Precision Source Measure Unit Market Worth $637 Million by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 17, 2020 /PRNewswire/ -- According to the new market research report "Precision Source Measure Unit Market by Current Range (1µA–1mA,1mA–1A,Above 1A) Application (Aerospace, Defense& Government Services; Automotive; Energy; Wireless Communication& Infrastructure) Form Factor(Benchtop, Modular) Region – Global Forecast to 2024", published by MarketsandMarkets™, the global Precision Source Measure Unit Market size is expected to grow from an estimate of USD 394 million in 2019 to USD 637 million by 2024, at a CAGR of 10.1%, during the forecast period. The growth of the precision source measure unit industry can be attributed to the high level of integration & flexibility of the precision source measure unit, and growing demand from the automotive and medical industries.

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The modular precision source measure unit segment is expected to grow at the highest CAGR from 2019 to 2024.

The modular precision source measure unit segment is estimated to be the fastest-growing segment of the Precision Source Measure Unit Market, by form factor, from 2019 to 2024. A modular source measure unit is an essential instrument for design and test engineers. With the development of modular source measure units, designing a multichannel system has become possible. The North American and Asia Pacific regions have shown the highest demand for such source measure units, and are expected to dominate this segment during the forecast period. The increasing demand for modular source measure units in the Asia Pacific region is primarily due to the growing investments in the test and measurement industry in China, Japan, South Korea, and India.

The automotive application segment is expected to grow at the highest CAGR in the global Precision Source Measure Unit Market during the forecast period.

The automotive application segment is expected to grow at a higher CAGR during the forecast period, owing to a rise in demand for electric vehicles and increasing demand for integrated circuits and multi-point tests & measurements in the automotive industry. The automotive industry has adopted automation on a massive scale for manufacturing vehicles. The automation of manufacturing facilities, and the development of autonomous cars, has led to an increase in demand for sensors as a precision source measure unit provides a reliable solution for current/voltage testing of sensors. The increasing number of electronic parts in vehicles is expected to increase the demand for precision source measure units during the forecast period.   

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North America is expected to be the largest and fastest-growing region of the Precision Source Measure Unit Market during the forecast period

In this report, the precision source measure unit industry has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The North American market is expected to grow at the fastest CAGR of 10.9% in the Precision Source Measure Unit Market during the forecast period. This growth is driven majorly by the high emergence of aerospace & defense equipment manufacturing industries in the US. Along with increasing demand for test and measurement solutions in the aerospace & defense industry as well as the automotive industry in the North American region is expected to drive the market for precision source measure unit during the forecast period.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Precision Source Measure Unit Market including Tektronix (US), Keysight Technologies (US), National Instruments (US), Chroma ATE (Taiwan), Yokogawa Electric (Japan), VX Instruments (Germany), Rohde & Schwarz (Germany), Ossila (UK), and Marvin Test Solutions (US). The leading players are trying to enter the market of developing economies and are adopting new product launches as a major strategy to increase their market shares.

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