New York, May 09, 2023 (GLOBE NEWSWIRE) -- The global modular instrument sales are projected to reach US$ 1.8 billion by 2023, at an 8.5% CAGR. It is projected that by 2033, the Modular Instruments Market will generate US$ 4.2 billion. As custom benchtop instruments are phased out, modular instruments with greater flexibility and software control are replacing them.
Modular instruments offer a wide range of possibilities. New and innovative modular instruments offering a variety of sounds and functions are now being developed by many companies. Musicians of all skill levels are becoming more accustomed to using modular instruments that are more easily accessible to a wider audience.
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The creation of complex and unique sounds is also being developed through new and innovative ways of linking modular instruments. Modular instruments are also increasingly being integrated into products by a wide range of companies. The availability of modular instruments has enabled musicians to be able to create sounds and effects that would have otherwise been impossible with conventional instruments. Modular instruments are already being integrated into the products of companies like Native Instruments, Moog, and Arturia.
Modules are also likely to incorporate more digital and performance-oriented features in the future. The development of modular instruments for the creation of soundscapes and performance pieces is attracting the attention of many companies. Using modular instruments, musicians could perform live music. Over the years, modular instruments have become increasingly popular with producers and performers. Due to their affordability and flexibility, these products are extremely popular. The popularity of modular instruments is expected to grow as producers and performers become more familiar with them.
Key Takeaways from Market Study
- According to the forecast, modular instruments are expected to generate US$ 2.3 billion in absolute dollar opportunities during the forecast period.
- Platforms based on PXI are expected to grow at a CAGR of 8.4% from 2022 to 2033.
- By 2033, the United Kingdom modular instrument market is expected to reach US$ 192.7 million.
- Modular instrument sales in Japan are predicted to grow at a CAGR of 9.4% by 2033.
- According to predictions, research and development is expected to hold a CAGR of 8.3% from 2023 to 2033.
- Estimates indicate that China's market value will exceed US$ 355.3 million by 2023.
“Emerging semiconductor industries, growth of small and medium scale enterprises in developing economies to grow the market. Growth of smartphones and advanced technologies are expected to drive demand in the coming years.,” says an analyst at Persistence Market Research.
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Competitive Landscape
Modular instrument manufacturers are expanding their production capacities to gain market share. Across the country, more partnerships and collaborations are expected to benefit key players.
Modular Instruments are dominated by the following players:
- Keysight Technologies
- National Instruments
- Fortive Corporation
- Viavi Solutions
- Astronics Corporation
- Chroma ATE
- Rohde & Schwarz
- Ametek (VTI Instruments)
- Teradyne
- Pickering Interfaces
In February 2023, CASPERxBASTL teamed up with Bastl Instruments to release Aikido, a performance-ready mixer module for eurorack. An envelope follower is integrated into the VCA mixer to make it flexible for compression and expansion. In conjunction with other modules, the unit offers unique ways to combine input signals from different modules, according to the brand.
Know More about Report Inclusions
Persistence Market Research published a new market report on the modular instruments market, covering a global industry analysis of 2018 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
- By Platform Type (PXI, VXI, AXI)
- By Application (Research & Development, Manufacturing & Installation)
- By Vertical (Telecommunications, Electronics & Semiconductors, Aerospace & Defense, Automotive & Transportation, Others)
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The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how insulation monitoring devices sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
About the Electronics and Semiconductors Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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