Function Generator Market to Register 6.0% CAGR till 2027; Increasing Applicability of Electronic Testing Equipment in the Aerospace Industry to Aid Growth

The global function generator market size is projected to reach USD 2.30 billion by 2027 owing to the expanding access to electricity in emerging economies, shares Fortune Business Insights™ in its report, titled, “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, 2020-2027”. The report states that the global market value stood at USD 1.59 billion in 2019 and is expected to register a CAGR of 6.0% from 2020 to 2027.

The COVID-19 pandemic is predicted to hamper the function generator market growth as the pandemic has drastically contracted manufacturing and processing operations. As a result, the production of function generators has gotten disrupted and falling energy demand has impeded investment plans of companies in the energy & power sector.

Keysight Introduces Novel Signal Analyzer, Drives Innovation in Telecommunications

In March 2020, Keysight Technologies released the Keysight N9021B MXA X-Series Signal Analyzer, developed to provide manufacturing engineers and design validators sophisticated phase noise performance at high frequencies. The system also includes software that meets 3GPP 5G new radio compliance standards and improves workflows. The innovative signal analyzer from Keysights is aimed at arming and equipping engineers with the necessary tools for design validation and manufacturing as the adoption of advanced technologies such as 5G expands. Further, the MXA X-Series is engineered to accelerate test times as well as improve testing accuracy, whilst delivering top-of-the-line performance.

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Increasing Defense Spending by Major Economies to Stimulate Growth

Military expenditures of major economies around the globe have risen steadily over the past decade in response to the growing concerns surrounding cross-border terrorism and proliferation of nuclear weapons. According to the Stockholm International Peace Research Institute (SIPRI), in 2019, total global military spending reached USD 1917 billion, representing the largest annual growth since 2010 and an increase of 3.6% from 2018 levels. The biggest spenders in 2019 as per SIPRI data were the U.S., 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.

For example, countries extensively utilize satellite and navigation systems to track potential threats and deter hostile forces. Function generators play a critical role in strengthening the modern defense and electronic equipment as these devices provide efficient testing and repairing services to electronic devices and weapon systems.

Launch of High-Efficiency Testing Solutions by Key Players to Heat up Competition

Leading competitors in this market are strategically investing in elevating their research and development potential to create and launch novel, cutting-edge testing solutions. The focus is on engineering high-efficiency products, especially for the defense and the energy & power sectors, where investments are large-scale and long-term. Besides this, strategies such as collaborations and mergers & acquisitions are also being adopted by key players to consolidate their market position.

Industry Development:

• October 2019: Tektronix, Inc. announced that its new software plug-in for the AFG31000 Arbitrary/Function Generator is now available in the market. The generator enables double pulse testing within a minute, thus saving considerable time compared to its competitors.

List of Key Players Covered in the Function Generator Market Report:

• Scientech Technologies Pvt. Ltd. (India)


• Tabor Electronics Ltd.(Israel)


• RIGOL TECHNOLOGIES, INC. (China)


• Fluke Corporation (U.S.)


• Tektronix, Inc. (U.S.)


• KIKUSUI ELECTRONICS CORPORATION (Japan)


• National Instruments Corporation (U.S.)


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


• Chauvin Arnoux, Inc. (France)


• PROMAX ELECTRONICA S.L (Spain)


• Teledyne Technologies (U.S.)


• B&K Precision Corporation (Japan)


• Teradyne Inc. (U.S.)


• Good Will Instrument Co., Ltd. (Taiwan)


• Keysight Technologies (U.S.)

Further Report Findings:

• The aerospace, defense & government services segment dominated by procuring the function generator market share of 33.4% in 2019 owing to the extensive adoption of function generators by government agencies to test advanced wireless communication technologies.


• The Asia Pacific generators market is expected to lead in terms of share during the forecast period on account of the increasing governmental investments in renewables, 5G infrastructures, and military electronics. In 2019, the region’s market size stood at USD 0.69 billion. Besides, the entry of various electronics manufacturers in the region would accelerate growth.


• Based on output frequency, the up to 50 Mhz segment held the largest share in 2019 fueled by the increasing demand for signal generators from the automotive industry. They are used to develop self-driving cars.

Table of Segmentation