The power device analyzer market is projected to advance at a modest rate with a CAGR of 5% during the forecast period 2022-2032, 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 and to avoid financial penalties, manufacturers must earn a certain number of points per year, which are awarded for each E.V. produced.
| Attributes | Details | |
| Power Device Analyzer Market CAGR (2022 – 2032) | 5% | |
| Power Device Analyzer Market (2032) | US$ 770 Mn | |
| Power Device Analyzer Market Attraction | China to hold high attraction capabilities as investments in EVs are rising. | |
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 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 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 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 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 defense, 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.
“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 and to avoid financial penalties, manufacturers must earn a certain number of points per year, which are awarded for each E.V. produced. As a result, E.V. sales in China are expected to account for 40% of total vehicle sales by 2030. Furthermore, global automakers such as BMW, Tesla, and Volkswagen are establishing manufacturing facilities in Asia Pacific due to the lucrative opportunities available. As a result, rising investment in major end-use industries is expected to drive the market for power device analyzers during the forecast period.” asserts an FMI researcher.
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Comparative View of Adjacent Power Device Analyzer Market
| Attributes | Power Device Analyzer Market | Power Tools Market | Outdoor Power Equipment Market | |||
| CAGR (2022 – 2032) | 5% | 6% | 3% | |||
| Market Value (2026) | US$ 577 Mn | US$ 35 Bn | US$ 27 Bn | |||
| Growth Factor | Returning of life to normalcy to drive demand from automotive and consumer electronics. | Demand for drilling and fastening tools to drive the demand. | Adoption of outdoor power equipment in commercial as well as residential sector to improve sales. | |||
| Opportunity | Rising investments towards boosting power efficiency to offer remunerative opportunities. | Growing adoption of battery-operated power devices in consumer segment to provide opportunities. | Availability of IoT technology for the development of connected and smart outdoor power equipment to improve product features. | |||
| Key Trends | Growing adoption of EVs to make Asia Pacific a key market. | New product launches to remain a key differentiator. | Manufacturers are intensifying their focus on R&D activities. | |||
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), Hioki E.E. Corporation (Japan), Rohde & Schwarz (Germany) and Newtons4th (U.K.).
A few of the recent developments in the power device analyzer market are as follows:
- Iwatsu will release the Curve Tracer CS-800. This series has a testing capacity of up to 5kV and 2000A and is considered one of the significant emerging trends in the power device analyzer market.
- The PA920 Series Power Analyzer from Vitrel features an ultra-high accuracy, wideband waveform digitizer with advanced computational capability, a large high-resolution display, and a full-colour touchscreen user interface for power measurement accuracy (0.024 per cent, 20Hz).
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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