In the age of technology, modern instrumentation is playing a key role in sectors like communication, consumer electronics & semiconductor, automotive electronics and aerospace & defines. In this article, we focus on the standard bus modular instrumentation market, exploring the types of instruments available and their applications across different industries.
Drivers of the Standard Bus Modular Instrumentation Market
The drivers of the Standard Bus Modular Instrumentation Market are:
1. Rising Demand for Automation in the Manufacturing Sector: The growing demand for automation in manufacturing processes is driving the growth of the standard bus modular instrumentation market. This is because these instruments enable manufacturers to reduce operational costs, improve process efficiency, and reduce human errors.
2. Growing Adoption of Industrial Internet of Things (Iao): The increasing adoption of Iao in industrial settings has enabled manufacturers to gather real-time information from their systems using standard bus modular instruments. As a result, this technology has become increasingly popular among industrial facilities, boosting the growth of the standard bus modular instrumentation market.
3. Increasing Government Support for Smart Manufacturing and Industrial Automation: Governments across the world are providing financial support and subsidies to promote smart manufacturing and industrial automation using standard bus modular instruments. This has resulted in increased adoption of these instruments, thus driving market growth.
Advantages of the Standard Bus Modular Instrumentation Market
Some of the advantages of the Standard Bus Modular Instrumentation Market are as follows:
1. Cost Savings: Standard bus modular instrumentation offers significant cost savings over purchasing individual components and instruments. As the components are designed to be compatible with each other, there is no need for additional wiring or additional interfaces which can add to the overall cost of a system.
2. Simplicity: The use of standard bus technology simplifies the installation process as all of the components are designed to be connected together in a single location and can often be daisy-chained off of one another. This also reduces the time required for installation and makes it easier for maintenance personnel to diagnose and repair any issues that may arise.
3. Flexibility: Modular instrumentation allows for flexibility when expanding an existing system or adding new components to the existing system. This helps ensure scalability of both hardware and software capabilities, making it easier for companies to grow their systems as needed without having to purchase new hardware every time they want to expand their capabilities.
Market Value and CAGR of the Standard Bus Modular Instrumentation Market (2021-2032)
The market value and CAGR of the Standard Bus Modular Instrumentation Market is expected to reach US$ 3.3 billion by 2032, registering a CAGR of 5.5% during the forecast period (2021-2032).
The market is expected to be driven by increasing demand for wireless communication and modularity in industrial automation and process control applications. Additionally, government initiatives for the adoption of digital technologies across various verticals are further propelling the growth of the Standard Bus Modular Instrumentation Market. Moreover, technological advancements in terms of artificial intelligence (AI) enabled solutions are also estimated to spur the market growth during the forecast years.
Challenges of the Standard Bus Modular Instrumentation Market
Some of the challenges of the Standard Bus Modular Instrumentation Market are as follows:
1. High Cost: Standard Bus Modular Instrumentation is quite expensive compared to other instrumentation techniques and can often be cost prohibitive for smaller organizations or those on a tight budget.
2. Lack of Open Specifications: The lack of open specifications for Standard Bus Modular Instrumentation can make it difficult to find compatible components from different vendors. This limits the ability to easily upgrade individual components without needing an entire new system.
3. Limited Flexibility: The modular nature of Standard Bus Modular Instrumentation limits its flexibility when it comes to customization and configuration of the system. It also makes it difficult to adjust or expand the system as needs change over time.
4. Complex Installation Processes: Installing a Standard Bus Modular Instrumentation system can be complicated, requiring extensive knowledge and experience in order to properly configure and integrate the components.
Key Players of the Standard Bus Modular Instrumentation Market
The key players of the Standard Bus Modular Instrumentation Market are Siemens AG (Germany), Honeywell International Inc. (U.S.), ABB Ltd. (Switzerland), Schneider Electric SE (France) and Yokogawa Electric Corporation (Japan).
Market Analysis into type, application, end user and region of the Standard Bus Modular Instrumentation Market
The most demanded product of the Standard Bus Modular Instrumentation Market is expected to be the Modular Instrumentation System. This product is expected to be used in instrumentation and control applications for automation, measurement, and data collection. The market for this product is expected to grow due to the increasing demand for automation and the need for accurate data collection.
The end users of Standard Bus Modular Instrumentation are mainly industrial facilities such as manufacturing plants, process industries, oil and gas industry, water treatment plants, power plants, and aerospace. These industries have been using this technology to improve efficiency and accuracy while reducing costs associated with manual operations.
The major application areas of Standard Bus Modular Instrumentation are process control systems, test & measurement systems, and metering & monitoring systems. These systems can be used to measure parameters such as temperature, pressure, flow rate, level and others in industrial environments. The increasing demand for automated process control is likely to drive the market growth during the forecast period from 2021-2026.
Region-wise analysis of the Standard Bus Modular Instrumentation Market reveals that North America holds a significant share of the market due to its high spending on industrial automation solutions by manufacturers in the region. Additionally, Asia Pacific is expected to witness a higher growth rate due to growing investments by governments in
Impact of Covid-19 on the Standard Bus Modular Instrumentation Market
The outbreak of the Covid-19 pandemic has had a profound impact on the standard bus modular instrumentation market. The market was already facing challenges in the form of slowing growth and intensifying competition, and the pandemic has exacerbated these challenges. The lockdown measures imposed by governments around the world have disrupted supply chains and hampered production, leading to a decline in demand for standard bus modular instruments. The market is expected to recover in 2021 as production ramps up and pent-up demand is released, but it will remain below pre-pandemic levels.
Key Developments in the Standard Bus Modular Instrumentation Market
In January, 2021, Yokogawa Electric Corp. launched the FAST/TOOLS network monitoring solution, which provides visibility into real-time performance of industrial networks. The solution uses a modular approach to allow users to customize their monitoring system according to their needs. It also offers an intuitive user interface and an advanced analytics engine that helps users make informed decisions about network performance.
Standard Bus Modular Instrumentation Market Scope
|Revenue forecast in 2031
|US$ 3.3 billion
|CAGR of 5.5 % during 2021-2031
|By Type, By Application, End Users, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Siemens AG (Germany), Honeywell International Inc. (U.S.), ABB Ltd. (Switzerland), Schneider Electric SE (France) and Yokogawa Electric Corporation (Japan).
Key Standard Bus Modular Instrumentation Market
By Type Overview 2021-2031, (US$ Billion)
• PXI/e Bus Modular Instrument
• VXI Bus Modular Instrument
• LXI Bus Modular Instrument
• PCI/e Bus Modular Instrument
• Serial Bus Modular Instrument
• AXI/e Bus Modular Instrument
By Application Overview 2021-2031, (US$ Billion)
• Consumer Electronics & Semiconductor
• Automotive Electronics
• Aerospace & Defence
By End-User Overview 2021-2031, ($ Billion)
• Manufacturing companies
By Region Overview 2021-2031, ($ Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa