Modular Instruments – Market Drivers and Forecast from Technavio
Technavio analysts forecast the global modular instruments marketto grow at a CAGR of more than 8% during the forecast period, according to their latest report.
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Growth in communication sector in APAC
Communication T&M solutions are being adopted widely by end-users such as telecommunication service providers, mobile device manufacturers, network equipment manufacturers, and telecommunication service providers, which have led to modular instruments market growth worldwide. Telecommunication service providers are expected to dominate the communication modular instruments market and contribute the highest market share during the forecast period.
Gaurav Mohindru, a lead tools and components research analyst at Technavio, says, “APAC offers significant growth opportunity for modular communication equipment as end-users such as mobile device manufacturers, and enterprises turn toward modular communication instruments to offer their customers high-quality and high-performing services
Expanding aerospace and defense sector in developed economies
The global aerospace and defense sector is expected to witness growth during the forecast period. Technavio expects the industry to grow by 3.12% in 2016. During the past few years, the global aerospace and defense industry witnessed a continuous decline in revenue growth, which registered 3.1% in 2013, 1.89% in 2014, and 0.61% in 2015. However, the market is expected to rebound in 2016 due to the following factors:
- Increase in US defense budget
- Resurgence in global security threats
- Stable growth in GDP
- Lower crude oil prices
- Continued increase in air traffic
Gaurav adds, “The increased defense sector budgets in the UK, the US, France, Japan, the Middle East countries, and other developed nations are expected to boost the sales of modular instruments
Rise in exports of electronics from East Asian countries
There has been an increase in the exports of electronic goods from countries like Taiwan, South Korea, and Singapore. For instance, the consumer electronics market in Taiwan is expected to grow by 4% and reach USD 7.3 billion in 2016.
The demand for mid and low-end products like oscilloscopes and multimeters is sustained largely due to demand from the education sector, especially universities, polytechnic institutes, and training laboratories in the region. The steady growth of the semiconductor and electronics market in APAC is driving the growth of the modular instruments market in this region. The boom in this sector is due to the growing penetration of smartphones.
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