The global modular instruments market size is expected to reach USD 3.11 trillion by 2027, at a compound annual growth rate (CAGR) of 6.3% according to a study conducted by Grand View Research, Inc. Wireless communications is bringing the whole world a lot closer and is continuously on a path of growth. This path of growth is full of new innovation in technology with the support of increased investments by major key players as well. The growth of wireless communication industry has resulted in the adoption of modular instruments for testing, inspecting, and monitoring the performance of the devices. Along with this, new innovations such as evolution of 5G, radar communication, satellite communication, radio, and television broadcasting among others couple with increased adoption of IoT all over is expected to boost the demand in the market to a new level.
Nowadays, the increasing demand for sophisticated communications network is on the rise due to several factors and one of them is the increasing adoption and usage of connected mobile devices along with greater demand for high-speed broadband access to support high-bandwidth applications. Modular instruments are used for testing the devices at manufacturing stage and the increasing adoption and demand for these devices is directly giving a boost to growth rate in modular instruments market.
Among the most important factors for the rise in the demand of modular instruments are their rising usage in multiple applications and different fields. And with the advent of Internet of Things (IoT) on the scene, it is digging up more opportunities for these instruments to be keenly used in. Additionally, the advancement of technologies related to infotainment systems, collision avoidance, driverless vehicles, and the Wi-Fi standard 802.11p in the automotive industry is anticipated to drive the market growth. Some of the popular fields having heavy usage of modular instruments are:
COVID-19 Effect:
COVID-19 has come across as an accelerating factor for the digitalization initiatives in several economies. It has led to increased adoption of digital options for traditional ones, just to maintain social distancing norms. It is expected to drive the demand for digital devices and in turn, this will increase the proliferation of modular instruments in the market.
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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