According to a research report “Power Device Analyzer Market by Type (Both AC and DC, AC and DC), Current (Below 1000A and Above 1000A), End User (Automotive, Energy, Telecommunication, Consumer Electronics and Appliances, Medical) and Region – Global Forecast to 2027″ published by MarketsandMarkets, the Power Device Analyzer market size will grow to USD 600 million by 2027 from USD 470 million in 2022, at a CAGR of 5.0% during the forecast period. Power device analyzers measures electrical power in devices that generate, transform, or consume electricity. They have been used in electrical product testing equipment as they provide accuracy, frequency ranges, and functions necessary to meet industry test and measurement standards. They are utilized for measuring different aspects of power such as current, voltage, peak, voltage, mean, RMS parameters harmonics, and phase. The power device analyzers are categorized into three types as AC, DC and Both AC and DC. A DC power analyzer is a high-performance instrument that includes up to four sophisticated DC power sources or electronic loads, as well as a digital multimeter (DMM), oscilloscope, arbitrary waveform generator (AWG), and datalogger. The AC power analyzers make more accurate power measurements.
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The power device analyzer market is expected to be dominated by Both AC and DC segment, by type, during the forecast period.
In the power device analyzer market, by type, in 2021 the Both AC & DC type segment accounted for the greatest share of 78%. This is due to the increasing government mandates and initiatives for implementing energy audits. The growing demand for Electric Vehicles and the growing market for Internet of Things are also positively influencing the growth of both AC & DC type segment. Furthermore, the increasing energy audits and mandates from governments globally is likely to boost the demand for power analyzers.
The power device analyzer market is expected to be dominated by the below 1000A current segment, by current, during the forecast period.
In the power device analyzer market, by type, in 2021 the below 1000A segment accounted for the greatest share of 67%. Most of the projects are taken in the below 1000A segment, and it is used in various end use industries such as Energy, Automotive, aerospace & defense, healthcare equipment manufacturing, and wireless communication. Products such as PWM Inverters, high frequency power electronics, AC/DC converters, Solar arrays and UPS widely used in automotive and energy industries requires power device analyzers for the purpose of testing the quality of the power supplied and other parameters which are related to power supply. Some of the major products used in the automotive and energy sectors are PWM Inverters, AC/DC converters, solar arrays, UPS (uninterrupted power supply), and high frequency power electronics. These products need power device analyzers for testing the quality of power supplied and various other parameters related to power supply.
The power device analyzer market is expected to be dominated by the automotive segment, by end user, during the forecast period.
Among the end use industries, the automotive segment accounts to have the largest share of 21% in the estimated year 2022 in the power device analyzer market. Consumer electronics and appliances account for the second largest share of the power device analyzer market with 19.8% in the same estimated year of 2022. Power analyzers are widely used for testing power electronics, power supplies, inverters, motors and drives, home appliances, lighting, office equipment and industrial machinery by measuring many aspects of electrical power. The increased demand for Electric Vehicles in the automotive sector has increased the installation of power device analyzers in this sector as it is used in various applications such as testing of the components like electric motors, navigation systems, battery management systems and electrical charging systems to ensure the quality, safety, and reliability of automotive systems. Presently China, Japan, and South Korea dominate the Electric Vehicles market.
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The power device analyzer market is expected to be dominated by Asia Pacific region has it is having a strong demand for power device analyzer.
Power device analyzers are progressively being deployed in North America and Asia-Pacific, and the market is expanding rapidly. Asia Pacific region accounts for the largest share of 54.3% in the year 2021. The Asia-Pacific market is divided into China, India, Japan, Australia, South Korea, and the rest of Asia. Asia- Pacific’s growth is being driven by an increase in demand for electric vehicles and a rise in government restrictions. The China government has made a mandate to have a few percentages of Electric Vehicle sales for the automotive manufacturers in their overall sales. Later China has set a target of sales of Electric Vehicles to be 40% of their overall sales. This has made the manufacturers to increasingly invest in electric vehicles to avoid penalties. Global manufacturers such as BMW, Volkswagen, and Tesla are establishing their manufacturing sites in Asia-Pacific region as they are finding more profitable opportunities. The increased interest of automotive industry in this region is driving the power device analyzer market in this region.
The major players dominating the power device analyzer market are Keysight Technologies (US), Yokogawa (Japan), Hioki E E Corporation (Japan) and Fluke Corporation (US). These players are adopting various strategies such as new product launches to increase their share globally in the market.