The global precision source measure unit market size is projected to reach USD 637 million by 2024, from an estimated value of USD 394 million in 2019, growing at a CAGR of 10. 1% during the forecast period.
New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Precision Source Measure Unit Market by Current Range Application Form Factor Region – Global forecast to 2024" - https://www.reportlinker.com/p05404208/?utm_source=GNW
The growth of the precision source measure unit industry can be attributed to the high level of integration & flexibility of the precision source measure unit, and growing demand from the automotive and medical industries. The availability of alternatives and certain technical constrains with operating precision source measure units also acts as a restraint for the growth of the market.
The modular precision source measure unit segment is expected to grow at the highest CAGR from 2019 to 2024.
The modular precision source measure unit segment is estimated to be the fastest-growing segment of the precision source measure unit market, by form factor, from 2019 to 2024.A modular source measure unit is an essential instrument for design and test engineers.
With the development of modular source measure units, designing a multichannel system has become possible.The North American and Asia Pacific regions have shown the highest demand for such source measure units, and are expected to dominate this segment during the forecast period.
The increasing demand for modular source measure units in the Asia Pacific region is primarily due to the growing investments in the test and measurement industry in China, Japan, South Korea, and India.
Automotive: The largest application for precision source measure unit
The automotive segment accounts for the largest share of the precision source measure unit market in 2018 and is expected to dominate during the forecast period.The automotive industry has adopted automation on a massive scale for manufacturing vehicles.
The number of electronic components and parts in new-generation vehicles is increasing enormously.With the increasing number of electronic parts in vehicles, there is a pressing need to ensure that these parts perform their functions accurately and flawlessly.
The growing demand for precise test and measurement solutions in the automotive industry is expected to drive the market for automotive precision source measure units during the forecast period.
North America: The largest market for precision source measure unit
The North American market is currently the largest precision source measure unit market, followed by the markets in Asia Pacific, Europe, the Middle East & Africa, and South America.The North American market is projected to grow at the second-highest CAGR during the forecast period.
This growth is driven majorly by the emergence of aerospace & defense equipment manufacturing industries in the US.According to the National Academies Press, Boeing is the largest exporter within the US, and the US aerospace industry is the single largest contributor to the nation’s positive surplus of trade.
The increasing demand for test and measurement solutions in the aerospace & defense industry as well as the automotive industry in the North American region is expected to drive the market for precision source measure unit during the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as assess future prospects of the precision source measure unit market. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 60%, Tier 2- 25%, Tier 3- 15%
• By Designation: C-Level Executive- 35%, Director Level- 25%, Others- 40%
By Region: Europe- 35%, North America- 25%, Asia Pacific- 20%, Middle East & Africa- 15%, and South America- 5%
Note: Others* include sales managers, engineers, and regional managers.
Note: Tier 1 Company—Revenue > USD 1 billion, Tier 2 Company—Revenue between USD 500 million and USD 1 million, and Tier 3 Company—Revenue < USD 500 million
The players operating in precision source measure unit market includes Tektronix (US), Keysight Technologies (US), National Instruments (US), Chroma ATE (Taiwan), Yokogawa Electric (Japan), VX Instruments (Germany), Rohde & Schwarz (Germany), Ossila (UK), and Marvin Test Solutions (US).
The report provides a picture of the precision source measure unit market and its segments across applications and regions.It aims at estimating the market size and future growth potential of the market across different segments such as the current range, application, form factor, and region.
Furthermore, the report includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
Why buy this report?
1. The report identifies and addresses the key markets for the precision source measure unit, which would help OEMs review the growth in demand for the product.
2. The report on the global precision source measure unit market helps solutions providers understand the pulse of the market and provides insight into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
Read the full report: https://www.reportlinker.com/p05404208/?utm_source=GNW
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