The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including In-Circuit Test Market.
It was estimated prior to this unanticipated outbreak In-Circuit Test Market will reach CAGR of 4.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
In-Circuit Test Market Insights
In-circuit test market is likely to witness a steady CAGR of 4.8% during the forecast period. Impressive growth in adoption of IOT, AI, and cloud-based computing technologies is generating huge demand for the in-circuit test market, globally.
Market Share Analysis
In-Circuit Test Market Share: By Portability Type
Based on the portability type, the in-circuit test market is segmented as compact in-circuit test and benchtop in-circuit test. The compact in-circuit test segment is expected to be the larger segment of the market during the forecast period. Surging adoption of advanced electronics in the automotive, aerospace and consumer electronics sectors is generating high demand for compact PCBs and hence, driving the growth of the segment.
In-Circuit Test Market Share: By Application Type
Based on the application type, the in-circuit test market is segmented as consumer electronics, aerospace, defense & government services, medical equipment manufacturing, wireless communication, and others. The consumer electronics segment is expected to remain the largest segment during the forecast period. Increasing demand for TV sets, telephone systems, computers, and other household appliances, owing to large population and increasing manufacturing units in countries such as China, is bolstering the in-circuit test market for consumer electronics applications.
In-Circuit Test Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market for in-circuit tests during the forecast period. The high demand for in-circuit tests in this region is attributed to the growth in the consumer electronics market due to a large number of smartphone users and electronic appliance users, presence of top consumer electronic producers in economies such as China, South Korea, and Japan and increasing income in these economies.