Global Modular Instruments Market by Platform (AXIe, PXI, VXI), by End Use (Automotive & Transportation, Telecommunication) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global modular instruments market was worth USD 2.10 trillion in 2019. It is projected to grow at a 6.3% compound annual growth rate (CAGR), between 2020 and 2027. The growth of the test- and measurement instrument market is a major driver of demand. Modular instruments can be used to monitor and test equipment. They can also be used to create custom measurement systems. Market growth is expected to be driven by technological innovations, advances in communication and networking, and increased adoption of electronic devices. The instruments are also widely accepted by network providers, smartphone manufacturers, and electronic component manufacturers, which will boost the market growth.

Market growth is also possible due to an increase in IoT devices. According to GSMA, 30 billion connected devices will be available by 2026. Tracking devices, vehicles and utility meters are all examples of IoT-connected devices. The increased use of these devices has resulted in the need to test, inspect, and verify the devices and any other equipment. Additionally, increasing numbers of connected devices means that more money is spent on testing their feasibility, which in turn leads to the adoption of modular instruments.

Many manufacturing plants have been established in the Asia Pacific region due to increasing adoption of semiconductor devices and electronics. With the ever-increasing sophistication and limitations of semiconductor devices and electronics, the devices are becoming more complex. Due to this, it has been necessary to test, inspect and monitor the performance. This led to the adoption modular instruments by the regional manufacturers.

Market growth is expected to be driven by the increased use of wireless communication devices, Narrowband IoT and mobile IoT standards like Bluetooth Low Energy (BLE), and LTE-M. The market growth is being driven by advancements in wireless communications industry. These include higher mobility, increased adoption of smart devices and an increase in mobile data traffic due to the adoption of smartphones and better network coverage. Modular test equipment is required to address issues during the initial development of wireless equipment.

Market growth is being slowed by the high cost of instruments and the need for highly skilled workers. The market is also being held back by the increasing demand for rental and leasing of modular instruments. Companies that offer smart products and wireless technology are worried about the costs and how they can be used. The market has seen steady growth due to these growing concerns. Companies are also opting to rent and lease services in order to maximize cost savings.

However, 5G investments are expected to provide major growth opportunities. Modular instruments are also being sought after due to the extensive research done on 5G technology in order reduce the development time and the hardware complexity. Many applications will benefit from 5G, including autonomous vehicles, connected cars and IoT. The proliferation of these applications will also create new markets.

End-use Insights

The telecommunications segment was the dominant market in terms of revenue with a 35.4% revenue share in 2019. Segment growth has been boosted by the advancements in wireless communication technologies like LTE, LTE-A, and long-term evolution (LTE). The path to 5G communication development is also possible due to the LTE advanced standards' enhanced capabilities. The 5G evolution is expected to drive significant growth in the telecommunications sector over the forecast period.

The forecast period will see an increase in the CAGR for aerospace and defense to 4.0%. Because of the complexity of communication equipment, modular instruments are crucial to the aerospace and defense industry. Modular instruments are used in the aerospace and defense industries for machine vision systems and automatic test equipment. They also serve as network analyzers and signal generators. These instruments are used to ensure the safety and security of end-use equipment. They check various sub-systems and components and also systems for tracking, detection, communications, and communication. Modular instruments are also used in aerospace and defense industries for their ability to quickly measure the end-use equipment and lower power consumption.

Platform Insights

The PXI segment was the leader in terms of revenue with a share of 78.4% for 2019. PXI offers many advantages, including improved performance, standard software models and lower costs. Many end-users have adopted the PXI platform because of its many benefits. PXI platforms allow users to combine traditional measurement capabilities with modern computer based modular architectures such as machine vision and motion control.

The AXIe segment will grow at a CAGR of 6.5% during the forecast period. AXIe's triggering, timing and module-tomodule data transfer are vital to the development of high-performance modular instrument systems. AXIe also includes LAN- and PCIe interfaces, which can be used as virtual PXI instruments. The platform's flexibility and benefits will drive segment growth during the forecast period.

Regional Insights

Asia Pacific was the dominant industry in 2019, accounting for more than 35.0% revenue share. Over the forecast period, the regional market will likely continue to dominate. Market growth will be supported by the increasing investments made in aerospace and defense industries by countries like China and India. In 2018, for example, Chinese companies in the aviation sector acquired western aviation companies worth around USD 400 million. The region's growing population of mobile devices has also led to a rise in demand for wireless testing equipment, which has aided regional growth.

North America is set to experience significant growth. The market will grow at a rate of 5.0% between 2020 and 2027. The North American modular instrument market is forecast to grow due to increasing demand from different end-use segments such as electronics and electrical. The regional market will also be driven by the growing interest in connected cars and intelligent transportation systems.

Market Share Insights & Key Companies

This market is highly competitive and well-consolidated. Keysight Technologies and Viavi Solutions are the key players in this market. These market players particularly focus on entering into mergers and acquisitions and joint ventures/collaborations in order to enhance their market presence. HORIBA GmBh, for example, announced in October 2018 the acquisition of FuelConAG. The company will now be part of HORIBA automotive testing systems division, which offers brake, driveline and emissions test systems.

In response to growing technology demand from developed countries, market players are investing more in research and development. In July 2018, National Instruments announced a collaboration with Spirent Communications plc, a provider of analysis, verification, assessment and device intelligence solutions. The collaboration was intended to develop test systems for 5G New Radio devices (NR). Manufacturers of 5G chipsets and devices can also validate the performance and IoT capabilities of 5G NR smartphones without needing access to expensive and complex 5G base stations. The modular instrument market is dominated by:

• Keysight Technologies

• National Instruments

• Fortive Corporation

• Viavi Solutions

Up Market Research published a new report titled “Modular Instruments Market research report which is segmented by Platform (AXIe, PXI, VXI), by End Use (Automotive & Transportation, Telecommunication), By Players/Companies National Instruments, Keysight Technologies, Viavi Solutions, Fortive Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Modular Instruments Market Report Segments:

The market is segmented by Platform (AXIe, PXI, VXI), by End Use (Automotive & Transportation, Telecommunication).

Modular Instruments Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Modular Instruments Market

Overview of the regional outlook of the Modular Instruments Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Modular Instruments Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Modular Instruments Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. AXIe

                2. PXI

                3. VXI

                1. Automotive & Transportation

                2. Telecommunication

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Modular Instruments Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Modular Instruments Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.