Dublin, July 01, 2021 (GLOBE NEWSWIRE) -- The "Modular Instruments Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global modular instruments market is evaluated at US$1.637 billion for the year 2019 and is estimated to grow at a CAGR of 9.31% to reach a market size of US$3.052 billion by the year 2026.
Modular instruments are the types of electronic devices that use a frame wherein different types of or a varying number of functional cards can be plugged. This is so that the instrument can accommodate a range of input/output channels or tailor its measurement capability according to the specific application being addressed. It generally uses a computer user interface instead of displays and controls embedded in an instrument, hence, known as faceless instruments. Moreover, it is provided with programmatic software interfaces known as drivers. This equipment is used to develop, design, maintain, verify, and repair various electronic and mechanical products. As modular instruments are compact, flexible, fast, cost-effective, and available in various sizes, they are utilized in photonics production, submicron and nano-precision technology, and mechanical and electrical engineering.
The market for modular instruments is anticipated to be driven by the increase in awareness about the devices amongst the end-users. For instance, high channel count; these measurements, such as data acquisition, really benefit from the standards-based modular form factor. Module size is relatively big, so a large number of channels can be included. Data acquisition usually requires many types of channels. Not everything can be purchased from one vendor. The mix and match capability of modular instruments allow the system to be easily configured from multiple vendors.
Secondly, automated test systems; these instruments address the needs of automated test systems very well. Automated test systems typically involve many types of instruments. The instruments are driven by software, not directly manipulated by a user. Packaging density is a concern, and the logistics of racking and cabling are as important to system design as making measurements. With modular instruments, modules can be acquired from multiple vendors. Additionally, the space factor; for a given volume and multiple instruments, modular instruments usually create the smallest, most compact solution. These factors have encouraged the adoption of modular instruments over the years and with the rapid pace of technological developments, it is expected to do so in the coming years as well.
The demand is prominently influenced by the growth of the test and measurement instruments market. Modular instruments are equipment that is used to test, monitor, and are user-defined measurement systems.
The advent of COVID-19 had an adverse impact on the global modular instruments market. The immense downturn in the global semiconductor industry has been a significant reason for the decline in the demand for modular instruments at a global level. The pandemic substantially affected the businesses worldwide wherein the lockdowns were imposed in several countries which further disrupted the supply chain. This made it even more difficult to attain the raw materials to manufacture the instrument during the initial period. On the supply side, the pandemic has exposed risks that were previously unrecognized, leading to potential shortages of critical parts and components. In response, many semiconductor companies are already reconfiguring their supply chains to improve resiliency, and the changes may continue into the next normal. The covid-19 crisis has given rise to a new normal wherein the adoption of emerging technologies has picked up the pace to facilitate the employees. Remote manufacturing, diagnostics, and maintenance could all become permanent features. The companies are expected to start, a hybrid model in which a certain number of employees are remote and the rest remain on site. The efficiencies gained through such changes, as well as their start-up costs, could influence future semiconductor revenues, which in turn will fuel the growth of the market in the coming years.
The segmentation of the global modular instruments market has been done into type, industry vertical, and geography. By type, the classification of the market has been done into VME, AXIE, PXI, VXI. By industry vertical, the classification of the market has been done into Aerospace And Defense, Automotive, Electrical And Electronics, Telecommunication. Furthermore, based on geography, the global market has been distributed as North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
Rising demands coming from the defense sector at a global level will drive the market during the forecast period.
The growth of the modular instruments market is fuelled by the increasing demands coming from the defense sector of various countries across the world. demands for modular and flexible instruments in the aerospace and defense sector in developed economies are expected to be one of the key factors driving the growth of the modular instruments market. For instance, the United States Department of Defense's base budget for FY 2021 is USD 633 billion, which is by far the largest defense budget. It may eventually boost modular testing equipment sales, as it plays a significant role in monitoring the performance of command and communication networks and surveillance applications. Modular instruments play a vital role in the aerospace and defense sector owing to complex communication equipment. In the aerospace and defense industry, modular instruments are used for machine vision systems, automatic test equipment, spectrum analyzers, network analyzers, and signal generators, among others. Thus, these instruments are used for ensuring the security and safety of the end-use equipment by checking various sub-systems, components, and systems for communications, tracking, and detection. Additionally, the major purpose of the adoption of modular instruments in the aerospace and defense industry is due to its features such as lower power consumption and quick measurement of the end-use equipment.
Increasing adoption of the Internet of Things concept by several industries will be a tailwind to the growth of the market during the forecast period.
The growth of the market of modular instruments will be further fuelled by the increasing adoption of the internet of things (IoT) concept by various industries. Furthermore, the increased adoption of the Internet of Things (IoT) by the government, healthcare, automotive, and utility sectors is expected to fuel market growth in the next few years. For instance, in the automotive sector, giants, like General Motors , plan to release autonomous (driverless car) cars in 2021. Similarly, AUDI collaborated with Nvidia to develop an efficient non-human supervised car model. The prototype of this highly automated car is based on AUDI's Q7 car model. Similarly, according to GSMA, there would be 30 billion connected devices by 2026. The IoT-connected devices include tracking devices, vehicles, utility meters, consumer electronics, and wearable technology vending machines, as well as smartphones and tablets. Thus, increased adoption of the aforementioned devices has led to the growing need for testing, inspecting, and verifying the smart products and other equipment to ensure the fidelity of the deployed devices. Moreover, an increasing number of connected devices results in more spending on testing the feasibility of the devices, thus resulting in the adoption of modular instruments. However, growing leasing and rental services are a few factors that may hinder the growth of the modular instruments market. Nevertheless, growing IoT services and 5G infrastructure, and high adoption of IoT devices present tremendous opportunities for the players in the modular instruments market.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Modular instruments market Analysis, by Type
6. Modular instruments market Analysis, by Industry vertical
6.2. Aerospace And Defense
6.4. Electrical And Electronics
7. Modular instruments market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.1. By Country
7.5.2. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Keysight Technologies Inc.
9.2. National Instruments Corporation
9.3. Viavi Solutions Inc .
9.4. Fortive Corporation
9.5. Astronics Corporation
9.6. Teledyne LeCroy Inc.
9.7. Rohde & Schwarz GmbH & Company KG
9.8. AMETEK Inc.
9.9. Teradyne Inc.
9.10. Pickering Interfaces Ltd
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