The report "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 global function generators market size is projected to reach USD 1.9 billion by 2024 from an estimated market size of USD 1.4 billion in 2019, at a CAGR of 6.1% during the forecast period. The factors driving the growth of the function generators industry is due to the rising adoption of aerospace, defense & government services and wireless communication which enabling to invest more in R&D across various end-use sectors is helping the growth of the market
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The aerospace, defense & government services segment is expected to be the most significant function generators market, by end-user, during the forecast period
Aerospace, defense & government services is projected to be the most significant segment of the function generators market, by end-user, during the forecast period. The segment size is attributed to the growing demand for consumer electronics products such as air-condition, smartphones, refrigerators, laptops, smart TV, and smartwatch. The rapid investment and growth in the aerospace, defense & government services devices will increase the demand for related services leading to an increase in the need for function generators.
The up to 50 MHz segment is expected to be the largest in the function generators market, by output frequency, during the forecast period
The up to 50 MHz segment is expected to grow at the highest rate during the forecast period. Up to 50 MHz function generators are used in end-user industries such as consumer electronics, aerospace, defense & government services, and wireless communication are much more in number when compared with those electrical products that use ranging from 50–100 MHz and above 100 MHz. Hence, with the growth in aerospace, defense & government services, there will be a rise in the demand for this segment
North America is expected to dominate the global function generator market during the forecast period.
In this report, the function generators market has been analyzed for five regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. North America is expected to lead the market during the forecast period.
The growing demand and production of aerospace, defense & government services, and increasing industrial automation in countries like the US and Canada. High expenditure of aerospace, defense & government services and automotive sector are the driving factors for the growth of the function generators market in North America.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Function Generators market. These include Keysight Technologies (US), National Instruments (US), Yokogawa (Japan), Fortive (Fluke & Tektronix) (US), Hioki E.E. Corporation (Japan), Good Will Instrument (Taiwan), Teradyne (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.
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