The report "Source Measure Unit Market by Form Factor (Benchtop and Modular), Application (Semiconductor Devices and Precision Electronics), End-User Industry (IT & Telecommunications, Automotive, and Process Industries), Type, and Geography - Global Forecast to 2023", The source measure unit market is expected to grow from USD 746.7 Million in 2018 to USD 1,102.1 Million by 2023, at a CAGR of 8.10% between 2018 and 2023. The market is growing due to the increasing demand for electronic testing equipment in end-user industries such as automotive, aerospace & defense, IT & telecommunications, education and government, process industries, and healthcare.

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Precision SMU dominated the overall source measure unit market in 2017

Among different types of SMUs, precision SMUs held the largest share of the overall source measure unit market in 2017. The increasing use of precision SMUs for research activities and across educational institutes is expected to be the major factor largely responsible for its dominance in the near future. Precision SMUs currently offer a considerably broad range and current sourcing capability, thereby covering a considerably wide range of both voltage and current at the same time.

Market for benchtop source measure units to grow at highest CAGR during forecast period

Benchtop SMUs are gaining momentum as they prove to be an ideal choice for testing semiconductors, active/passive components, and a variety of other devices and materials. Also, benchtop SMUs are used in R&D, education and industrial development, test and manufacturing applications and are capable of operating as a standalone or system components. Typically, benchtop SMUs are preferred for their higher accuracy and repeatability over modular SMUs; hence, benchtop SMUs will command the market during the forecast period.

Source measure unit market in APAC to grow at highest CAGR during forecast period

The source measure unit market in APAC is expected to grow at the highest CAGR during the forecast period. The market in APAC is conducive to the growth of SMUs mainly due to the presence of numerous manufacturers of electronic and semiconductor products. Also, the region has the highest number of mobile phone subscribers and the demand for high processing, long battery power is increasing. Additionally, many small and medium-sized equipment manufacturing companies are present in countries such as China, India, and Vietnam, which are cost-effective locations for installing manufacturing facilities owing to the availability of low-cost labor. The widespread adoption of 4G services and the upcoming 5G network launch are likely to increase the need for testing mobile devices from mobile phone manufacturing countries such as China and Taiwan.

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Major players in the source measure unit market include Fortive Corporation (US), Rohde & Schwarz GmbH & Co KG (Germany), Keysight Technologies (US), Yokogawa Electric Corporation (Japan), and National Instruments Corporation (US). Some other companies operating in the source measure unit market are Advantest Corporation (Japan), Viavi Solution, Inc. (US), Chroma ATE Inc. (Taiwan), VX Instruments (Germany), and Teradyne (US).

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