The Global Power Device Analyzer Market size is expected to reach $597.7 million by 2027, rising at a market growth of 4.6% CAGR during the forecast period.
The flow of power in an electrical system is measured using a power device analyzer. In addition, it is a multi-functional power analyzer that is mostly used to monitor power flows like direct current (DC), alternating current (AC), AC-voltage, and DC-voltage. It aids in the maximization of the performance of power electronic products by enabling the proper selection of power devices for each application.
Moreover, they are utilized to test electrical power for devices like lighting, motors and drives, and industrial machinery, inverters, and domestic appliances. It includes a wide variety of voltage and current capabilities, as well as other features, allowing it to measure a wide range of devices. Additionally, the need for the gadget is expanding as a result of the high demand for electronic devices in many areas such as medical and consumer electronics.
Additionally, the renewable energy sector is booming due to investments from both private companies and the government. Unorganized market players selling sub-standard goods present a number of issues for major power device analyzer manufacturers. In terms of pricing, competitiveness, and the local supply network they maintain, these unorganized market players surpass the major companies, which is tough for global players to do. Also, due to the larger profits, local merchants promote these domestically produced products into the market.
Because governments were forced to apply lockdowns during the first half of 2020, COVID-19 has delayed the growth of the power device analyzer. Governments around the world established strict restrictions, and all non-essential activities were halted. Due to a lack of focus on the development of the end user's sector, the Power device analyzer market witnessed a negative impact. Moreover, during the second quarter, production and supply chain delays were observed, posing a challenge to the power device analyzer.
In the last 2 years, almost every industry in the world has suffered a setback. This can be ascribed to severe disruptions in their respective manufacturing and supply-chain activities due to the several measures such as lockdowns and other limitations imposed by governments all over the world.
Energy savings are in high demand in a variety of businesses throughout the world. Several federal and international organizations seek to raise awareness and encourage energy conservation. In 2017, the European Commission, for example, devised four scenarios to assess higher goals for the EU's 2030 energy efficiency target. The study assessed the consequences of various degrees of energy efficiency improvement by 2030 to a 2007 baseline.
Each of the modeled scenarios for energy efficiency resulted in a positive change in GDP, ranging from a 0.1 percent increase in GDP in the least ambitious scenario to a 2.0 percent increase in GDP in the most aggressive scenario. In addition, by assisting in the analysis of power supply distortion, power device analyzers play a significant role in boosting system efficiency.
The globe is moving more and more toward renewable energy. As a result, different government policies and plans are in place around the world to promote the use of renewable energy resources. In addition, the future energy mix will be dependent more on renewable energy to minimize carbon emissions. As a result, a number of solar and wind (offshore and onshore) energy projects are being implemented or planned in various countries. Moreover, the renewable energy sector is experiencing strong expansion, with both private and government investments. In the solar business, power device analyzers are commonly used for testing solar cells and other uses.
The cost of a power device analyzer is significant. As a result, it is difficult for small and medium-sized enterprises to spend on power device analyzers. Because the initial investment in a power device analyzer might have a long payback period, many industries avoid purchasing the device or favor local manufacturers who can deliver the equipment at a reduced cost than branded and well-established ones. In addition, large and well-established players with substantial revenue have the necessary research and development (R&D) facilities to create power device analyzers. As a result, the device's effective cost is higher than that of domestic manufacturers.
Based on Type, the market is segmented into Both AC & DC, AC, and DC. The AC segment obtained a significant revenue share of the Power Device Analyzer Market. This is because an AC power analyzer can perform several electrical power calculations at the same time during testing. THD, power factor, voltage, harmonics, perceived power, and other parameters can be determined using this equipment.
Based on Current, the market is segmented into Below 1000 A and Above 1000 A. In 2020, the Below 1000 A segment obtained the maximum revenue share of the Power Device Analyzer Market. Automotive, energy, aerospace & military, wireless communication, and healthcare equipment production are just a few of the industries that require 1000A. PWM inverters, AC/DC converters, solar arrays, UPS (uninterrupted power supply), and high-frequency power electronics are some of the most common devices used in the automotive and energy sectors. These products require power device analyzers to test the quality of the power supply as well as several other power supply parameters.
Based on End User, the market is segmented into Automotive, Consumer Electronics & Appliances, Energy, Telecommunication, Medical, and Others. In 2020, the Automotive Segment garnered the biggest revenue share of the Power Device Analyzer Market. This is because as electric and autonomous vehicles become more common, the demand for power device analyzers has increased to verify the quality, safety, and dependability of automotive systems.
In addition, Power device analyzers are also used to examine power conversion systems, which convert energy from one form to another. Power conversion systems can be found in a variety of items in the automotive industry, including passenger cars, light trucks, sport utility vehicles, and commercial vehicles. Power device analyzers can be used to evaluate a variety of components in an electric car, including electric motors, navigation systems, battery management systems, and electrical charging systems.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 449.3 Million |
| Market size forecast in 2027 | USD 597.7 Million |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 4.6% from 2021 to 2027 |
| Number of Pages | 208 |
| Number of Tables | 370 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Current, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, the APAC region emerged as the leading region in the overall Power Device Analyzer Market. This is because of rising marine traffic, the rise of electric vehicles, and government legislation. Moreover, a surge in demand for electric cars (EVs) and more rigorous government policies are supporting the growth of the regional market.
Free Valuable Insights: Global Power Device Analyzer Market size to reach USD 597.7 Million by 2027
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).
By Type
By Current
By End User
By Geography
The global power device analyzer market size is expected to reach $597.7 million by 2027.
Rapid deployment of these devices by renewable energy sectors are driving the market in coming years, however, the massive cost of deployment limited the growth of the market.
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).
The Both AC & DC segment acquired maximum revenue share in the Global Power Device Analyzer Market by Type in 2020, thereby, achieving a market value of $290.3 million by 2027.
The Asia Pacific is the fastest growing region in the Global Power Device Analyzer Market by Region in 2020, and would achieve a market value of $304.5 million by 2027.
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