The Precision Source Measure Unit Market was valued around USD 395 million in 2019 and is expected to grow at a CAGR of 9.8% over the forecast period (2020-2027).
The factors driving growth of the Precision Source Measure Unit Market includes increasing application of precision source measure units for manufacturing commercial vehicles, growing demand for self-driving cars and improvements in the living standards. For instance, the production of commercial vehicles across India has increased from 895,448 during to financial year 2018 to 1,112,405 in FY2019, which is expected to accelerate the Precision Source Measure Unit Market size in the approaching years. Moreover, growing adoption of advanced technologies by manufacturers, Government policies promoting the use of electric vehicles, increasing application of precision source measure units for testing devices across telecommunication and consumer electronics industries and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic partnerships and collaborations between leading players and growing population growth rates, are further contributing towards the market growth.
However, growth of the Precision Source Measure Unit Market is hindered due to availability of substitute products.
The major players operating in the Precision Source Measure Unit Market are Rohde & Schwarz GmbH & Co KG, VX Instruments, Aemulus Corporation, Tektronix Inc, Keysight Technologies Inc, National Instruments Corporation, VX Instruments, Aemulus Corporation, and Marvin Test Solutions Inc., among others.
Based on Current Range, the 1 µA –1 mA segment is predicted to grow at a significant CAGR during the forecast period attributed to emerging demand for measurement solutions in semi-conductor industry
1 µA –1 mA-based precision source measure units provide four-quadrant voltage, flexibility, and precision voltage, are some of the factors pushing the segment’s growth.
Based on Application, the Automotive segment is projected to grow at a robust CAGR over the forecast period
Increasing use of precision source measure units for the proper functioning of the electric parts of automobiles, is propelling growth of the segment.
Based on Region, the North America region is predicted to expand at a fastest CAGR during the forecast period
As per the Precision Source Measure Unit Market Research, Government initiatives promoting the manufacturing of electric vehicles, growing adoption of advanced technologies, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
Segmentation by Current Range
- 1 µA –1 mA
- 1 mA – 1 A
- More than 1A
Segmentation by Application
- Aerospace, defense & government services
- Wireless communication & infrastructure
- Others (Consumer electronics & appliances, and medical equipment manufacturing)
Segmentation by Form Factor
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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