Which partnership strategies will help your teams leverage new opportunities in modular test equipment to bridge industry growth gaps?

Growth Potential of Modular Test Equipment:

In 2023, the global modular test equipment industry, in its mature life cycle stage, achieved a revenue of $1,283.2M, with an expected increase to $2.31B by 2030. The industry has a base year growth rate of 6.8% and a compound annual growth rate of 8.8% from 2023 to 2030. There are more than 10 active competitors, with a degree of technical change rated at 7 out of 10, and the top three companies holding an 88.0% industry share.

The global modular test equipment industry is evolving rapidly, driven by the increasing demand for precise and scalable testing solutions across various sectors. This evolution is intensifying the pressure on manufacturers to foster collaborative ecosystems with software developers, hardware engineers, and industry specialists, developing cutting-edge solutions with advanced standards like VME eXtensions for Instrumentation (VXI), PCI eXtensions for Instrumentation (PXI and PXIe), and AdvancedTCA eXtensions for Instrumentation and Test (AXIe). Now, as more enterprises adopt modular test equipment, providers face the challenge of implementing future-proof growth strategies to overcome obstacles such as component shortages, pricing pressures, and competition from traditional benchtop instruments. By leveraging the versatility and efficiency of modular systems, companies can bridge industry growth gaps and stay ahead in the competitive landscape.