Pune, Dec. 01, 2020 (GLOBE NEWSWIRE) -- The global function generator market size is projected to reach USD 2.30 billion by 2027, exhibiting a CAGR of 6.0% during the forecast period. Increasing renewable energy capacity will be one of the top growth drivers for this market, observes Fortune Business Insights™ in its report, titled “Function Generator Market Size, Share & COVID-19 Impact Analysis, By Product Type (Analog and Digital), By Output Frequency (Up to 50 Mhz, 50–100 Mhz, and Above 100 Mhz), By Application (Aerospace, Defense & Government Services, Automotive, Energy, Wireless Communication and Infrastructure, and Others), and Regional Forecast, 2020-2027”.
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Findings released by the International Renewable Energy Agency (IRENA) reveal that in 2018, renewables generated 6,586TWh of electricity, with hydropower accounting for the largest share. Indicating a 6.1% increase in renewable generation from 2017 levels, the total public investment in renewables in 2018 stood at USD 21 billion. Function generators are set to play an instrumental role in advancing the adoption of renewables around the globe. These machines are primarily used in testing, developing, and repairing electronic equipment. Generating and managing power from renewable sources will necessitate the employment of efficient and effective technologies to ensure safe and stable power supply, which in turn will stoke the demand for energy management devices.
As per the report, the value of the market stood at USD 1.59 billion in 2019. The main highlights of the report include:
- Elaborative overview of the industry outlook and trends;
- Comprehensive insights into the market drivers and challenges;
- Exhaustive analysis of the regional dynamics and competitive milieu shaping the market; and
- Holistic study of each and every segment of the market.
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Restraining Factor
Sharp Decline in Energy Demand amid COVID-19 to Deflate Market Prospects
The function generator market growth is premised on the surging energy demand worldwide, underpinned by the rapid economic development in emerging economies. However, projections about the expected meteoric rise in the demand for energy have taken a steep dive due to the outbreak of the COVID-19 pandemic. The health-economic crisis created by the coronavirus has led to an unprecedented contraction in the global energy demand. According to the International Energy Agency (IEA), the world energy demand in 2020 is set to fall by 6%, equivalent to the entire energy demand of India, the world’s third-largest energy consumer. In advanced economies, the situation is even starker. In the US, for instance, the IEA estimates energy demand to shrink by 9%, while in the European Union the IEA predicts energy demand to reduce by 11%. Low electricity demand will inevitably stall investments in the energy industry, which in turn will hamper the adoption of devices such as function generators.
Regional Insights
High Energy Consumption to Propel Market Growth in Asia Pacific
Asia Pacific dominated the function generator market share in 2019 with a market size of USD 0.69 billion owing to the escalating demand and consumption of electricity in the region. For example, the Brookings Institution estimates that India’s electricity consumption will rise at a CAGR of 6.2% between 2015 and 2030. In addition, India and China are making massive investments in renewable energy sources and have recently emerged as two of the highest-spenders on renewables. Together, these two factors will create numerous opportunities in the regions for companies in the energy & power industry.
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Competitive Landscape
Key Players to Tap Opportunities Generated by the Emergent 5G Technology
The rollout of 5G infrastructures in major economies is reshaping the dynamics of the telecom industry. With telecom companies rapidly adopting equipment testing and repairing solutions, there is a steadily growing demand for function generators, encouraging key players develop innovative offerings and cement their position.
Industry Developments:
- October 2020: Keysight Technologies’ 5G test solutions have been selected by the testing lab State Radio Monitoring Center Testing Center in China to facilitate international as well as domestic certification of 5G devices.
- June 2020: Teradyne, Inc. successfully ramped up the high-volume production of its new Magnum EPIC memory tester, which offers flexibility to entirely cover future DRAM devices, GDDR6, DDR5, LPDDR5, and 5G mobile devices.
List of Key Companies Profiled in Function Generator Market Report:
- Shijiazhuang Suin Instruments Co., Ltd. (China)
- Chauvin Arnoux, Inc. (France)
- PROMAX ELECTRONICA S.L (Spain)
- Teledyne Technologies (U.S.)
- B&K Precision Corporation (Japan)
- Teradyne Inc. (U.S.)
- Good Will Instrument Co., Ltd. (Taiwan)
- Keysight Technologies (U.S.)
- Scientech Technologies Pvt. Ltd. (India)
- Tabor Electronics Ltd.(Israel)
- RIGOL TECHNOLOGIES, INC. (China)
- Fluke Corporation (U.S.)
- Tektronix, Inc. (U.S.)
- KIKUSUI ELECTRONICS CORPORATION (Japan)
- National Instruments Corporation (U.S.)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Function Generator Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Function Generator Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Analog
- Digital
- Market Analysis, Insights and Forecast – By Output Frequency
- Up to 50 Mhz
- 50–100 Mhz
- Above 100 Mhz
- Market Analysis, Insights and Forecast – By Application
- Aerospace & Defense & Government Services
- Automotive
- Energy
- Wireless Communication and Infrastructure
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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