Burgeoning Global Defense Expenditure to Offer Function Generators US$2.4 Bn Market Opportunity by 2032
Sales of Function Generators to Increase by 1.6x by 2032; US to Vanguard the Sales
Fact.MR’s recent analysis on the function generators market provides a comprehensive outlook of challenges, opportunities, latest trends, and growth drivers prevailing in the industry. In addition, the report delivers compelling insights into segments of the market in terms of type, current, and end user across five regions.
NEW YORK† June 15, 2022 /PRNewswire/ — The global function generators market size is poised to expand at a CAGR of 4.6% over the forecast period of 2022 and 2032. Increasing investments in the automotive sector, especially for the development of electric vehicles are anticipated to bode well for the global market.
Concerns regarding the harmful effects of emissions on the environment is increasing across aerospace and defense industries. This is encouraging the leading industry players to adopt power-efficient and high-performance devices such as function generators.
As per Fact.MR, the global function generators market is set to reach US$1.53 Bn in 2022 and exceed US$2.4 Bn by 2032. Growth is attributed to the introduction of new targets to deploy green energy technologies, such as solar, wind, and hydro, in emerging economies.
Moreover, increasing demand for military equipment coupled with rising investment by government bodies for modernization of defense capabilities is expected to propel demand. Growing security concerns and uncertainties of the international security environment will also boost the market.
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As per the Stockholm International Peace Research Institute (SIPRI), in 2021, the US military spending was US$801 Bnwhereas funding for military research and development in the country surged by 24% between 2012 and 2021. The trend is projected to continue throughout the coming 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.
- 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 US 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 Mnrespectively, in Asia Pacific function generator market.
- 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.
- 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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Leading players in the global function generators market are increasingly focusing on mergers and acquisitions with domestic and start-up companies to conduct exhaustive research and development activities, as well as come up with innovative products for customers.
Meanwhile, a few other companies are focusing on partnerships and collaborations with international players to expand their business networks. A few of the key players are also engaging in new product launches to broaden their portfolios and strengthen their positions in the global market.
- In June 2022VIGORPOOL, a provider of green energy solutions headquartered in New York, announced the launch of Captain 1200, its new flagship product. The product supports a parallel function and enables users to double the capacity to 2560Wh by connecting two units. Also, it consists of a dual fast charging function, thereby allowing it to charge in just 1.5 hours.
- In September 2021Tabor Electronics, a prominent provider of high-end signal source solutions based in Israel, launched its latest Arbitrary Waveform Generators/Transceivers series. The series includes advanced capabilities and a built-in IQ modulator for generating multi-channel RF signals.
Key Companies Profiled by Fact.MR
- Teledyne Technologies
- Kikusui Electronics
More Valuable Insights on Function Generators Market
In the latest study, Fact.MR offers a detailed study on global function generators market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of function generators through detailed segmentation as follows:
- Analog Function Generators
- Digital Function Generators
- Up to 50 MHz Function Generators
- 50-100MHz Function Generators
- Above 100MHz Function Generators
By End User:
- Wireless Communication and Infrastructure
- Aerospace, Defense, & Government Services
- North America
- Asia Pacific
- South America
- Middle East and Africa
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Key Questions Covered in the Function Generators Market Report
- What is the projected value of the function generators market in 2022?
- At what rate will the global function generators market grow until 2032?
- Which are the factors hampering the growth in the function generators market?
- Which region is expected to lead in the global function generators market during 2022-2032?
- Which are the factors driving the function generators market during the forecast period?
- What is the expected market value of the function generators market during the forecast period?
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