The biggest spenders, as per SIPRI data, were the US, China, India, Russia, and Saudi Arabia. For example, according to the Stockholm International Peace Research Institute (SIPRI), in 2019, total global military spending reached USD 1,917 billion, representing the largest annual growth since 2010 and an increase of 3.6% from 2018 levels.
The uncertainties and the persistent complexities of the international security environment are anticipated to drive up global defense spending during the forecast period. The demand for military equipment is on the rise as governments across the globe are constantly focusing on modernizing their defense capabilities in response to the rising security concerns. Rising Demand from Aerospace Sector to Drive the Market Energy Information Administration (EIA) forecasted that the global energy consumption would rise by 50% by 2050, with the total intake in residential and commercial buildings rising from 91 quadrillion British thermal units (Btu) to 139 quadrillions Btu, reflecting an increase of approximately 65%. For instance, in September 2020, the U.S. Additionally, optimistic targets to deploy green energy technologies such as hydro, wind, and solar are likely to propel their adoption further. The exponential rise in power demand, primarily across emerging economies, coupled with the development of new-generation distribution and transmission networks, will favor the demand for these generators market. Rapidly Increasing Energy Demand Worldwide to Propel Product Demandįunction generators are widely used in the energy sector for testing electronic components of several devices such as solar photovoltaic (PV) inverters, electronically-assisted drilling, and metering devices. Progress in artificial neural networks has also driven the adoption of AI in various industries such as aerospace, healthcare, manufacturing, and automotive. According to UBS Group AG, the artificial intelligence industry was valued at approximately USD 40 billion and is expected to grow at a 40% CAGR during 2020-2027. Function generators are used to test these components' reliability and operational flexibility by simulating real-time operations in laboratory conditions.
These systems have electronic components such as band-pass filters, mic, and network scanners for active operations. Wireless communication systems have been equipped with satellite communication phones, mobile phones, broadband, and other internet facilities. Wireless communications, artificial intelligence (AI), and automation are gaining wide popularity in the aerospace and energy sectors. Growing Adoption of AI and Wireless Communications in Aerospace & Energy Sectors to Fuel Market Expansion
#Function generator free#
Request a Free sample to learn more about this report. On the other hand, the halt of operations in capital-intensive industries such as electronics, automotive, aerospace, and oil & gas has led to a deficit in investments in new projects, impacting the manufacturing of these generators. It also has halted the rampant exploitation of any new reserves, barring the development of onshore and offshore structures, which has stabilized the deployment function generators. For instance, the sudden slump in global crude oil prices has led the international crude oil value to go negative in April 2020 for the first time in the history of the oil industry. Different nations have introduced several combat measures such as social distancing rules and shutdown of various manufacturing & processing facilities. Unprecedented problems created by the COVID-19 pandemic have affected industrial operations worldwide. Unavailability of Financial Assistance to Industries amid COVID-19 to Affect Market Growth
#Function generator generator#
Apart from generating the waveforms, this type of generator can also add a DC offset to the signal. Furthermore, these generators also help to vary the waveforms' characteristics, changing the pulse length and the ramps of the different edges of the triangular waveforms. The global function generator market size stood at USD 1.59 billion in 2019 and is projected to reach USD 2.30 billion by 2027, exhibiting a CAGR of 6.0% during the forecast period.Ī function generator is a type of signal generator generating waveforms with common shapes such as sine waves, square waves, and triangular waves.
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