Function Generators Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Function Generators Market is Segmented By Type(Analog, Digital), By Frequency(Up to 50 MHz, 50–100 MHz, Above 100 MHz), By End-User(Automotive, Energy, Wireless Communication, Infrastructure, Aerospace, Defense, Government Services, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Function Generators Market Overview

Report analyses the Global Function Generators Market is estimated to reach at a high CAGR during the forecast period 2023-2030. The Global Function Generators Market size, shares, recent trends, competitive intelligence, and future market outlook. Demand from Automotive, Energy, Infrastructure, Aerospace, Defense, Wireless Communication in Asia Pacific is rising. Competitive rivalry intensifies with Keysight Technologies, Teradyne Inc, Fluke Corporation and others operating in the market. A function generator is electronic test equipment or software that generates many electrical waveforms over a broad frequency range. The sine wave, square wave, triangle wave and sawtooth waveforms are some of the most popular waveforms generated by the function generator. The waveforms might be single-shot or recurrent, which requires an internal or external trigger source. Function generator ICs are integrated circuits that are used to produce waveforms.

Other repeated waveforms produced by function generators include sawtooth and triangle waveforms, square waves, pulses and sine waves. The option to add a DC offset is another feature found on many function generators. Although function generators cover audio and RF frequencies, they are rarely used in applications that need low distortion or consistent frequency signals. Other signal generators would be better appropriate when those characteristics are required.

Some function generators can be phase-locked to another function generator or an external signal source (such as a frequency reference). Electronic equipment is developed, tested and repaired using function generators. For example, function generators could be used to test amplifiers or insert an erroneous signal into a control loop. Function generators are typically used with analog circuits, while similar pulse generators are utilized with digital circuits.

Function Generators Market Scope and Summary

Function Generators Market Dynamics and Trends

The demand for function generators is mainly driven by the increasing global investment in renewable energy. It is the most important driver for the market. The high cost of the integration of function generators is a key factor in limiting the growth of this market.

Increasing global investment in renewable energy

The repercussions of man-made climate change are putting humanity in jeopardy. It has caused an ecological disturbance, altered weather patterns and global warming. An urgent campaign to decarbonize global energy is underway to mitigate the worst effects of man-made climate change. At the COP26 conference in November 2021, world governments announced a historic commitment to achieve carbon neutrality by 2050.

Massive investments in renewable energy are required to meet the pledge of reaching carbon neutrality within the agreed-upon timeline. The investments are also considered an economic stimulus to help boost national economies following the pandemic's collapse. Several governments have set aside significant funds for the development of renewable energy.

The Build Back Better (BBB) plan is a broad-based economic stimulus package for U.S. The plan allots $ 180 billion for renewable energy research, development, implementation and climate impact studies. India has set a goal of generating 175 GW of renewable energy by 2030. In 2022, India's renewable energy sector will receive up to US$ 15 billion in funding. In the future years, financing is projected to expand significantly. The European Commission (EC), the EU's main governing body, has set a goal of investing more than US$ 100 billion in renewable energy per year until 2030 to reach a 32 percent renewable energy share within that timeframe. Function generators are used within the energy sector to test the electronic components of solar photovoltaic cells and wind turbines. Increasing global investment in renewable energy is a key driver for the growth of the market.

High cost involved in the operation of function generators

Function generators are easy to use and various parameters such as amplitude and frequencies are adjustable to a high degree. Modern function generators also demonstrate a high degree of accuracy and stability. Despite the various advantages, there are high costs involved in the function generators.

Function generators are extremely expensive since they are manufactured to a high degree of technological sophistication. The typical costs of a functional generator range from US$ 300 to US$ 5,000, depending upon the configuration and application. Function generators also require the aid of various accessories, such as oscilloscope, fixed and variable power supply, breadboard connections and USB ports.

A highly skilled operator must operate the function generator and interpret test results, thereby adding to the costs. The high costs involved in the operation of function generators limit their adoption and are a key challenge for the growth of the market.

COVID-19 impact analysis on Function Generators Market

The global function generators market experienced uneven impacts on deployment in 2020 due to the COVID-19 pandemic. The government-imposed lockdowns and movement restrictions affected the manufacturing of function generators. A collapse in demand from various end-user industries was observed, especially as the pandemic became more severe.

The research and development of new innovative technologies were impacted due to the pandemic since government lockdown and restrictions led to the curtailment of these activities. Therefore, the commercial deployment of new technologies was delayed and financing of new projects was curtailed, impacting the revenues of various companies in the function generators sector.

The short-term impact of the COVID-19 pandemic has been relatively severe for the function generators market. The pandemic is expected to accelerate the digitization of various industrial sectors. Digitization will bring greater efficiency and ease of operations to the industries and generate greater demand for electronic components. The demand for function generators remains strong and is expected to grow gradually in the coming years.

Function Generators Market Segmentation Analysis

The function generators market is segmented into type, frequency, end-user and region. The function generators market is segmented into three categories based on current, namely 50 MHz, 50–100 MHz and over 100 MHz. The projected segment up to 50 MHz is expected to be the largest and fastest-growing during the forecast period.

End-uses such as aerospace, defense & government services, automotive, energy, wireless communication & infrastructure and other end-users generally use function generators with operational frequencies ranging from 50 MHz. Increased research and development in the medical and consumer electronics fields and advancements in automotive in-car entertainment such as speakers, head units and other components necessitate function generators with output frequencies up to 50 MHz, thereby increasing their demand in the near future.

Global Function Generators Market Geographical Share

The Asia-Pacific is leading in the global function generators market. The region accounts for the largest market share, primarily due to many end-user industries in the region. Rapidly industrializing nations such as India, China, Vietnam, Thailand, Malaysia and Indonesia are leading the growing demand for function generators.

India and China are leading in global renewable energy production, particularly solar energy. China has the largest solar energy capacity globally, with nearly 253GW of installed capacity with plans to add 1200GW of total solar energy capacity by 2030. The total solar capacity in India was nearly 50GW in 2022, with nearly 450GW of capacity expansion planned by 2030. Function generators are used for testing electronic components in solar energy.

India and China also have some of the largest automotive industries in the world. Japan and South Korea also have well-developed automotive industries. Function generators are used for the testing of automotive electronic components. The Asia-Pacific region is leading in adopting 4G LTE communication, with more than 400 million active 4G connections. Function generators have wide-ranging testing applications in wireless communication. The Asia-Pacific region is expected to retain the largest share in the global function generators market in the coming years.

Function Generators Market Companies and Competitive Landscape

The global function generators market is competitive due to the availability of a wide variety of services and solutions that cater to different types of industrial and commercial requirements. Some of the players contributing to the growth in the segment are ABB, Accenture, Capgemini SE, Cisco Systems, Inc., General Electric, Siemens AG, SAP SE, Schneider Electric, Eaton Corporation PLC and International Business Machines Corporation. The major market players adopt several growth strategies such as new product launches, joint ventures and collaborations, contributing to global growth in the industry.

National Instruments Corp

Overview: National Instruments Corporation is a major multinational company specializing in designing and manufacturing automated test equipment and virtual instrumentation software. The company is also involved in data acquisition systems, instrument control and machine vision system. The company sells its products in more than 40 countries globally through distributors and subsidiaries. National Instruments Corp was founded in 1976 by electrical engineer James Truchard and is headquartered in Austin, Texas, U.S.

Product Portfolio

• PXI Waveform Generator is the company's flagship function generator. The generator can produce triangle, square and sine waveforms and arbitrary user-defined waveforms. The PXI waveform generator is suited for synchronized mixed-signal test systems used in scientific research, consumer electronics, automotive and aerospace/defense.

Key Developments:

• In 2021, National Instruments Corporation reached an agreement to acquire NH Research LLC, a high-power testing equipment manufacturer. The acquisition will strengthen National Instrument Corporation's portfolio of electrification and sustainable energy testing equipment capabilities.