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.
Keysight Technologies, National Instruments, Viavi Solutions, Fortive
Corporation, Astronics Corporation, Teledyne Technologies (Teledyne Lecroy),
Rohde & Schwarz, AMETEK (VTI Instruments), Teradyne, and Pickering
Interfaces, are among the major players in the market as of 2017.
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.
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 industry's 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.
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