Modular instruments market expected to grow at CAGR of 9.6% from 2018 to 2023

The modular instruments market is expected to grow from USD 1.33 billion in 2018 to USD 2.11 billion by 2023, at a CAGR of 9.6% between 2018 and 2023. The growth of the modular instruments market is driven by increased R&D spending; benefits such as low cost, modularity, compact size, increased throughput, flexibility, and extended lifetime offered by modular instruments. Increased demand for the deployment of LTE from the telecommunications sector is boosting the adoption of modular instruments. One of the major challenges faced by players in the market is the dominance of a few large companies, which truncates growth potential for smaller vendors. Increased penetration of rental and leasing services is a major restraining factor for the market.PXI-based modular instruments to have major share in the market during forecast period.PXI is an open, multi-vendor standard governed by the PXI systems alliance that ensures interoperability of modules and chassis from different vendors.This platform is based on PCI, and hence, it inherently brings the advantages of reduced cost, improved performance, and a mainstream software model to end users.The need for a modern computer-based modular architecture that can integrate traditional measurement capabilities with machine vision, motion control, and automation has resulted in the quick adoption of PXI as an industry standard. Companies that provide PXI-based modular instruments are National Instruments, Keysight Technologies, Teradyne, Rohde&Schwarz, Viavi Solutions, Fortive, and Teledyne Lecroy.The market for telecommunications vertical is expected to grow at the highest CAGR amongst all verticals during the forecast period.The modular instruments market for telecommunications vertical is expected to register the highest CAGR during the forecast period.Given the growth of and demand for telecommunications, it is exigent that the underlying infrastructure is rejigged to handle increased load and buttress newer technologies such as LTE, LTE-A, 4G, and 5G.Widespread demand for wireless technologies is currently driving the market for the telecommunications sector.The market is expected to grow substantially during the forecast period with the increasing subscriber base for different advanced technologies, such as WiMax, 3G, 4G, LTE, LTE-A, and 5G.Some of the leading vendors providing modular instruments for RF and wireless testing applications are National Instruments, Keysight Technologies, Teradyne, Rohde & Schwarz, and Fortive among others.North America to hold the largest share of the modular instruments market during the forecast period.North America is expected to account for largest share of the modular instruments market during the forecast period.North America commands the biggest share owing to demands from telecommunications and aerospace & defense sectors.Furthermore, the shift toward connected cars and intelligent transportation systems along with an increasing demand from the electronics & semiconductor sector is expected to drive the modular instruments market in the region.Visit PR Newswire for the complete article