The global function generators market size is expected to grow from an estimated revenue of USD 1.4 billion in 2019 to USD 1.9 billion by 2024, at a CAGR of 6.1% during the forecast period. The factors driving the market growth are the growing adoption for high-performance and power-efficient devices for aerospace, defense & government services along with investments in the automotive (electric vehicles) sector due to the concern towards the hazardous environmental effects.
The global function generators market is dominated by both global and regional players, such as Fortive (Fluke & Tektronix) (US), National Instruments (US), Keysight Technologies (US), Good Will Instruments (Taiwan), B&K Precision (US), Tabor Electronics (Israel), and Rigol (China), among others. The major strategies adopted by the players include contracts & agreements, investments & expansions, mergers & acquisitions, and new product launches. New product launches were the most commonly adopted strategy from January 2016 to December 2019.
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National Instruments supplies computer and electronic-based instrumentation hardware and software products for testing and calibration of electronic devices. All the products offered by National Instruments are based majorly on a common technology platform, namely, PCI extensions for Instruments (PXI) that helps to make the device compact. The company generated around USD 1.4 billion during 2017–2018, nearly 8% over its previously generated revenue of USD 1.3 billion (2016–2017). It has been investing actively in R&D since 2016–2017. It invested nearly 232 million in the same, which grew by 12.5% to become 261 million during 2017–2018. National Instruments operates in the Americas, EMEIA, and Asia Pacific. The company has manufacturing facilities in Debrecen, Hungary and Penang, Malaysia, where it manufactures all of its products.
Another major player in the function generators market is Good Will Instrument. Good Will Instrument manufactures and markets electronic equipment for test measurement, automotive testing, communication broadcasting, and environment test under the GW Instek brand name. The company’s product portfolio has more than 300 products, which are classified broadly into categories such as oscilloscopes, spectrum analyzers, function generators, power supplies, and basic test & measuring instruments. With output voltage ranging from -5 V to 12.5 V, the company’s function generators are used for electronic testing and calibration of various electronic equipment such as educational and industrial manufacturing markets. Its function generators offer multiple analog function generators, which also have sweep operation mode. These function generators offer an output frequency ranging from as low as 1 MHz to up to 120 MHz, with sampling speeds of up to 250 MHz Good Will Instrument operates in multiple regions and has subsidiaries in China, America, Japan, Korea, and Malaysia. The company sells its products in more than 80 countries worldwide with manufacturing and development facilities in Taiwan and China. Its Taiwanese manufacturing facility focuses on innovation and the development of new high-tech products while the manufacturing facility in China emphasizes the production of mature products.
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
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