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Precision Source Measure Unit Market size was valued at USD 583.65 million in 2023 and is set to exceed USD 2.06 billion by 2036, expanding at over 10.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of precision source measure unit is evaluated at USD 631.28 million.
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,
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.
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.
Challenges
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.
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
10.2% |
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Base Year Market Size (2023) |
USD 583.65 million |
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Forecast Year Market Size (2036) |
USD 2.06 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments:
By Current Range |
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By Form Factor |
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By Application |
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End-User |
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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 industry is estimated to dominate majority revenue share by 2036, as there is an increased demand from various end-user industries along with the large infrastructure advancements and automation in manufacturing industries 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 precision source measure unit 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.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
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