Increasing demand from the automotive and medical industries and high level of integration and flexibility of precision source measure unit are driving the growth of the market
The global precision source measure unit market accounted for $361.72 million in 2019. It as per a report by Markets & Markets is expected to reach $894.93 million by 2027, growing at a CAGR of 12 per cent during the forecast period.
“The precision source measure unit is an electronic device that has the capability of both measuring and sourcing simultaneously. They are designed for extremely accurate source or load simulation with precision voltage and current measurements and used mainly in the testing applications that require precision, high resolution, accuracy and flexibility in the measurement,” read the report.
Factors like increasing demand from the automotive and medical industries and high level of integration and flexibility of precision source measure unit are driving the growth of the market. However, the availability of alternatives and technical factors are restraining the market growth.
Based on the End-user, the automotive segment is likely to have a huge demand due to the growing number of electronic parts in vehicles; there is a need for these parts to carry out their functions precisely and perfectly. To concentrate on these challenges, precision source measure units are used to offer multipoint measurements in automotive test applications. Thus, the rising adoption of automation in the automotive industry is likely to drive the precision source measure unit market in the automotive segment during the forecast period.
By geography, North America is going to have a lucrative growth during the forecast period due to the demand from various end-user industries such as aerospace, defense & government services, automotive, and energy. Furthermore, the shift toward connected cars and intelligent transportation systems is expected to drive the market in this region.