Modular Instruments Market Size (2024 - 2029)

Modular Instruments Market Analysis

The modular instruments market is expected to witness a CAGR of 5% over the forecast period (2021-2026). A modular instrument is an electronic device that collects various types of functional cards to accommodate a range of input/output channels or tailor its measurement capability according to the specific application. 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.

• Rising 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.
• Furthermore, the increased adoption of the Internet of Things (IoT) by the government, healthcare, automotive, and utility sectors is expected to fuel the market growth in the next few years. For instance, in the automotive sector, giants, like General Motors, plan to release autonomous (driverless car) car 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.
• 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.

Modular Instruments Industry Segmentation

The scope of the study of the modular instruments market is limited to the platforms offered by major players for semiconductor and electronics, defense and aerospace, telecommunication, automotive and transportation, and other applications globally. The after-sales services are not considered for market estimation.