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Modular Instruments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
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 AUDIâ€™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.
Key Market Trends
Semiconductor and Electronics Segment are Expected to Hold the Largest Market Share in the Forecast Period
Due to rapid penetration of the Internet of Things, automotive, 5G, virtual reality, and artificial intelligence (AI), the semiconductor and electronic markets are expected to grow, thus, boosting the modular instruments market. The explosive adoption of cloud computing in almost every sector has increased the dependency on IT services, which has created a strong demand for data centers, worldwide.
- In January 2020, Samsung, a South Korea-based smartphone giant, invested USD 500 million to intensify operations in India. The company is likely to set up a manufacturing plant on the outskirts of New Delhi to produce displays for smartphones and a wide range of other electronic devices. Moreover, in 2018, it opened a factory in Noida to increase its manufacturing capacity to produce smartphone components locally. This reflects the promising demand for electronics in Asia-Pacific countries.
- Increasing demand for clean energy in European countries drives the growth of photonics production required by the solar cells in solar plants. In 2019, Iberdrola, a Spanish electrical company, completed the construction of a photovoltaic plant in Europe that comprises more than 1.4 million solar panels with an installed capacity of 500 megawatts to supply energy to 250,000 people per year. It uses an electronics system to counteract the generated reactive power and improves grid stability.
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North America is Expected to Showcase Significant Market Growth
The ongoing deployment of LTE and technological advancements in wireless connectivity technologies, such as general packet radio service (GPRS), Wi-Fi, and worldwide interoperability for microwave access (WiMax) in various fields, have boosted the number of connected devices. Hence, the growth of modular devices is used for the configuration of automated test and measurement (T&M) in North America.
- The electric vehicle is growing rapidly in North America, and so is the seismic shift in design verification and performance testing methodology. Consequently, engineers are using new testing methods, such as emulation methods, to reduce cycle time and increase productivity.
- A survey by the US National Renewable Energy Laboratory reflected that the number one reason for not buying an electric vehicle (EV) was cost (51%), followed by an inability to charge the EV while away from home (48%), which may impact the players in the electric cars market.
- For instance, in 2019, Tesla acquired Maxell Technologies, a capacitor manufacturer that pioneered the design of high-power-density, ultra-capacitors, and new battery technology. Through this acquisition, Tesla may use Maxwellâ€™s dry battery electrode technology to enhance the range of its electric cars beyond 400 miles and keep its promise of cheaper, longer-lasting batteries.
- Due to the COVID-19 outbreak, car manufacturing companies are stepping in to manufacture necessary medical devices to meet hospital demand. Tesla has already created a prototype ventilator that uses parts adapted from electric vehicles and has promised to produce ventilators to treat patients. The United States had 4,00,000 COVID-19 positive cases, with more than 12,000 fatal cases, as of April 8, 2020.
- The majority of mobile network operators in mature markets are planning to upgrade to 5G in the next few years to remain competitive in the telecom market. Thus, major players are partnering with the technology provider to speed up the process.
- For instance, in February 2020, Samsung Electronics Co. Ltd collaborated with US Cellular for 5G and 4G LTE network solutions. Through the agreement, US Cellular, a key provider of mobile services to millions of customers across the United States, can purchase Samsungâ€™s commercially-proven network solutions, including 5G New Radio (NR) technology, and may extend groundbreaking 4G LTE and 5G technology to its customers base.
The modular instruments market is highly competitive and consists of a few major players, such as Keysight Technologies Inc., National Instruments Corporation, Viavi Solutions Inc., Fortive Corporation, Astronics Corporation, and Teledyne LeCroy Inc. In terms of market share, few of the major players currently dominate the market. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and profitability.
- March 2020 - Viavi Solutions Inc. launched a complete portfolio of test and measurement solutions to accelerate high-speed network test across all phases of the product lifecycle from product design, validation, and manufacturing, to fiber-optic monitoring and inspection. One of them is VIAVI ONT 800G FLEX DCO Module, fully integrated test pluggable digital coherent module development, validation, and integration of 400G CFP2-DCO and 400GE QSFP-DD transponders, including 400ZR.
- January 2020 - Teledyne Technologies Incorporated acquired OakGate Technology. OakGate provides software and hardware designed to test electronic data storage devices from development through manufacturing and end-use applications. As both companies serve the semiconductor, data center, and consumer electronics industries, this acquisition may enable them to provide a complete set of solutions.
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