Function Generators Market by Type, Output Frequency (Up-to 50 MHz, 50-100 MHz, Above 100 MHz), End-User (Aerospace, Defense & Government Services, Automotive, Energy, Wireless Communication & Infrastructure), Region - Global Forecast to 2024
“The global function generators market is projected to reach USD 1.9 billion by 2024, at a CAGR of 6.1% from 2019 to 2024”
The global function generators market size is projected to reach USD 1.9 billion by 2024 from an estimated market size of USD 1.4 billion in 2019, at a CAGR of 6.1% during the forecast period. Rising adoption of aerospace, defence & government services and wireless communication which enabling to invest more in R&D across various end-use industries is helping the growth of the function generators industry.
“The wireless communication and infrastructure segment is expected to be the fastest-growing market during the forecast period.”
The function generators market, by the end-user, is segmented into aerospace, defense & government services, automotive, energy, and wireless communication & infrastructure, among other end-users. Wireless communication & infrastructure segment of the function generators industry is growing rapidly because of the widespread usage of equipment, such as satellite communication phones, mobile phones, and broadband and Internet facilities. These equipment have critical electronic components such as mic, band-pass filters, and network scanners for effective operations. In regions such as North America, these factors collectively are likely to boost the demand for wireless communication & infrastructure segment in the function generators industry during the forecast period.
“The Up to 50 MHz segment is expected to grow at the highest CAGR from 2019 to 2024. “
The function generators market, by output frequency, is segmented into up to 50 MHz, 50 MHz to 100 MHz and Above 100 MHz. Up to 50 MHz is expected to be the largest and fastest-growing segment of the market during the forecast period. It is used to test various types of products such as motors, air conditioners, fans, heater, and electric motor; solar PV, automated external defibrillator; and satellite in major end-user industries such as consumer electronics, automotive, wireless communication, and aerospace and defense & government services. Electrical products have currents up to 50 MHz in end-user industries, such as consumer electronics, which are much more in number when compared with those electrical products that use ranging from 50–100 MHz and above 100 MHz. Hence, with the growth in aerospace and defense & government services, there will be a rise in the demand for this segment.
“North America is expected to lead in the global function generators.”
North America is currently the fastest-growing function generators market, followed by Asia Pacific and Europe. It is expected in North America that there will be maximum adoption and implementation of test and measurement equipment in wireless communication & infrastructure and aerospace and defense & government services end-users in North America. The primary growth driver for the market in this region is the growing number of 5G connections which would require wireless test equipment, test performance, and network management solutions.
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 to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier I: 60%, Tier II: 27%, and Tier III: 13%
By Designation: C-Level Executives: 35%, Directors: 25%, and Others: 40%
By Region: North America: 20%, Europe: 18%, Asia Pacific: 40%, South America: 6%, Rest of the World (RoW): 16%
Note: Others include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue, as of 2017; Tier 1: USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3: <USD 500 million.
The global function generators market is dominated by a few major players that have an extensive global and regional presence. The leading players in the function generators are Keysight Technologies (US), National Instruments (US), Yokogawa (Japan), Fortive (Fluke & Tektronix) (US), Hioki E.E. Corporation (Japan), Good Will Instrument (Taiwan), Teradyne (US).
The report defines, describes, and forecasts the global function generators market by type, end-user, output frequency, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the function generators market.
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