Global Demand for Function Generators Is Anticipated to Hike The Revenue to US$ 2.4 Billion by 2032
The global demand for function generators market is expected to hold a market value of US$ 1.53 Billion in 2022, against US$ 1.44 Billion in 2021, with a Y-o-Y growth rate of 6.25%.
The rising adoption of high-performing devices for aerospace and defense and government services is anticipated to hike the revenue to US$ 2.4 Billion while exhibiting a CAGR of 4.6% during the forecast period from 2022 to 2032.
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As per the Stockholm International Peace Research Institute (SIPRI), in 2021, the U.S. military spending was US$ 801 Bn, whereas funding for military research and development in the country surged by 24% between 2012 and 2021. The trend is projected to continue throughout the forthcoming years, thereby pushing sales of function generators.
In addition to that, demand for up to 50 MHz function generators is likely to grow at a rapid pace stoked by their increasing utilization in the wireless communication & infrastructure, energy, and automotive industries. Automotive in-car entertainment, such as head units and speakers also require function generators with an output frequency of up-to 50 MHz.
Key Takeaways:
- By end user, the aerospace, defense, and government services segment is anticipated to record considerable growth at a CAGR of 5.4% in 2032.
- Based on current, sales of up to 50 MHz function generators are likely to surge by 2032 and exhibit a CAGR of 5.6%.
- The U.S. function generators market is estimated to be valued at US$ 852.1 Mn by the end 2032 and showcase growth at a CAGR of 4.3%.
- Sales of function generators in China are set to reach US$ 177.6 Mn by 2032, increasing at a CAGR of 4.2% in the forecast period.
- South Korea and Japan are expected to reach US$ 100.8 Mn and US$ 161.8 Mn, respectively, in Asia Pacific function generators market.
Growth Drivers:
- Increasing usage of function generators in the energy sector for testing metering devices and solar photovoltaic (PV) inverters is projected to drive the market.
- High demand for power on the back of emergence of new-generation distribution and transmission networks is expected to bolster growth.
Restraints:
- As function generators are not considered to be ideal for those applications requiring stable frequency signals and low distortion, their demand may decline in future.
- Cost of function generators is very high as these require USB ports, breadboard, variable & fixed power supply, and oscilloscopes.
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Competitive Landscape
Players in the global function generators market take various initiatives such as; partnerships, acquisitions, and R&D to strengthen their position in the market. Key development in the market include:
- In February 2021, Tabor Electronics announced the inclusion of RF Arbitrary Waveform Generators to the Proteus series product line. The latest series provides the finest performance of direct digital RF generators and meets a significant objective in aerospace applications.
- In January 2020, GW Instek announced a new series of multi-channel function generators. GW Instek has propelled the MFG-2220 HM which provides the maximum frequency range of dual-channel signal generators.
Key Companies Profiled:
- Teledyne Technologies
- Rigol
- Tektronix
- Teradyne
- Kikusui Electronics
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Key Segments Covered :
- by Type :
- Analog
- Digital
- by Current :
- Up to 50 MHz
- 50-100 MHz
- Above 100 MHz
- by End User :
- Automotive
- Energy
- Wireless Communication and Infrastructure
- Aerospace, Defense, & Government Services
- Others
- by Region :
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Questionnaire answered in the report include:
- How the industry has grown?
- What is the present and future outlook on the basis of region?
- What are the challenges and opportunities?
- Why the consumption in region?
- In which year segment is expected to overtake segment?
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