Dublin, Sept. 10, 2018 (GLOBE NEWSWIRE) -- The "Modular Instruments Market by Platform Type (PXI, AXIe, VXI), Application (R&D, Manufacturing & Installation), Vertical (Telecommunications, Aerospace & Defense, Automotive, Electronics & Semiconductor), and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The modular instruments market is expected to grow from USD 1.33 billion in 2018 to USD 2.11 billion by 2023, at a CAGR of 9.6% between 2018 and 2023.
The growth of the modular instruments market is driven by increased R&D spending; benefits such as low cost, modularity, compact size, increased throughput, flexibility, and extended lifetime offered by modular instruments. Increased demand for the deployment of LTE from the telecommunications sector is boosting the adoption of modular instruments. One of the major challenges faced by players in the market is the dominance of a few large companies, which truncates growth potential for smaller vendors. Increased penetration of rental and leasing services is a major restraining factor for the market.
PXI is an open, multi-vendor standard governed by the PXI systems alliance that ensures interoperability of modules and chassis from different vendors. This platform is based on PCI, and hence, it inherently brings the advantages of reduced cost, improved performance, and a mainstream software model to end users. The need for a modern computer-based modular architecture that can integrate traditional measurement capabilities with machine vision, motion control, and automation has resulted in the quick adoption of PXI as an industry standard. Companies that provide PXI-based modular instruments are National Instruments, Keysight Technologies, Teradyne, Rohde&Schwarz, Viavi Solutions, Fortive, and Teledyne Lecroy.
The modular instruments market for telecommunications vertical is expected to register the highest CAGR during the forecast period. Given the growth of and demand for telecommunications, it is exigent that the underlying infrastructure is rejigged to handle increased load and buttress newer technologies such as LTE, LTE-A, 4G, and 5G. Widespread demand for wireless technologies is currently driving the market for the telecommunications sector.
The market is expected to grow substantially during the forecast period with the increasing subscriber base for different advanced technologies, such as WiMax, 3G, 4G, LTE, LTE-A, and 5G. Some of the leading vendors providing modular instruments for RF and wireless testing applications are National Instruments, Keysight Technologies, Teradyne, Rohde & Schwarz, and Fortive among others.
North America is expected to account for largest share of the modular instruments market during the forecast period. North America commands the biggest share owing to demands from telecommunications and aerospace & defense sectors. Furthermore, the shift toward connected cars and intelligent transportation systems along with an increasing demand from the electronics & semiconductor sector is expected to drive the modular instruments market in the region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities for Modular Instruments Market's Growth
4.2 Modular Instruments Market, By Platform Type, 2017-2023
4.3 Modular Instruments Market, By Platform and Geography, 2017
4.4 Modular Instruments Market, By Geography, 2017 vs 2023
5 Market Overview
5.1 Market Dynamics
5.1.1 Drivers
5.1.1.1 Advantages of Modular Instruments - Low Cost, Modularity and Smaller Size, Increased Throughput, Flexibility, and Extended Lifetime
5.1.1.2 Increased R&D Spending
5.1.1.3 Increased Demand for Deployment of Lte From Telecommunications Sector
5.1.1.4 Increasing Demand From Aerospace & Defense Sectors
5.1.2 Restraints
5.1.2.1 Increased Penetration of Rental and Leasing Services
5.1.3 Opportunities
5.1.3.1 Applications in 5G R&D and Infrastructure
5.1.3.2 Growth of IoT and Rapid Adoption of IoT Devices
5.1.4 Challenges
5.1.4.1 Dominance of Few Companies Truncating Growth Potential for Smaller Vendors
5.2 Value Chain Analysis
5.2.1 R&D
5.2.2 Manufacturing and Assembly
5.2.3 Distribution and End Users
5.2.4 Post-Sale Services
6 Modular Instruments Market, By Platform Type
6.1 Introduction
6.2 PXI
6.3 AXIE
6.4 VXI
7 Modular Instruments Market, By Application
7.1 Introduction
7.2 Research & Development
7.3 Manufacturing & Installation
8 Modular Instruments Market, By Vertical
8.1 Introduction
8.2 Telecommunications
8.3 Electronics & Semiconductor
8.4 Aerospace & Defense
8.5 Automotive & Transportation
8.6 Others
9 Geographic Analysis
10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis
10.3 Competitive Situations and Trends
10.3.1 Product Development and Launches
10.3.2 Collaborations & Partnerships
10.3.3 Expansions
10.3.4 Acquisitions
11 Company Profiles
11.1 Introduction
11.2 Key Players
11.2.1 Keysight Technologies
11.2.2 National Instruments
11.2.3 Viavi Solutions
11.2.4 Fortive Corporation
11.2.5 Astronics Corporation
11.2.6 Teledyne Lecroy
11.2.7 Rohde & Schwarz
11.2.8 Ametek (VTI Instruments)
11.2.9 Teradyne
11.2.10 Pickering Interfaces
11.3 Other Important Players
11.3.1 Giga-Tronics
11.3.2 ELMA Electronic
11.3.3 Asis Pro
11.3.4 Guzik Technical Enterprises
11.3.5 Test Evolution Corporation
11.3.6 Adlink Technology
11.3.7 Chroma ATE
11.3.8 Goepel Electronic
11.3.9 Marvin Test Solutions
11.3.10 Bustec
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