Modular Instruments - Market Drivers and Forecast from Technavio

Technavio publishes a new market research report on the global modular instruments market from 2016-2020. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global modular instruments market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global modular instruments market for 2016-2020. The market is segmented into the following product segments: PXI, VXI, and AXIe, with PXI segment occupying the largest market share.

According to the report, increase in global air traffic has led to increasing demand for commercial aircraft, thereby driving the demand for aircraft components which, in turn, will drive the global modular instruments market.

Geographically, the global modular instruments market is segmented into the following regions: APAC, the Americas, and EMEA. With over 38% market share originated from APAC in 2015, APAC dominated the global market. The region generated USD 345.33 million in 2015 owing to rapid growth in the communication, IoT, and aerospace and defense sectors.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global modular instruments market:

  • Growth in communication sector in APAC
  • Expanding aerospace and defense sector in developed economies
  • Rise in exports of electronics from East Asian countries

Growth in communication sector in APAC

Communication T&M solutions are being adopted widely by end-users such as telecommunication service providers, mobile device manufacturers, network equipment manufacturers, and telecommunication service providers, which have led to modular instruments market growth worldwide. Telecommunication service providers are expected to dominate the communication modular instruments market and contribute the highest market share during the forecast period.

Gaurav Mohindru, a lead tools and components research analyst at Technavio, says, “APAC offers significant growth opportunity for modular communication equipment as end-users such as mobile device manufacturers, and enterprises turn toward modular communication instruments to offer their customers high-quality and high-performing services.”

Expanding aerospace and defense sector in developed economies

The global aerospace and defense sector is expected to witness growth during the forecast period. Technavio expects the industry to grow by 3.12% in 2016. During the past few years, the global aerospace and defense industry witnessed a continuous decline in revenue growth, which registered 3.1% in 2013, 1.89% in 2014, and 0.61% in 2015. However, the market is expected to rebound in 2016 due to the following factors:

  • Increase in US defense budget
  • Resurgence in global security threats
  • Stable growth in GDP
  • Lower crude oil prices
  • Continued increase in air traffic

Gaurav adds, “The increased defense sector budgets in the UK, the US, France, Japan, the Middle East countries, and other developed nations are expected to boost the sales of modular instruments.”

Rise in exports of electronics from East Asian countries

There has been an increase in the exports of electronic goods from countries like Taiwan, South Korea, and Singapore. For instance, the consumer electronics market in Taiwan is expected to grow by 4% and reach USD 7.3 billion in 2016.

The demand for mid and low-end products like oscilloscopes and multimeters is sustained largely due to demand from the education sector, especially universities, polytechnic institutes, and training laboratories in the region. The steady growth of the semiconductor and electronics market in APAC is driving the growth of the modular instruments market in this region. The boom in this sector is due to the growing penetration of smartphones.

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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global modular instruments market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com