(EnergyIndustry.Net, September 07, 2021 ) According to the new market research report "In-Circuit Test Market by Type (Analog, Mixed), Portability (Compact, Benchtop), Application (Aerospace, Defence & Government Services, Wireless Communication & Infrastructure, Medical Equipment, Consumer Electronics), Region - Global Forecast to 2024" The global in-circuit test market is projected to reach USD 1.3 billion by 2024 from an estimated market size of USD 1.0 billion in 2019, at a CAGR of 4.9% during the forecast period. The global market is set to witness significant growth owing to various application types of PCBs are increasing in the consumer electronics and telecom sector along with the growing adoption of cloud computing and IoT devices.
The Mixed segment is expected to be the fastest market during the forecast period
The Mixed segment is projected to be the fastest in-circuit test market, by type, during the forecast period. Mixed-signal in-circuit test is widely used in the North America region as the investments in the semiconductor industry is increasing year on year in the region. According to the Semiconductor Industry Association, total R&D expenditure by US semiconductor firms was USD 71.4 billion in 2018. The R&D expenditure as a percent of sales was 17.4% in the semiconductor industry for the year 2018. These investments are expected to drive the market for mixed-signal devices and its in-circuit test in the forecast period.
The compact segment is expected to be the largest segment in the in-circuit test market, by portability, during the forecast period
The compact segment is expected to grow at the highest rate during the forecast period. The compact in-circuit test features include onboard programming, easy maintenance, small footprint, low power consumption, and enhanced operator safety. The applications for compact in-circuit test includes electric vehicles, smartphones, PCs and other home appliances. The surging adoption of advanced electronics in sectors such as automotive, aerospace and consumer goods that requires compact PCBs is one of the key reason for the growth of compact in-circuit test market.
Asia Pacific is expected to dominate the global in-circuit test market during the forecast period.
The growing demand for consumer electronics such as smartphones, laptops, televisions and other electronic appliances are the driving factors for the growth of the Asian in-circuit test market. The growth of the in-circuit test market can be attributed to its low cost and wide area of its application. Demand for the in-circuit test is on the rise in China, which is the primary consumer electronics industry in terms of production and deployment. According to the South China Morning Post, China plans to invest USD 29 billion in the domestic chip industry, which is used in various consumer electronic appliances.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the in-circuit test market. These include Teradyne (US), Test Research (Taiwan), Keysight Technologies (US), HIOKI EE (Japan), and SPEA S.p.A (Italy). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.