The Asia Pacific Power Device Analyzer Market would witness market growth of 4.7% CAGR during the forecast period (2021-2027).
Many small and medium-sized businesses, particularly in emerging countries like Southeast Asia, choose locally built power device analyzers because of the lack of severe government laws on energy waste. As a result, growing sales of power device analyzers by local and grey market businesses would act as a barrier to the growth of the power device analyzers market.
The growing demand for power-efficient and high-performance equipment across the consumer electronics and healthcare sectors, as well as the growing demand for electric vehicles, which improve vehicle fuel efficiency, are the major factors driving the growth of the Power Device Analyzer market. Moreover, some of the key trends of the market are increased use of energy audits, as well as obligatory laws. In addition, as the Internet of Things (IoT) becomes more prevalent, power device analyzers will be used to test devices.
The region has been a prominent market for power device analyzers due to well-developed telecommunication and television and broadcasting manufacturing businesses and rising demand for consumer electronics in nations such as India, China, Singapore, and Malaysia. Moreover, the Indian government is committed to increasing the usage of clean energy sources and is now working on a number of large-scale sustainable power projects as well as extensively promoting green energy. Furthermore, renewable energy has the potential to provide a large number of jobs at all levels, particularly in rural areas.
For example, China's government ordered in April 2021 that a specific percentage of all vehicles sold by a manufacturer each year be battery-powered. In addition, in order to avoid financial penalties, producers must obtain a certain amount of points each year, which are awarded for each electric vehicle produced. Moreover, popular automakers such as BMW, Tesla, and Volkswagen are constructing production plants in the Asia Pacific due to the high and untapped potential.
The China market dominated the Asia Pacific Power Device Analyzer Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $89.4 million by 2027. The Japan market is anticipated to grow at a CAGR of 4.1% during (2021 - 2027). Additionally, The India market would showcase a CAGR of 5.5% during (2021 - 2027).
Based on Type, the market is segmented into Both AC & DC, AC, and DC. Based on Current, the market is segmented into Below 1000 A and Above 1000 A. Based on End User, the market is segmented into Automotive, Consumer Electronics & Appliances, Energy, Telecommunication, Medical, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Power Device Analyzer Market is Projected to reach USD 597.7 Million by 2027, at a CAGR of 4.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hioki E.E. Corporation, Newtons4th Ltd., Carlo Gavazzi Holding AG, Keysight Technologies, Inc., Yokogawa Electric Corporation, Rohde & Schwarz GmbH & Co. KG, Texas Instruments, Inc., PCE Instruments, Dewesoft d.o.o., and Fortive Corporation (Fluke Corporation).
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