Global Modular Instruments Market is valued approximately at USD 2230billion in 2020 and is anticipated to grow with a healthy growth rate of more than 6.3% over the forecast period 2021-2027. Modular instruments use a frame, into which different types, or a varying number, of functional cards can be plugged. Modular instruments do not have their own user interface because of which they use a computer user interface. Rising penetration of Internet of Things (IoT) devices, growing demand for wireless technologies and technological instruments are fueling the demand for modular instruments market. According to Statista, number of installed IoT devices worldwide were 23.14 billion in 2018 which went up to 30.73 billion in 2020. Also, they are expected to reach 75.44 billion by 2025. Additionally, market size of wireless connectivity worldwide has increased from USD 42.8 billion in 2017 to USD 54.7 billion in 2020 and expected to reach USD 127.9 billion by 2027. Furthermore, growing adoption of electronics and semiconductor devices and rising investment in deployment of 5G network are expected to bolster the demand of modular instruments during forecast period. However, lack of skilled workforce coupled with high cost of devices may hinder the growth during forecast period.
Asia Pacific is leading the world market in terms of market share among Asia Pacific, North America, Europe, Latin America, and Rest of the World, and is also expected to witness the highest growth during forecast period. Growing number of mobile devices, rising investment in aerospace and defense industry especially in India and China are growing the Asia Pacific modular instruments market.
Major market player included in this report are:
Qmax Test Equipment
Lumentum Holdings Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Aerospace & Defense
Automotive & Transportation
Electronics & Semiconductor
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Modular Instruments Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers