The Modular Instruments Market was valued at USD 2.93 billion in 2024 and is projected to reach USD 6.19 billion by 2032, growing at a CAGR of 9.85%. The market is driven by demand for flexible and cost-effective testing solutions in industries like aerospace, defense, automotive, and telecommunications, fueled by 5G expansion and IoT proliferation.

Key players in the market include National Instruments, Keysight Technologies, and Rohde & Schwarz. The market is segmented by platform type, application, component type, and end-use industry, with PXI leading in utilization and manufacturing & production testing dominating in application. The hardware segment currently holds a majority share, but the software segment is expected to grow rapidly.

North America led the market in 2024, driven by strong R&D expenditure and demand from aerospace and defense sectors. Asia Pacific is projected to have the fastest CAGR from 2025-2032, fueled by industrialization, electronics manufacturing, and government initiatives. Recent developments include Rohde & Schwarz launching the compact R&S NPA power analyzer family.

Read more at GlobeNewswire: Modular Instruments Market Size to Surpass USD 6.19 Billion