Since the requirements for high precision, resolution, flexibility and repeatability of the electronic equipment is increasing, there is a significant rise in demand for measuring units to facilitate the testing process of semiconductor devices more quickly and easily. Innovated precision source measure unit are being developed which offers highly flexible, four-quadrant voltage and current load, accuracy in measurement of signals along with precision voltage and current meters. This is anticipated to significantly expand the precision source measure unit market.CLICK TO DOWNLOAD SAMPLE REPORT
The automobile industry has adopted automation on a huge scale for manufacturing commercial vehicles and passenger cars. According to statistical data released by International Organization of Motor Vehicle Manufacturers (OICA), the total production of cars globally was 67.14 million in 2019. Owing to the increasing number of electronic parts in automotive products, there is a need to perform testing process for their functions more accurately and flawlessly. Furthermore, precision source measure units are used to provide multipoint measurements in automotive test applications. This is propelling the growth of the precision source measure unit market.
As there is a rapid advancement in technology, there is an increasing requirement of high precision and accuracy equipment from the automotive and medical industries in order to carry out their research activities. Owing to its high flexibility and integration, the precision source measure unit market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by form factor into benchtop and modular. Based on this, the segment for modular is anticipated to grow at the highest rate in the market on account of its integration with different types of instruments and the flexibility it provides to reduce the cost of a test. Further, it has now become possible to design a multichannel system with the development of modular precision source measure units.
Despite the improving development in technology, there is high initial and maintenance costs involved in operating precision source measure unit which is also not affordable to small-scale enterprises. This factor is estimated to hinder the growth of precision source measure unit market in the future.
Our in-depth analysis of the global precision source measure unit market includes the following segments:
On the basis of regional analysis, the global precision source measure unit market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for precision source measure unit in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market precision source measure unit. Moreover, there is an increased demand from various end-user industries along with the large infrastructure advancements and automation in manufacturing industries in this region which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of high demand for test and measurement solutions in the semiconductor industry. Additionally, the growing small and medium enterprises, especially in countries such as India and China, facilitates the installation of the manufacturing facilities owing to the better availability of labor and raw material. This factors further raise the demand for precision source measure unit.
The global precision source measure unit market is further classified on the basis of region as follows:
· April 12, 2018: Marvin Test Solutions, Inc. announced the release of the new GX3104-a precision 3U PXI module, 4-Channel PXI Source Measure Unit that forces and senses both voltage and current over a range of ±20 V and up to ± 1 A. It includes API features & UI software packages which can be supported for Linux 32/64 operating systems.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.