New York City, NY, 14 February, 2020/ 24 Market Reports: It is estimated for the global function generators market to grow from USD 1.3 billion in 2019 and reach that of USD 1.8 billion by 2024 witnessing the growth at a CAGR of 6.3% during the forecast period of 2019 to 2024. The growing adoption of high-performance and power-efficient devices for aerospace, defence & government services along with investments in automotive (electric vehicles) sector due to the concern towards the hazardous environmental effect are the factors that are driving the growth of the market during the forecast period.
Automotive, energy, wireless communication and infrastructure, aerospace and defence & government services and others are the categories for the function generators market based on end-user. During the forecast period, it is estimated for the aerospace and defence & government services segment to lead the market. Keen awareness towards across the developments happening around the world and rapid investments happening in the aerospace, defence & government services devices that will increase the demand for corresponding services leading to an increase in the need for function generators.
By output frequency, the market is segmented as up to 50 MHz, 50–100 MHz and above 100 MHz are the segmentation for function generators industry based on the output frequency. It is projected for up to 50 MHz segment to be the fastest-growing as well as the largest market during the forecast period. Aerospace, defence & government services, automotive, energy, wireless communication & infrastructure and other end-users are the verticals where the application of up to 50 MHz function generators take place. Increasing research and development in the medical as well as consumer electronics field along with advancements in the automotive in-car entertainment such as speakers, head units and more require function generators with output frequency up-to 50 MHz are the factors that are driving the growth of the segment in the market during the forecast period.
Analog and digital are the segmentation for the function generators market based on type. The analogue segment is projected to be the fastest-growing segment during the forecast period. The segment even held the major share in the year 2018. The analogue function generators cost less than the digital type as these own a relatively simpler construction than digital function generators. Analogue generators are been preferred by end-users such as the education & research industry specifically for R&D and product development due to their simpler operation. These factors are driving the growth of the market during the forecast period.
Asia Pacific, North America, Europe, South America, and the Middle East & Africa are the segmentation for the function generators market based on geography. During the forecast period, it is estimated for North America to lead the global function generators market. The adoption of function generators for precise measurement of electrical components in the aerospace & defence and electronic manufacturing industries in North America has led to the growth of the market in the region during the forecast period. The growing number of 5G connections in the regions is also expected to drive the growth of the market in the region.
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