The global modular instruments market size is likely to be valued at USD 1.8 billion in 2023. The market revenue is anticipated to expand at 2.3X and surpass USD 4.2 billion by 2033, registering a CAGR of 8.5%.
The use of the Internet of Things, automotive technology, 5G, virtual reality, and AI is increasing significantly. This results in growth in the semiconductor and electronics markets, leading to market growth. Modular instruments can evaluate parts and determine how well electronic systems are working.
The demand for wireless technologies is growing owing to developments in the wireless communications industry, such as LTE. The adoption of smart devices is increasing and mobile data traffic growth is rising as well.
The shift toward offering integrated voice, video, and data services has led to a demand for solutions to test network performance. These factors affect the modular instrument industry substantially.
The market is also boosted by developments in 4G and 5G infrastructure, LTE systems, and increased adoption of smart devices. Advanced supermodular instruments are required for testing and measurement of new technologies such as LTE-A, 4G, and 5G. With the increasing adoption of 5G technology, the demand for modular instruments is expected to grow significantly.
PXI-based modular instruments are widely used, ensuring the interoperability of modules and chassis from multiple vendors. This has led to the creation of new modular instrument synths that provide accuracy and better results to customers.
Cloud computing is being adopted in many sectors, creating a high demand for IT services. This has led to an increase in data centers globally. The demand for modular and flexible instruments is growing in the aerospace and defense sector.
The adoption of the Internet of Things (IoT) by the government, healthcare, automotive, and utility sectors is also driving market growth. For example, General Motors planned to release autonomous cars in 2021.
The growing trend toward digitization and automation is also projected to boost the demand for modular instruments. Modular instruments sequencer can easily integrate with software and digital systems. Hence, these instruments enable better automation and efficiency in testing and measurement processes.
Growing leasing and rental services as well as competition in the market may obstruct market growth. High costs of research and development and regulatory framework in developing economies may also hinder growth.
| Attributes | Details |
|---|---|
| Base Year Value (2022) | USD 1.7 billion |
| Current Year Value (2023) | USD 1.8 billion |
| Expected Forecast Value (2033) | USD 4.2 billion |
| Historical CAGR (2018 to 2022) | 9.2% |
| Projected CAGR (2023 to 2033) | 8.5% |
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The sales of modular instruments are projected to expand by USD 2.4 billion between 2023 and 2033, surpassing the growth of USD 500 million observed between 2018 and 2022.
During the historical period, increasing demand for modular instruments in the aerospace and defense industry positively affected market growth. The growing demand for modular instruments in the automotive industry and the telecommunications industry was also supporting the growth. For instance, AUDI collaborated with Nvidia to develop a highly automated car.
The COVID-19 pandemic disrupted the supply chains of many industries. As restrictions are lifted, the semiconductor distribution network started to improve. For example,
The market is expected to grow significantly given the increasing demand for 5G and LTE in various industries. Telecommunications, electronics, semiconductors, and defense & aerospace industries are witnessing massive demand for these instruments. Modular instruments cluster can be deployed in many industries. These instruments enhance the scalability and functionality of industry-specific IoT devices and equipment.
The high adoption of IoT devices and growing 5G infrastructure are likely to present opportunities for the market players. The production of flexible electronics and the integration of connected devices with IoT is also projected to open up possibilities for the market further.
The deployment of 5G is providing opportunities for modular instrument manufacturers to capitalize on. Large and technologically advanced infrastructure is required for the deployment. This leads to an increase in modular instrument usage for testing 5G gateways and access points in the wireless communication industry.
| Country | The United States |
|---|---|
| Historical CAGR (2018 to 2022) | 7.7% |
| Forecasted CAGR (2023 to 2033) | 7.3% |
| Projected Market Value (2033) | 1.3 billion |
| Country | The United Kingdom |
|---|---|
| Historical CAGR (2018 to 2022) | 8.0% |
| Forecasted CAGR (2023 to 2033) | 7.6% |
| Projected Market Value (2033) | 192.7 million |
| Country | China |
|---|---|
| Historical CAGR (2018 to 2022) | 10.7% |
| Forecasted CAGR (2023 to 2033) | 9.4% |
| Projected Market Value (2033) | 355.3 million |
| Country | Japan |
|---|---|
| Historical CAGR (2018 to 2022) | 8.4% |
| Forecasted CAGR (2023 to 2033) | 7.9% |
| Projected Market Value (2033) | 300.1 million |
| Country | South Korea |
|---|---|
| Historical CAGR (2018 to 2022) | 10.0% |
| Forecasted CAGR (2023 to 2033) | 8.9% |
| Projected Market Value (2033) | 167.4 million |
North America holds the lion's share of the global market. The region has the presence of several important companies and top suppliers. National Instruments Corporation introduced a new visual studio software interface in November 2022 with a 2GHz bandwidth and a frequency range of up to 23GHz.
The United States modular instruments market is experiencing significant growth given the increasing demand for flexible and scalable testing solutions in various industries. Additionally, the market is anticipated to flourish substantially owing to consumer preference for connected vehicles and smart transportation systems.
The country is also witnessing significant demand for unmanned aerial vehicles (UAVs) and other defense systems. The United States Department of Defense's budget is expected to increase sales of modular testing equipment used for monitoring communication networks and surveillance applications.
In the United States, both the electric car industry and the performance testing paradigm are seeing notable growth. Thus, engineers are utilizing novel testing techniques to shorten cycle times and boost productivity. For instance,
Europe has also been expanding at a significant rate. The expansion of photonics manufacturing, which is necessary for solar cells in solar plants, is driven by the rising demand for clean energy in the nations of Europe.
A photovoltaic installation in Europe with more than 1.4 million solar panels and a 500-megawatt installed capacity was finished in 2019 by the Spanish electrical business Iberdrola. The plant is currently supplying electricity to 250,000 people annually. It enhances grid stability by using an electronic system to balance the reactive power generated.
The United Kingdom modular instruments market growth is primarily driven by the increasing demand for modular instruments in various industries. The aerospace and defense industry is the prime consumer of modular instruments here.
Market growth is also driven by the increasing demand for high-speed data transmission and the development of 5G technology. Modular instruments are essential for testing and developing these technologies.
Asia Pacific region has a significant modular instruments industry. Expanding industrialization and emphasis on technical breakthroughs are the reason behind the market growth.
Many technology-oriented businesses and producers are based in the region, investing in cutting-edge testing and measuring tools. The prominently growing economies of China, India, and South Korea are also driving the market in this region.
China’s modular instruments market is expected to grow significantly given the increasing demand for cost-effective testing solutions. To improve their market position, the leading players in the industry are making significant investments in product development and partnership agreements.
For instance, to work together on the creation of 5G test solutions, Keysight Technologies, a top producer of modular instruments, formed a strategic agreement with China’s telecom company Huawei in 2017.
Japan’s modular instruments market has been experiencing steady growth over the past few years. The primary reason behind this growth is the presence of several automotive and semiconductor manufacturing companies in the country.
Tokyo Electron Limited quickened deployment times to both development and production settings in March 2022. It switched to a Red Hat OpenShift-based container-based architecture. This includes moving systems designs to modular micro-services.
South Korea modular instruments market has been growing progressively in recent years. The strong economy and investment in advanced technologies are the reasons for this growth. The government and businesses have been investing hugely in advanced technologies such as 5G and IoT. Samsung, the South Korea-based leading smartphone company, committed USD 500 million in January 2020 to expand operations.
| Segment | Platform Type |
|---|---|
| Top Sub-segment | PXI |
| Historical CAGR (2018 to 2022) | 9.1% |
| Forecasted CAGR (2023 to 2033) | 8.4% |
| Segment | Application |
|---|---|
| Top Sub-segment | Research & Development |
| Historical CAGR (2018 to 2022) | 9.0% |
| Forecasted CAGR (2023 to 2033) | 8.3% |
The PXI-based modular instruments segment holds a significant share of the global market. It offers a standardized platform for modular instrumentation. The PXI platform has several benefits, including increased performance, common software models, and low costs.
This facilitates the development and integration of compatible products by manufacturers. PXI offers high-speed data transfer rates that make fast and precise measurements possible.
PXI also offers a wide range of automation and measurement capabilities. This enables it to satisfy the varying requirements of numerous applications. Additionally, PXI platforms give customers the ability to combine conventional measuring capabilities with a contemporary computer-based modular design.
A substantial user base inside the PXI ecosystem ensures that new products and advancements are always accessible. It is therefore a desirable option for engineers and researchers.
Modular instruments are highly used for research and development. For testing and measuring various devices, modular instruments offer versatility, which is essential in research and development. Researchers can modify their testing systems to meet their demands given the scalability that these instruments offer.
Modular instruments are also cost-effective as they can be reconfigured for different applications. This diminishes the necessity for purchasing multiple instruments. The rise of the research and development segment has also been fueled by the rising need for refined testing and measurement technologies in various industries.
Market players are pursuing various strategies to gain a foothold in the competitive and notably evolving industry. Few of them are investing in innovation and research and development, while others are focusing on improving the user experience. Certain market players also aim to expand their product portfolios through acquisitions and partnerships.
Keysight Technologies: It is a leading technology company that provides electronic measurement solutions to different industry verticals. The company has established itself as a global leader in electronic measurement and test equipment.
Viavi Solutions Inc.: It is a publicly-traded company that provides network testing, monitoring, and assurance solutions. Its portfolio includes testing and measurement solutions, network and service enablement solutions, and optical security and performance products.
National Instruments (NI): The Company specializes in the design and development of software and hardware solutions for measurement and automation. Its products are used in a wide range of industries.
Key Players Operating in the Modular Instruments Market
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The global market is estimated to be valued at USD 1.8 billion in 2023.
The global market recorded USD 1.7 billion in 2022, exhibiting a CAGR of 9.2%.
The global market is expected to progress at a CAGR of 8.5%.
North America embraces the maximum share in the global market.
The global market is predicted to account for USD 4.2 billion by 2033.
| Estimated Market Size (2024) | USD 12.69 billion |
|---|---|
| Forecasted Market Size (2034) | USD 66.42 billion |
| Projected Value CAGR (2024 to 2034) | 18.0% |
| Market Size 2022 | USD 3.6 Billion |
|---|---|
| Market Size 2032 | USD 8.2 Billion |
| Value CAGR (2022 to 2032) | 8.4% |
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