The modular instruments market is estimated to be USD 1.33 billion in 2018 and is expected to reach USD 2.11 billion by 2023, growing at the CAGR of 9.6% during the forecast period between 2018 and 2023.
Major Modular Instruments Suppliers Include:
Keysight, a spin-off from Agilent Technologies, focuses on providing modular instruments for different applications. The company is one of key players in the modular instruments market and is backed by a robust engineering expertise. It emphasizes on innovating and maintaining its market position through R&D activities. For instance, in 2017, the company invested 15.6% of its total revenue in R&D. Increased expenditures were primarily driven by acquisitions and increased investments in R&D engineers and programs.
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The company has expertise in developing measurement devices, and continuous innovation supported by R&D centers spread globally help it to meet customers’ ever-changing requirements. The company’s primary R&D and manufacturing sites are based in the US (California and Colorado), China, Germany, India, Japan, Malaysia, Singapore, and Spain. It has adopted various organic and inorganic growth strategies to strengthen its presence in the modular instruments market. For instance, in February 2017, the company announced the industrys first scalable PXIe microwave signal generator for emerging 5G and aerospace & defense applications; in April 2017, the company acquired Ixia Solutions Group, which provides testing, visibility, and security solutions, to strengthen its applications for physical and virtual networks. This acquisition helped the company in strengthening its position in visibility and security markets.
National Instruments provides modular instruments for R&D purposes and helps engineers and scientists in designing, prototyping, and deploying systems for various applications. The company is currently focusing on product innovation, and its future market strategy is to expand customer base by acquiring new technologies and expertise for launching new products. In the past, the company has collaborated with other key market players such as Astronics, Anritsu, and Fortive (Tektronics and Fluke). In November 2015, National Instruments and Astronics announced collaboration to deliver PXI-based products designed for the aerospace & defense sector.
National Instruments heavily invests in R&D to develop new, innovative, and precise instruments, which has helped the company to stay competitive in the modular instruments market. It also provides a range of software modules for customers to choose from.
Related Reports:
Modular Instruments Market by Platform Type (PXI, AXIe, VXI), Application (R&D, Manufacturing & Installation), Vertical (Telecommunications, Aerospace & Defense, Automotive, Electronics & Semiconductor), and Geography - Global Forecast to 2023
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