The modular instruments market was valued at USD 1.12 billion in 2017 and is expected to reach USD 2.11 billion by 2023, at a CAGR of 9.6% during the forecast period. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.
Increased demand for deployment of LTE from telecommunications sector
The demand for wireless technologies is fueled by developments in the wireless communications industry, such as long-term evolution (LTE), increased adoption of smart devices, higher mobility, and the explosive growth of mobile data traffic. Despite lesser power requirements, newly evolving smart devices transmit large amounts of rich data that demand latency and responsiveness of LTE networks.
The need for accuracy and the drive to deliver best possible results to customers have led to the creation of new modular instruments. In the communication and networking sector, an orbital shift from providing primarily voice-based services to offering integrated voice, video, and data services has necessitated the need for solutions to test performance and capacity of undergirding networks. The transition to fourth-generation (4G) network, with advanced modulation and antenna techniques, has improved services and quality. Ongoing R&D activities in cellular technologies such as for LTE, long term evolution advanced (LTE-A), and wired technologies, such as Ethernet and fiber optics, are the major factors driving this market.
Deployment of LTE is providing substantial opportunities for modular instruments manufacturers to capitalize upon. In order to achieve this, huge and technologically more advanced infrastructure is required; this is eventually expected to increase the use of modular instruments for testing LTE gateways and access points, especially in the wireless communication industry.
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Some of the other prominent players in the market include Giga-tronics (US), Elma Electronic (Switzerland), Asis Pro (Israel), Guzik technical Enterprises (US), Test Evolution Corporation (US), Adlink Technology (Taiwan), Chroma ATE (Taiwan), GOEPEL Electronic (Germany), Marvin Test Solutions (US), and Bustec (UK).
Telecommunications vertical is expected to create the highest demand for modular instruments market during the forecast period. 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.
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