LONDON--(BUSINESS WIRE)--The new modular instruments market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the modular instruments market.
"One of the primary growth drivers for this market is the growth of the Aerospace and Defense Sector in Developed Economies,” says a senior analyst for Industrials at Technavio.
The growth of the aerospace and defense sector in developed economies is one of the primary growth factors for this market. Although the aerospace and defense industry witnessed a decline in revenue during the past few years, declining crude oil prices, the increase in air traffic, and the recent increase in the defense budget of developed countries such as the US, the UK, France, and Japan, will drive the growth of the industry in the coming years. This will subsequently boost the sales of modular testing equipment as they play a significant role in monitoring the performance of command and communication networks, computer intelligence, and surveillance applications.
As the markets recover Technavio expects the modular instruments market size to grow by USD 708.36 million during the period 2020-2024.
Modular Instruments Market Segment Highlights for 2020
- The modular instruments market is expected to post a year-over-year growth rate of 7.19%.
- The PXI platform works based on peripheral component interconnect (PCI), which helps to reduce the cost of modular instruments. It also enhances the performance of automated T&M devices.
- This is attributed to the availability of peripherals and the latest updated software, thus fueling the demand for PXI platform-based modular instruments in various industries, especially military and defense.
- 45% of the growth will originate from the APAC region.
- Significant investments in wireless communications for IoT (Internet of Things) and the defense and aviation industries will significantly drive modular instruments market growth in this region over the forecast period.
- China and Japan are the key markets for modular instruments in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The modular instruments market size is expected to accelerate at a CAGR of over 9% during the forecast period.
- The modular instruments market is segmented by Product (PXI platform, VXI platform, and AXIe platform), Geography (APAC, North America, Europe, MEA, and South America), and End-user (semiconductor and electronics, telecommunication, aerospace and defense, and others).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Astronics Corp., Chroma ATE Inc., Elma Electronic AG, Keysight Technologies Inc., National Instruments Corp., Rohde & Schwarz GmbH & Co. KG, Tektronix Inc., Teledyne LeCroy, Teradyne Inc., and Viavi Solutions Inc.
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