Modular Instruments Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Modular Instruments Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Overview:

The global modular instruments market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.2 Billion by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.

A modular instrument refers to the device used for the configuration of automated test and measurement (T&M) equipment. It consists of frames for connecting functional cards and accommodating input and output channels, along with VME standard, VXI standard, personal computer plug-ins and Compact PCI standard. The instrument uses a computer-user interface and require written test programs for accurate measurements. It also offers various benefits, such as higher channel count for data acquisition, efficiency in automated tests and an integrated space solution for the connection of multiple instruments. Owing to this, it finds extensive applications across various industries, including aerospace, defense, automotive, electronics, semiconductor, telecommunications, etc.

Significant growth in the electronics and semiconductor industries is one of the key factors driving the market. Modular instruments are used to test various components and devices at different stages of the manufacturing cycle and gauge the efficiency of the electronic system. Furthermore, developments in the 4G and 5G infrastructure across the globe is also providing a boost to the market growth. With the advancements in long-term evolution (LTE) systems, increased adoption of smart devices and substantial growth in mobile data traffic, there is a growing requirement for advanced modular instruments for the development of newer technologies, including LTE-A, 4G and 5G. There is also a widespread utilization of PXI-based devices, which is acting as another growth-inducing factor. It is an open and multi-vendor standard that ensures interoperability of modules and chassis from multiple vendors. Other factors, including increasing production of flexible electronics and the integration of connected devices with the Internet of Things (IoT), are projected to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global modular instruments market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on platform type, application and vertical.

Breakup by Platform Type:

PXI
AXIe
VXI

Breakup by Application:

Research and Development
Manufacturing and Installation

Breakup by Vertical:

Aerospace and Defense
Automotive
Electronics and Semiconductor
Telecommunication
Others

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being AMETEK, Inc., Astronics Corporation, Cobham Plc, Fortive Corporation, JDS Uniphase Corporation, Keysight Technologies, National Instruments Corporation, Pickering Interfaces Ltd., Premier Measurement Solutions Pvt Ltd., Rohde & Schwarz GmbH & Co KG, Scientech Technologies Pvt. Ltd., Teledyne LeCroy Inc., Teradyne, Inc., Viavi Solutions Inc. and Yokogawa Electric Corporation.

Key Questions Answered in This Report
1. What is the expected growth rate of the global modular instruments market?
2. What has been the impact of COVID-19 on the global modular instruments market?
3. What are the key factors driving the global modular instruments market?
4. What is the breakup of the global modular instruments market based on the platform type?
5. What is the breakup of the global modular instruments market based on the application?
6. What is the breakup of the global modular instruments market based on the vertical?
7. What are the key regions in the global modular instruments market?
8. Who are the key companies/players in the global modular instruments market?