- ResearchAndMarkets offers the market study entitled “Modular Instruments – Global Market Outlook (2017-2026)”.
- According to this study, the global market for modular instruments was worth $1.12 billion in 2017 and is expected to grow at a compound annual rate of 11.9% to reach $3.08 billion by 2026.
Growing aerospace and defence sector in developing economies, rising demand for deployment of LTE from the telecommunications sector and improved R&D spending in emerging countries are factors influencing the market growth.
Modular instruments are used for the design of automated test and measurement systems. These systems are used for the development, design, verification, repair, and maintenance of various electrical, electronic and electro-mechanical equipment.
PXI instrumentation has a significant market share during the forecast period. This open multi-vendor standard governed by the PXI Alliance guarantees the interoperability of modules and chassis from different suppliers. This platform based on the PCI bus helps to reduce hardware and software integration costs.
The Asia-Pacific region is expected to grow most rapidly over the forecast period. Increased investment in the aerospace industry in countries such as India and China, as well as the development of mobile device sales, will lead to an increasing demand for wireless communication test equipment. This reinforces the growth prospects of the modular instrumentation market in this region.