The research study from Technavio covers the present scenario and growth prospects of the global modular instruments market for 2016-2020. The market is segmented into PXI, VXI, and AXIe, with the PXI segment occupying the largest market share.
According to the report, increase in global air traffic has led to increasing demand for commercial aircraft, thereby driving the demand for aircraft components which, in turn, will drive the global modular instruments market.
With over 38% market share originating from Asia Pacific in 2015, the region dominated the global market with $345.33m revenue from the growth in the communication, IoT, and aerospace and defense sectors.
Communication T&M solutions are also 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.
“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,” said Gaurav Mohindru, a lead tools and components research analyst at Technavio.
The global aerospace and defense sector is also 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 from the resurgence in global security threats, lower crude oil prices and continued increase in air traffic.
"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,” said Gaurav.
There has also been an increase in the exports of electronic goods from countries like Taiwan, South Korea,