The power device analyzer market is projected to advance at a modest rate with a CAGR of 5% during the forecast period 2022 to 2032, as per the power device analyzer market report by Future Market Insights (FMI). Asia-Pacific is expected to reign the market in the coming years as its growth is being aided by an increase in demand for electric vehicles (E.V.s) and a tightening of government policies to avoid financial penalties, manufacturers must earn a certain number of points per year, which are awarded for each E.V. produced.The primary factor accelerating the power device analyzers market growth is the increasing adoption of high-performance and power-efficient devices for the consumer and healthcare sectors and investments in electric vehicles due to environmental concerns.
Globally, there is a constant demand for energy savings across various industries. In addition, various government and international organizations work to raise awareness and promote energy conservation.
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Renewable energy is gaining traction around the world. As a result, various government policies and schemes are in place around the world to encourage the use of renewable energy resources, thereby shaping the power device analyzer market future.
To fulfil the Paris Agreement and reduce carbon emissions, the future energy mix will rely more on renewable energy, which puts a number of solar and wind energy projects underway or planned for the future in various countries as the adoption of power device analyzers is highly preferred for testing solar cells and as a total carbon analyser, etc.
Furthermore, the renewable sector is experiencing rapid growth, with investments coming from private players and the government.
Major power device analyzer manufacturers are confronted with various challenges and unorganized market players who sell sub-standard products.
These unorganized market players outperform the big players in terms of price, competitiveness, and the local supply network they maintain, which is difficult for global players to achieve. Furthermore, local dealers push these locally produced devices into the market because of higher margins.
This apart, due to the sheer lack of stringent government regulations on energy waste, many small and medium-sized industries, particularly in developing economies such as Southeast Asia, choose locally manufactured power device analyzers due to the lower prices involved. As a result, increased sales of power device analyzers from local and grey market players limit global players’ opportunities to gain power device analyzers’ market share.
On account of the aforementioned factors, the power device analyzer market is predicted to muster a revenue of about US$ 58 Mn by 2026.
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Key Takeaways
- Due to government initiatives to implement energy audits with increased mandatory regulations a growing market for the Internet of Things (IoT), both the A.C. and D.C. type segments are expected to account for a larger power device analyzer market share by type.
- By current, the below 1000A is likely to lead the market as the vast majority of projects are undertaken in this sector, including automotive, energy, aerospace and defence, and healthcare equipment manufacturing.
- By end-use, the automotive segment is anticipated to dominate the market as the rise of electric and self-driving vehicles has increased the demand for power device analyzers to ensure automotive systems’ quality, safety, and dependability.
- The North American market is expected to be the fastest-growing. The rising number of 4G connections that would necessitate wireless test equipment is the primary growth driver for the market in this region.
- In Asia-Pacific, China and the automotive segment is likely to be at the forefront of the power device analyzer market.
- The power device analyzer market size was around US$ 450 Mn in 2021.
Competitive Landscape
The market’s top players in the power device analyzer market include Fortive (U.S.), Keysight Technologies (U.S.), Iwatsu (Japan), Yokogawa (Japan), and Hioki E.E. Corporation (Japan), Rohde & Schwarz (Germany) and Newtons4th (U.K.).
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