- According to the report* proposed by ResearchAndMarkets.com, the global market for function generators, estimated at $1.4 billion in 2019, is expected to grow to $1.9 billion by 2024, at a CAGR of 6.1% over the forecast period.
(*) “Function Generators Market by Type, Output Frequency (Up-to 50 MHz, 50-100 MHz, Above 100 MHz), End-User (Aerospace, Defense & Government Services, Automotive, Energy, Wireless Communication & Infrastructure), Region – Global Forecast to 2024”
The wireless communications and infrastructure sector is expected to be the fastest growing market over the forecast period.
The market for function generators has been segmented into three frequency ranges: up to 50 MHz, 50 to 100 MHz and above 100 MHz. Generators delivering signals up to 50 MHz are expected to experience the highest average annual growth between 2019 and 2024.
North America is currently the fastest growing market for function generators, followed by Asia Pacific and Europe.
The main market growth driver in North America is the growing number of 5G connections that require the deployment of wireless communication test equipment and network management solutions.