Global Power Device Analyzer Market Overview:
The global Power Device Analyzer market size will grow to USD 577 million by 2026 (forecast year) from USD 457 million in 2021 (estimated year), at a CAGR of 4.8% during the forecast period.
A power device analyzer is used to measure a variety of parameters associated with power consumption and generation. Power device analyzers are mainly used for measuring different aspects of electrical power, such as voltage; current; power; peak, mean, and RMS parameters; harmonics; phase; and a variety of other parameters for various applications, including testing power electronics, inverters, motors and drives, lighting, home appliances, office equipment, power supplies, and industrial machinery. These analyzers can acquire and record data for integrated calculations used for additional and complex analysis. There are three types of power device analyzers, i.e., Both AC and DC, AC, and DC. DC analyzers allow gathering and organizing multiple instruments to complete DC measurements and sourcing tasks, while AC analyzers provide accurate measurements of power, harmonics, and efficiency in power-conversion equipment.
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The Both AC and DC segment is expected to dominate the power device analyzer market, by type, during the forecast period.
Both AC and DC type segment accounted for the largest share of the Power device analyzer market, by type, in 2020. Both AC and DC type segment is projected to account for a larger market share, driven by the government initiatives toward implementing energy audits with an increase in mandatory regulations, growing demand for electric vehicles (EVs), and a growing market for Internet of Things (IoT) are driving the market for both AC and DC segment. Moreover, increasing energy audit and mandates from governments across the globe is likely to boost the demand for power analyzers.
The below 1000A current segment is expected to dominate the power device analyzer market, by current, during the forecast period.
The below 1000A segment accounted for the largest share of the power device analyzer market, by current, in 2020. Majority of projects are undertaken in this segment. 1000A are used across various end user industries, such as automotive, energy, aerospace & defense, wireless communication, and healthcare equipment manufacturing. 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 automotive segment is expected to dominate the power analyzer market, by end user, during the forecast period.
The automotive segment accounted for the largest share of the power device analyzer market, by end user, in 2020. The automotive segment held a 21.3% share of the power device analyzer market in 2020. Power device analyzers are utilized in testing power conversion systems, where energy from one form is converted to another form. Power conversion systems are used in different parts of different products in the automobile sector, such as passenger automobiles, light trucks, sports utility vehicles, and commercial vehicles. Furthermore, the development of electric and autonomous vehicles has increased the demand for power device analyzers to ensure the quality, safety, and reliability of automotive systems. In an electric vehicle, power device analyzers are used to test various components, such as electric motors, battery management systems, navigation systems, and electrical charging systems. Currently, China, Japan, and South Korea dominate the electric vehicles battery market. Some of the leading electric vehicle battery manufacturing companies in Asia Pacific include China’s Contemporary Amperex Technology (China), BYD Company (China), and LG Chem (South Korea).
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Asia Pacific has strong demand for power device analyzer market
Asia Pacific held 54.2% share of the global power device analyzer market in 2020. This regional market is segmented into China, Japan, South Korea, Australia, India, and the Rest of Asia Pacific. The growth of this region is supported by an increase in demand for electric vehicles (EVs) and a rise in stringent government policies. For instance, in April 2021, the government of China mandated that a certain percent of all vehicles sold by a manufacturer each year must be battery powered. Furthermore, to avoid financial penalties, manufacturers must earn a stipulated number of points in a year, which are awarded for each EV produced. By 2030, the targeted sales for EVs in China are aimed to account for 40% of all car sales. Furthermore, global auto manufacturers such as BMW, Tesla, and Volkswagen are establishing their manufacturing facilities in Asia Pacific as this region offers lucrative opportunities. Thus, increasing investments in major end-use industries are likely to drive the market for power device analyzers during the forecast period.
The key players include Keysight Technologies (US), Yokogawa (Japan), Fluke Corporation (US), Iwatsu Electric (Japan), Hioki E E Corporation (Japan). The leading players are adopting various strategies to increase their share in the power device analyzer market.
