Market Size of Modular Instruments Industry
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Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | High |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
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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.
By Platform | |
PXI | |
VXI | |
AXIe |
By Application | |
Semiconductor and Electronics | |
Telecommunication | |
Defense and Aerospace | |
Automotive and Transportation | |
Other Applications |
By Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle-East and Africa |
Modular Instruments Market Size Summary
The modular instruments market is poised for significant growth, driven by the increasing demand for compact, flexible, and cost-effective electronic devices across various sectors. These instruments, known for their ability to adapt to specific applications through functional cards and programmatic software interfaces, are becoming essential in fields such as aerospace, defense, photonics production, and mechanical engineering. The rise of the Internet of Things (IoT) and advancements in 5G technology are further propelling the market, as industries like automotive and healthcare seek innovative solutions for automation and connectivity. Despite challenges such as the growing trend of leasing and rental services, the market presents substantial opportunities for expansion, particularly in regions like Asia-Pacific, where demand for electronics is on the rise.
The competitive landscape of the modular instruments market is dominated by major players such as Keysight Technologies, National Instruments, and Viavi Solutions, who are actively expanding their global presence through strategic collaborations and acquisitions. These companies are focusing on enhancing their product offerings to meet the evolving needs of sectors like telecommunications, where the transition to 5G networks is creating a surge in demand for advanced testing and measurement solutions. Additionally, the market is witnessing innovations aimed at supporting the rapid growth of electric vehicles and clean energy initiatives, further underscoring the critical role of modular instruments in modern technological advancements.
Modular Instruments Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rapid Increase in the Usage of IoT-based Devices in Various Industries
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1.2.2 Increased Investment in the Aerospace and Defense Sector
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1.3 Market Restraints
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1.3.1 Rapid Advancement in Technology can Outcast Demand
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1.4 Industry Value Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Assessment of Impact of COVID-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 By Platform
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2.1.1 PXI
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2.1.2 VXI
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2.1.3 AXIe
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2.2 By Application
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2.2.1 Semiconductor and Electronics
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2.2.2 Telecommunication
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2.2.3 Defense and Aerospace
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2.2.4 Automotive and Transportation
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2.2.5 Other Applications
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2.3 By Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Latin America
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2.3.5 Middle-East and Africa
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Modular Instruments Market Size FAQs
What is the current Modular Instruments Market size?
The Modular Instruments Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Modular Instruments Market?
National Instruments Corporation, Viavi Solutions Inc., Fortive Corporation, Keysight Technologies Inc. and AMETEK Inc. are the major companies operating in the Modular Instruments Market.