The global Power Device Analyzer Market size is projected to showcase substantial growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is predicted to surpass a valuation of USD 468.9 million in 2023. It is also anticipated to hit a valuation of USD 778.5 million by 2033. The market is estimated to showcase a modest CAGR of 5.2% from 2023 to 2033.
Increasing use of high-performance and power-efficient devices in the consumer and healthcare sectors is anticipated to foster market growth. Rising Concerns about Hazardous Environmental Effects further propel the growth of the market.
There is a growing desire for efficient technologies to reduce energy waste and improve efficiency. In addition, there is a shift toward electric and hybrid vehicles to minimize reliance on fossil fuels and provide sustainable energy. Apart from that, the Internet of Things (IoT) is being adopted across all industries for automation and to take data-driven actions. As a result, the power device analyzer market is gaining traction, and it has a lot of untapped potential.
There is a great demand for efficient technologies like electronic measurement equipment and low-frequency vector network analyzer. These technologies reduce energy waste and improve efficiency. In addition, there is a shift toward electric and hybrid vehicles. This shift is prevailing to minimize reliance on fossil fuels and provide sustainable energy.
IoT is being adopted across all electronics. As a result, the power device analyzer market has a lot of untapped potential. The market is expected to grow at a steady pace, and the demand for dynamic power device analyzers is anticipated to rise.
The renewable energy sector is experiencing substantial expansion, with private and government investments. Power device analyzers are commonly used for testing solar cells and other uses in the solar business. Test equipment that can generate and quantify from the nanoamp range up to 10 amps and beyond is often necessary to adequately characterize solar cells.
High-bias voltage capacitance measurement capabilities are required by many power devices to estimate power device switching characteristics accurately. As a result, numerous organizations use their power device analyzers to provide comprehensive power testing solutions.
| Attributes | Details |
|---|---|
| Power Device Analyzer Market Share (2022) | USD 450.0 million |
| Power Device Analyzer Market Share (2023) | USD 468.9 million |
| Power Device Analyzer Market Share (2033) | USD 778.5 million |
| Power Device Analyzer Market Share (2023 to 2033) | 5.2% |
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The global power device analyzer market expanded at a modest CAGR of 4% from 2017 to 2022. In 2017, the global market size stood at USD 369.9 million. In the following years from 2017 to 2022, the market witnessed significant growth, accounting for USD 450.0 million in 2022.
There is a growing desire for energy-efficient industrial electronics that can help reduce waste and improve efficiency. In addition, there is a shift toward electric and hybrid vehicles to minimize reliance on fossil fuels and to generate renewable energy. Aside from that, IoT is being adopted across all industries. As a result, the power quality analyzer is gaining traction, with plenty of untapped potential.
The increasing use of high-performance and power-efficient devices in the consumer and healthcare sectors fosters market growth. Furthermore, rising investments in electric vehicles as a result of concerns about hazardous environmental effects augment product demand. The consumer sector is expected to account for most of the power device analyzer market share.
Fans, refrigerators, smartphones, computers, TVs and air conditioners, innovative home systems, smartwatches, and other consumer electronic gadgets can benefit from dynamic power device analyzers.
The demand for electrical items is predicted to rise. This is anticipated due to the rising demand for electronic products as a result of the introduction of new technologies. The sales of power device analyzers might be driven by an increase in the demand for electronic products and technological advancements that could necessitate detailed test and measurement solutions.
The rising usage of highly efficient and cost-effective electronic devices across the consumer electronics and healthcare sectors is a key driver for the power device analyzer industry. In addition, the power device analyzer market growth is being fueled by the factors such as:
By current, the below 1000 A segment is a significant contributor to the market. FMI estimates that the below 1000 A segment is likely to capture about 64% of the global power device analyzer market share in 2023. PWM inverters, AC/DC converters, solar arrays, UPS (uninterrupted power supply), and high-frequency power electronics are common devices used in the automotive and energy market. These products require power device analyzers to test the quality of the power supply and several other power supply parameters.
By end-use, the telecommunication segment is anticipated to witness remarkable growth from 2023 to 2033. The telecommunication segment is projected to capture nearly 39% of the global power device analyzer market in 2023. The growing demand for high-speed data communication is likely to boost the demand for high-frequency power device analyzers.
The burgeoning network capacity due to increasing smartphone, tablets, laptops, and other device users is likely to boost the market growth. The cost-effectiveness of power device analyzers is another factor that augments their adoption in the telecommunication industry. Furthermore, the rising need for improved efficiency and reliability of power devices is expected to amplify market development.
Based on type, the both AC and DC segment is the most significant contributor to the power device analyzer market in 2023.
Both AC and DC type segment is projected to account for a significant market share during the forecast period. The segment’s expansion is driven by government initiatives toward implementing energy audits with an increase in mandatory regulations. The growing demand for AC power quality monitors, electric vehicles (EVs), and a growing market for the Internet of Things (IoT) are driving the market for both AC and DC segment.
North America is anticipated to hold the lion’s share in the global market. The United States power device analyzer market is anticipated to capture 23% of the global market share. The growth is attributable to the presence of key players such as Keysight Technologies, Fluke Corporation, and others.
The increasing research and development activities, backed by hefty investments prosper regional market growth. Furthermore, the presence of robust automotive, aerospace, telecommunication, and other end-user industries flourish in growth for the regional market. The growing technological advancements across the expanding end-user industries are anticipated to bolster North America power device analyzer market.
The power device analyzer market in Asia Pacific is booming because of rising marine traffic. The increasing popularity of electric vehicles and favorable government legislation further aid market development. China, Japan, South Korea, Australia, India, and Rest of Asia Pacific make up this regional market. In 2023, China, India, and Japan are anticipated to capture 6.1%, 6.6%, and 6.7% of the global market shares, respectively.
A surge in demand for electric cars (EVs), Ac power quality monitors, and rigorous government policies support the region's growth. For example, China's government ordered in April 2021 that a specific percentage of all vehicles sold by a manufacturer each year must be battery-powered.
To avoid financial penalties, producers must obtain a certain number of points each year. These points are awarded for each electric vehicle produced. As a result, electric vehicles (EVs) are expected to account for 40% of all car sales in China by 2030.
Big automaker companies such as BMW, Tesla, and Volkswagen are constructing production plants in Asia Pacific due to the lucrative opportunities there. As a result, rising investments in critical end-use industries are expected to drive the power device analyzer market over the forecast period.
The main growth strategy used by key players is business expansion through mergers, acquisitions, collaborations, and partnerships. Players are also stressing the use of cutting-edge technologies to introduce new items in addition to this. Their goal is to effectively meet the end-use industries' expanding demand.
Recent Developments Observed by FMI:
Key Players in Power Device Analyzer Market:
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| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | Units for Volume, USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; The Middle East & Africa (MEA); |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of Europe, Brazil, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASIAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered |
Type, Current, End-user, Region, |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
A valuation of USD 468.9 million is attributed to the power device analyzer market in 2023.
The global power device analyzer market size is anticipated to surpass USD 778.5 million by 2033.
The power device analyzer market is projected to accelerate at a CAGR of 5.2% between 2023 and 2033.
With a 23% global market revenue, the United States stands as a lucrative power device analyzer market fueled by its technological prowess.
The power device analyzer market achieved a consistent CAGR of 4% between 2018 and 2022, culminating in a 2022 valuation of USD 369.9 million.
| Estimated Size, 2024 | USD 38,204.7 million |
|---|---|
| Projected Size, 2034 | USD 68,418.8 million |
| Value-based CAGR (2024 to 2034) | 6.0% |
| Market Share (2023) | USD 111,077.4 million |
|---|---|
| Market Share (2033) | USD 206,557.9 million |
| Market Share (2023 to 2033) | 6.4% |
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