Global Power Device Analyzer Market 2024-2031

Global Power Device Analyzer Market 2024-2031

Power Device Analyzer Market Size, Share & Trends Analysis Report by Type (AC, DC, and both AC and DC) By Current (Below 1000A and Above 1000A) and By End-User (Automotive, Energy, Telecommunication, Consumer Electronics, and Appliances, and Medical) Forecast Period (2024-2031)

Power device analyzer market is anticipated to grow at a CAGR of 4.8% during the forecast period (2024-2031). The factors driving the growth of the power device analyzer market are an easy configuration of power channel, voltage, and current measurement (3kv and 1500 A), and temperature measurement range from -50 to 250°C. Also features like its unique software interface, easy test navigator, unique plug-in style device adaptor, high performance, and high power efficiency are expected to drive market growth for power device analyzer. In addition to its feature, the rapid expansion of the electric vehicle market as a result of the hazardous emissions by the automobile sector is also driving the power device analyzer market.

Market Dynamics

Increasing Focus on Energy Conservation is Becoming More Prominent

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% increase in GDP in the least ambitious scenario to a 2.0% 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.

Rising Adoption of Electronic Devices

The concerns regarding reducing energy consumption and carbon footprint are increasing. Thus, the demand for power-efficient devices such as power device analyzers is expanding. Power device analyzers help test and optimize power consumption, propelling the market growth. Globally the adoption of smartphones, tablets, and other consumer electronics devices is rising; thus, demand for power analyzers is rising in the market.

Market Segmentation

Our in-depth analysis of the global power device analyzer market includes the following segments by type, current, and end-user:

Based on type, the market is segmented into AC, DC, and both AC and DC.

Based on current, the market is segmented into below 1000A and above 1000A.

Based on end-users, the market is segmented into automotive, energy, telecommunication, consumer electronics and appliances, and medical.

Below 1000A is Projected to Emerge as the Largest Segment

Based on the current, the global power device analyzer market is segmented into below 1000A and above 1000A. Among these, the below 1000A segment is expected to hold the largest share of the market. The growth of this segment is propelled by rising demand for these devices in power electronics, inverters, motors & drives, lighting, home appliances, office equipment, power supplies, and industrial machinery. The rising adoption of consumer electronics such as laptops, smartphones, smart TVs, and refrigerators is propelling the demand for these devices in the consumer electronics market.

Both AC and DC Segment to Hold a Considerable Market Share

By type, both AC and DC segments dominated the global power device analyzer market and are projected to remain the fastest-growing segment during the forecast period. This is attributed to rising dependency on electricity and renewable energy. Rising governmental implementation of energy audits and increasing demand for electric vehicles (EVs) are propelling the growth of this segment. Growing demand for AC power quality monitors and the rising Internet of Things (IoT) market drive the demand for both AC & DC segments. This type of device is used in ballast testing, solar panels, electric vehicles, and electrical consumer products.

Regional Outlook

The global power device analyzer market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

North America to Progress at Steady CAGR

North American market is anticipated to have progressive growth during the forecast period. The progressive growth of the regional market can be attributed to the development of test and measurement equipment deployment and application in wireless communications and networks. Moreover, big automakers such as BMW, Tesla, and Volkswagen are manufacturing plants, creating various lucrative prospects across the region.

Asia-Pacific Holds Major Market Share

Asia-Pacific holds the largest market share of the market. The Asia-Pacific is a prime hub for industrial production due to emerging countries such as China, India, and Australia, and rising disposable income. The surge in demand for electric cars (EVs) and more rigorous government rules are supporting the regional market growth. Asia's continued prominence as a manufacturing hub has aided industrialization, with Southeast Asia playing an increasingly significant role. The rising adoption of consumer electronics in emerging economies such as India, China, and Japan propel market growth. Also, the presence of top key players in the power device analyzers market, such as Extech Instruments, PCE Instruments, and Keysight Technologies, drives the market growth. Furthermore, the tremendous economic development and the growth in energy consumption are fueling the market demand.

Market Players Outlook

The major companies serving the global power device analyzer market include Fluke Corp., HIOKI E.E. CORP., IWATSU ELECTRIC CO., LTD., and Keysight Technologies, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in May 2022, Keysight Technologies launched a next-gen power device analyzer. The new Double-Pulse tester (DPT) is better equipped and enables consumers to test entire power modules with ease and speed.