motors, an automotive giant plan to release self-drive cars in 2021. Similarly, according to GSMA, an industry organization that represents the interest of mobile networks on a global level, there would be 30 billion connected devices by 2026. The IoT-connected devices include tracking vehicles, devices, cons, consumer electronics, and wearable technology vending machines, as well as smartphones and tablets.
The global modular instruments market by type are segmented as VME, AXIE, PXI and VXI. The PXI segment holds the major market share on account of its reduced costs, mainstream software models, and improved performance as it is based on PCI. The adoption of PXI as an industry standard is due to the need of modern computer-based modular architecture inheriting traditional measurement capabilities with motion control, automation and machine vision. Recently, Pickering Interfaces, a designer and manufacturer of modular signals switching and simulation for use in electronic test and verification has launched a PXI/PXIe multiplexer module optimized for MIL-STD-1553 testing applications. The technological advancement in this segment has driven the growth of this market.
Global modular instruments by industry vertical are segmented as aerospace and defense, automotive, electrical and electronics, and telecommunication. The aerospace and defense segment holds the major market share due to the rising demands for modular instruments in the aerospace and defense sector in developed nations is expected to be one of the prime factors driving the growth of the modular instruments market. For FY 2021, The United States Department of Defense's base budget is USD 633 billion, which is one of the largest defense budgets. Therefore, this may eventually boost the modular testing equipment sales, as it plays a vital role in monitoring the performance of communication and command networks and applications related to surveillance. In the aerospace and defense sectors, modular instruments are used for automatic test equipment, spectrum analyzers and machine vision systems.
However, the requirement of a highly skilled workforce and the high cost of instruments has been hampering the growth of global modular instruments in the forecast period. Furthermore, the growing demand for leasing and rental services of modular instruments to focus on cost opportunities is restraining its market growth. Thereafter, the company’s offering wireless technologies and smart appliances are concerned about the use and expense related to modular instruments and are opting the leasing and rental services to cut down costs.
The COVID-19 pandemic has had an adverse impact on the global modular instruments market. The vast decline in the global semiconductor industry has been a prime reason for the decline in the demand for modular instruments in the global market. The pandemic has had a significant affect on the businesses worldwide wherein the lockdowns being imposed in several countries which further disrupted the demand and supply chain. The supply of raw materials to manufacture modular instruments was brought to a sudden halt due to the lockdown being imposed by governments during the initial period due to which manufacturing sectors were shut down. Various semiconductor companies have reconfigured their post-pandemic strategies including ideas and supply chains to improve efficiency, and these changes could overall improve the growth of this market in the upcoming years.
The global modular instruments market on the basis of region is segmented as North America, South America, Europe, Middle East & Africa and Asia Pacific. Asia Pacific is expected to grow at high CAGR during the forecasted period due the increasing use of modular instruments in the aerospace and defense industry sectors in countries such as China and India. The increasing investments in the research and development process in these industry sectors have surged the demand of these modular instruments in the region. Also, the increasing demand of EV automotive in developing nations due to the sustainability concerns has boosted the global modular instrument market in the Asia Pacific region. Furthermore, North America region is anticipated to hold a significant share in the market owing to the demand form the defense & aerospace and telecommunication sectors. Additionally, the shift towards intelligent transportation system and connected cars have driven the modular instruments market in the region.
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This report segmented the global modular instruments market on the basis following terms: