According to the new market research report on "Modular Instruments Market by Platform Type (PXI, AXIe, VXI), Application (R&D, Manufacturing & Installation), Vertical (Telecommunications, Aerospace & Defense, Automotive, Electronics & Semiconductor), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from USD 1.33 billion in 2018 to USD 2.11 billion by 2023, at a CAGR of 9.6% from 2018 to 2023. The growth of the market is driven by increased R&D spending; benefits such as low cost, modularity, compact size, increased throughput, flexibility, and extended lifetime offered by modular instruments. Increased demand for the deployment of LTE from the telecommunications sector is boosting the adoption of modular instruments. Additionally, end users are now motivated to adopt modular instruments in 5G R&D activities; growth of IoT and rapid adoption of IoT devices present tremendous opportunities for the modular instruments market to thrive in the coming years.
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PXI-based modular instruments to hold the largest share of the modular instruments market during the forecast period
PXI is an open, multi-vendor standard governed by the PXI Systems Alliance that ensures interoperability of modules and chassis from different vendors. This platform is based on PCI, and hence, it inherently brings the advantages of reduced cost, improved performance, and a mainstream software model to end users. The need for a modern computer-based modular architecture that can integrate traditional measurement capabilities with machine vision, motion control, and automation has resulted in the quick adoption of PXI as an industry standard. Some of the major companies that provide PXI-based modular instruments are National Instruments, Keysight Technologies, Teradyne, Rohde&Schwarz, Viavi Solutions, Fortive, and Teledyne Lecroy.
R&D applications to fuel the growth of modular instruments market during the forecast period
The market for R&D applications is expected to grow at a higher CAGR than manufacturing & installation applications during the forecast period. Increasing research on the 5G technology is a major factor fueling the demand for modular instruments in R&D applications. Modular instruments are used in R&D applications in aerospace & defense, telecommunications, and automotive & transportation verticals.
Telecommunications vertical to account for the largest share of the modular instruments market during the forecast period
The large share of the telecommunications vertical in the modular instruments market is attributed to the ongoing developments in technology. In addition, widespread demand for wireless technologies is currently driving the market for the telecommunications sector. The market is expected to grow substantially during the forecast period with the increasing subscriber base for different advanced technologies, such as WiMax, 3G, 4G, LTE, LTE-A, and 5G.
The market in Asia Pacific is projected to be the fastest-growing during the forecast period
With 3 of the top 10 largest economies in the world China, India, and Japan the Asia Pacific region presents a high potential for the growth of the market. The market in Asia Pacific is expected to grow at the highest CAGR globally during the forecast period. Presence of large electronics and semiconductor manufacturing facilities acts as impetus for the modular instruments market in the region. Furthermore, increasing penetration of wireless communication standards is boosting these instruments' demand in the telecommunications sector in Asia Pacific.
Keysight Technologies (US), National Instruments (US), Fortive Corporation (US), Viavi Solutions (US), Astronics Corporation (US), Teledyne Technologies (US) (Teledyne Lecroy (Germany)), Rohde & Schwarz (Germany), Ametek (VTI Instruments) (US), Teradyne (US), and Pickering Interfaces (UK) are some of the leading players in the modular instruments market.
Some of the other prominent players in the market include Giga-tronics (US), Elma Electronic (Switzerland), Asis Pro (Israel), Guzik technical Enterprises (US), Test Evolution Corporation (US), Adlink Technology (Taiwan), Chroma ATE (Taiwan), GOEPEL Electronic (Germany), Marvin Test Solutions (US), and Bustec (UK).
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