Function Generator Market Size, Share & COVID-19 Impact Analysis, By Product Type (Analog and Digital), By Output Frequency (Up to 50 Mhz, 50–100 Mhz, and Above 100 Mhz), By Application (Aerospace, Defense & Government Services, Automotive, Energy, Wireless Communication and Infrastructure, and Others), and Regional Forecast, 2020-2032

The global function generator market size stood at USD 1.59 billion in 2019 and is projected to reach USD 3.31 billion by 2032, exhibiting a CAGR of 6.64% during the forecast period.

A function generator is a type of signal generator generating waveforms with common shapes such as sine waves, square waves, and triangular waves. Furthermore, these generators also help to vary the waveforms' characteristics, changing the pulse length and the ramps of the different edges of the triangular waveforms. Apart from generating the waveforms, this type of generator can also add a DC offset to the signal.

Unavailability of Financial Assistance to Industries amid  COVID-19 to Affect Market Growth

Unprecedented problems created by the COVID-19 pandemic have affected industrial operations worldwide. Different nations have introduced several combat measures such as social distancing rules and shutdown of various manufacturing & processing facilities. For instance, the sudden slump in global crude oil prices has led the international crude oil value to go negative in April 2020 for the first time in the history of the oil industry. It also has halted the rampant exploitation of any new reserves, barring the development of onshore and offshore structures, which has stabilized the deployment function generators. On the other hand, the halt of operations in capital-intensive industries such as electronics, automotive, aerospace, and oil & gas has led to a deficit in investments in new projects, impacting the manufacturing of these generators.

LATEST TRENDS

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Growing Adoption of AI and Wireless Communications in Aerospace & Energy Sectors to Fuel Market Expansion

Wireless communications, artificial intelligence (AI), and automation are gaining wide popularity in the aerospace and energy sectors. Wireless communication systems have been equipped with satellite communication phones, mobile phones, broadband, and other internet facilities. These systems have electronic components such as band-pass filters, mic, and network scanners for active operations. Function generators are used to test these components' reliability and operational flexibility by simulating real-time operations in laboratory conditions. According to UBS Group AG, the artificial intelligence industry was valued at approximately USD 40 billion and is expected to grow at a 40% CAGR during 2020-2027. Progress in artificial neural networks has also driven the adoption of AI in various industries such as aerospace, healthcare, manufacturing, and automotive.

DRIVING FACTORS

Rapidly Increasing Energy Demand Worldwide to Propel Product Demand

Function generators are widely used in the energy sector for testing electronic components of several devices such as solar photovoltaic (PV) inverters, electronically-assisted drilling, and metering devices. The exponential rise in power demand, primarily across emerging economies, coupled with the development of new-generation distribution and transmission networks, will favor the demand for these generators market. Additionally, optimistic targets to deploy green energy technologies such as hydro, wind, and solar are likely to propel their adoption further. For instance, in September 2020, the U.S. Energy Information Administration (EIA) forecasted that the global energy consumption would rise by  50% by 2050, with the total intake in residential and commercial buildings rising from 91 quadrillion British thermal units (Btu) to 139 quadrillions Btu, reflecting an increase of approximately 65%.

Rising Demand from Aerospace Sector to Drive the Market

The demand for military equipment is on the rise as governments across the globe are constantly focusing on modernizing their defense capabilities in response to the rising security concerns. The uncertainties and the persistent complexities of the international security environment are anticipated to drive up global defense spending during the forecast period. For example, according to the Stockholm International Peace Research Institute (SIPRI), in 2019, total global military spending reached USD 1,917 billion, representing the largest annual growth since 2010 and an increase of 3.6% from 2018 levels. The biggest spenders, as per SIPRI data, were the US, China, India, Russia, and Saudi Arabia. This spike in spending indicates modernization and sophistication of military technologies across countries, which is primarily reflected by the electrification of weapon and communication systems. Function generators are used in the testing of satellite and navigation systems and also play a critical role in strengthening existing defense equipment as these devices provide efficient testing and repairing services to electronic weapon systems.

RESTRAINING FACTORS

High Cost of Function Generators May Obstruct Market Growth

A  function generator is a low-frequency electronic testing device that is primarily used in academic laboratories for research and development purposes. However, these generators require an oscilloscope, fixed and variable power supply, breadboard, and USB port. The cost of each device is high, and these generators also require more space. This factor is likely to hamper the function generator market growth.

SEGMENTATION

By Product Type Analysis

Analog Type Generator to Hold Significant Share Backed by  Efficient Designs and Better Load Bearing Capacities

Based on type, the global market is segmented into analog and digital. The analog type segment is projected to lead the market during the forecast period due to the simpler construction and low costs of analog generators. They are widely used in the education and research industries, specifically for laboratory experiments.

By Output Frequency Analysis

Up to 50 MHz Segment to Grow at a High Pace

Based on output frequency, the market is categorized into Up to 50 Mhz, 50–100 Mhz, and Above 100 Mhz. The Up to 50 Mhz segment accounted for the major market share in 2019 as generators with this capacity are primarily used in electronic testing and academic laboratories. In the automotive industry, self-driving cars' development has increased the demand for sensors and radar-based systems. These sensors and radars are majorly based on an ultrasonic frequency having a spectrum range of around 40 kHz.

By Application Analysis

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Increasing Defence Expenditures to Develop New Rockets & Weapons to Augment Market Size

Based on application, this market has been segregated into aerospace, defense & government services, automotive, energy, wireless communication and infrastructure, and others. The aerospace, defense & government services segment accounted for the major share of the market in 2019 and is anticipated to maintain its leading position during the forecast period due to the rising use of these type of generators in testing and calibration operations. The aerospace and defense industry uses various electronic equipment, including satellite system components, radio, amplifiers, and filters for robust communication to ensure operational safety. These generators are also widely used to test the communication links between critical devices such as sensors and radars and the main computing unit.

REGIONAL INSIGHTS

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The market has been analyzed across five key regions, namely, North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America. Asia Pacific is anticipated to hold a significant portion of the function generator market share on account of the expanding aerospace and automotive sectors, coupled with the growing energy demand. Increasing investments by governments and private bodies to boost the electronics manufactures sector will also favor the regional expansion of the market. Additionally, increasing wireless communication across the Southeast Asian nations is also likely to fuel regional market growth.

Latin America holds potential growth opportunities for market players as the region hosts the second and third largest business aircraft markets by fleet size, with Mexico’s fleet at 988 and Brazil’s at 782, according to AMSTAT, which is expected to bolster the need for function generators in the Latin America market.

The Middle East & Africa is a prominent region indulged in the business of oil & gas as it holds 50% of the world's proven conventional natural gas reserves. Gulf countries have the fastest-growing energy demand owing to the increasing consumption of power, seasonal volatility, and rapid industrial growth. These factors are anticipated and expected to drive the application of these type of generators in the Middle East & Africa.

KEY INDUSTRY PLAYERS

Keysight Technologies to Focus on Expanding Its Product Line and Market New Products

Keysight Technologies, Inc. is a manufacturer of electronic measurement equipment. The company’s solutions help optimize networks and produce electronic devices/products at lower costs with design simulation, prototype validation, manufacturing test, and optimization in networks and cloud environments. Its products are widely used in the communications ecosystem, aerospace and defense, automotive, energy, semiconductor, and other industries related to electronics. In June 2020, Keysight acquired Eggplant from The Carlyle Group. Eggplant is an industry-leading software test automation platform provider company. Eggplant's digital automation Intelligence platform can test technologies and operating systems from the user interface to application programming interfaces (APIs) to the database.    

The function generator market has witnessed a large number of small and large players delivering products for numerous applications, which are shaping the competitive landscape of the market. These participants are operating at the national and regional levels, with the aim to cater to the needs of overseas clients effectively. However, some of the established organizations such as Keysight Technologies, Good Will Instrument Co., Ltd., Teradyne Inc., Tektronix, Inc., and National Instruments Corporation, among others, possess a significant integration with local sales partners to hold a substantial global presence.

LIST OF KEY COMPANIES PROFILED:

• Keysight Technologies (U.S.)


• National Instruments Corporation (U.S.)


• GW Instek (Taiwan)


• KIKUSUI ELECTRONICS CORPORATION (Japan)


• Teradyne Inc. (U.S.)


• Tektronix, Inc. (U.S.)


• B&K Precision Corporation (Japan)


• Fluke Corporation (U.S.)


• Teledyne Technologies (U.S.)


• RIGOL Technologies (China)


• PROMAX ELECTRONICA S.L (Spain)


• Tabor Electronics Ltd.(Israel)


• Chauvin Arnoux, Inc. (France)


• Scientech Technologies Pvt. Ltd. (India)


• Shijiazhuang Suin Instruments Co., Ltd. (China)

KEY INDUSTRY DEVELOPMENTS:

• In July 2021, EA Elektro-Automatik has offered a series of bidirectional DC power supplies and regenerative DC loads for testing of fuel cells stacks. The power supplies and ELR electronic load have a function generator that simplifies the performance, and durability testing of fuel cells.


• In March 2021, Shijiazhuang Suin Instrument Co., Ltd has launched its 4 channels function/arbitrary waveform generator series. The 4 channels are independent and have complete equivalent functions, which makes them suitable instruments for everyday work.


• In February 2021, Tabor Electronics has announced the new addition of RF Arbitrary Waveform Generator to the Proteus series product line. The new series offers the highest performance of direct digital RF generators and serves a major purpose in aerospace applications.


• In January 2020, GW Instek has introduced a new series for multi-channel function generators. GW Instek has augmented the MFG-2220 HM which allows the highest frequency range of dual-channel signal generators.

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The function generator market report presents a comprehensive assessment of the industry by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views to formulate the market research report with market trends. Furthermore, the report covers a detailed analysis and information as per market segments, including product types, output frequency, applications, and regions, helping our readers to get a comprehensive overview of the global industry.

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