What is Modular Instruments Market?
The global modular instruments market is expected to grow at a moderate pace during the forecast period, according to the AMA study. The growing demand for automated test systems growing from the industries such as aerospace & defense and automotive industries are expected to be some of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (PXI Modular Instruments, VXI Modular Instruments, Axle Modular Instruments, Data Acquisition Modular Instruments and Others), by Application (Data Test, Transaction Test, Radio Frequency Test, Communications & Navigation Test, Components Operation Test and Others) and major geographies with country level break-up.
ABACO SYSTEMS (United States), AMETEK.Inc. (United States), Astronics Corporation (United States), Bustec Ltd. (Ireland), Chroma ATE Inc. (Taiwan), ELMA Electronic (United States), Fortive (United States), Keysight Technologies (United States), NATIONAL INSTRUMENTS CORP. (United States), Pickering Interfaces Ltd (England), Rohde & Schwarz GmbH & Co KG (Germany), Teledyne LeCroy (United States) and VIAVI Solutions Inc. (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Modular Instruments market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Modular Instruments market by Type, Application and Region.
On the basis of geography, the market of Modular Instruments has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Demand for Automated Test Systems
- Rising Demand from Aerospace & Defense and Automotive Industries
- Development of 4G & 5G Infrastructure Across Different Regions
- Penetration of Rental & Lease Testing Services
- Industry 4.0 is Expected to Create Huge Opportunities for the Market Vendors During the Forecast Period
- Presence of Major Players Creating Barriers for Smaller Vendors in the Market
Stringent Government Regulations Regarding Lock-Down of Cities & Shutting Down of Operations Across Different Industries Across the World Due to the COVID-19 Pandemic is Impacting the Demand for Modular Instruments
Analyst CommentSince the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the global modular instruments market in FY 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
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