- Technavio offers a market study on modular instrumentation entitled “Global Modular Instruments Market 2020-2024”.
- This study indicates negative growth in this market in the short term due to the health crisis related to COVID-19, but is expected to grow at an average annual rate of about 9% between 2020 and 2024.
With the market recovery, Technavio expects the modular instrument market to grow by US$708.36 million over the period 2020-2024.
The modular instrument market is expected to grow at an annual rate of 7.19% in 2020, driven by the success of the PXI platform, which contributes to reducing test system costs and improving the performance of automated test equipment.
45% of the growth in this market will benefit countries in the Asia-Pacific region, of which China and Japan are the key markets. Major investments in wireless communications for IoT (Internet of Things) applications and the defense and aerospace industries will significantly boost the growth of the modular instrument market in this region by 2024.
According to Technavio, one of the main growth drivers of the modular instrumentation market is the aerospace and defense sector in developed economies.
Although the aerospace and defense industry has experienced declining revenues in recent years, lower crude oil prices, increased air traffic and recent increases in the defense budgets of developed countries such as the United States, the United Kingdom, France and Japan will drive the industry’s growth in the coming years. This in turn will stimulate sales of modular instrumentation-based test solutions that play an important role in controlling the performance of command, communication and surveillance equipment.