PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555531
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555531
Power Device Analyzer Market size was valued at USD 520.14 Million in 2023, expanding at a CAGR of 5.66% from 2024 to 2032.
Power analyzers are devices used to measure various aspects of electrical power in End Users, such as testing power electronics, motors and drives, inverters, power supplies, lighting, home appliances, office equipment, and industrial machinery. In electric vehicles, power device analyzers test components like electric motors, battery management systems, navigation systems, and electrical charging systems. Power is defined as the rate of doing work and is the amount of energy consumed per unit of time. Calculating power in an electrical system requires knowledge of the periodic time (or frequency). Power analysis, performed using a power analyzer, involves testing and studying power flow, which is measured and quantified in Joules per second (J/s) or kilowatt-hours (kW/h).
Power Device Analyzer Market- Market Dynamics
Increasing demand for electronic products to propel market demand
Sales of power device analyzer systems are positively influenced by the demand for electronic products. Although the electronics industry faced challenges during the COVID-19 lockdowns and saw a significant decline in crude oil prices in 2021 due to resumed overproduction, the demand for power device analyzer systems remained unaffected by continued upstream activities. The global power device analyzer market has experienced dynamic growth in recent years, driven by significant advancements in electric vehicles, pharmaceuticals, and the electrical and electronics industries. Additionally, substantial government investments in electric vehicle infrastructure and other electrical developments, such as power plants and power grids, are fueling market growth. Power quality monitoring, which assesses the supply of power to AC power units by measuring voltage, current, or power factor, is crucial as changes in power quality can reduce efficiency or cause other issues. Developing nations like India, China, and Japan are increasing urbanization and launching new projects, such as smart cities, which boost the demand for e-vehicle charging infrastructure and power grids. This, in turn, increases the demand for power device analyzers, creating lucrative opportunities for market growth.
Power Device Analyzer Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.66% over the forecast period (2024-2032)
Based on Product Type segmentation, AC & DC was predicted to show maximum market share in the year 2023
Based on Current segmentation, below 1000A was the leading type in 2023
On the basis of region, Asia-Pacific was the leading revenue generator in 2023
The Global Power Device Analyzer Market is segmented on the basis of Product Type, Current, End User, and Region.
The market is divided into three categories based on Product Type: AC & DC, AC, and DC. In 2023, the AC & DC segment dominated the global power device analyzer market and is expected to be the fastest-growing segment during the forecast period. The dominance and projected rapid growth of this segment are primarily due to the rising dependency on electricity across various sectors. As industries, households, and electric vehicles increasingly rely on both AC and DC power sources, the need for versatile analyzers that can handle both types of current grows. Additionally, the transition towards renewable energy sources such as solar and wind, which generate DC power and often convert it to AC, further boosts the demand for AC & DC analyzers.
The market is divided into two categories based on Current: below 1000A and above 1000A. In 2023, the below 1000A segment led the global power device analyzer market and is projected to remain the fastest-growing segment during the forecast period. This is due to the expansion of medium-sized industries globally, which typically operate within this current range. These industries include manufacturing plants, data centers, and commercial facilities, all of which require precise power monitoring to ensure efficiency and reliability. The growth of electric vehicles, which often require power analyzers for systems operating below 1000A, also contributes to this segment's expansion.
Power Device Analyzer Market- Geographical Insights
This market transcends geographical boundaries, with a presence in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Nations within these regions create further market distinctions. Asia-Pacific dominated the global power device analyzer market in 2023, which is mainly attributed to the rapid urbanization in the region, which has led to an increase in wastewater management activities. The expansion of urban areas necessitates efficient infrastructure, including effective wastewater management systems. These systems require reliable and precise power monitoring to ensure optimal operation, driving the demand for power device analyzer systems. Additionally, the rising industrial activities and the growing adoption of renewable energy sources in the region further bolster the need for advanced power monitoring solutions. As countries like China, India, and Japan continue to urbanize and develop their infrastructure, the demand for power device analyzers is expected to grow significantly, making Asia-Pacific a major driving force in the global market.
In the power device analyzer market, companies adopt several strategies to maintain competitiveness and drive growth. These include continuous innovation and technological advancements to offer more accurate and versatile analyzers. Strategic partnerships and collaborations with semiconductor manufacturers and research institutions are also common, enabling access to cutting-edge technologies and expanding product portfolios. Additionally, companies focus on enhancing customer support and providing comprehensive training and application assistance to improve user experience and foster long-term relationships.
In April 2024, Rohde & Schwarz introduced the new R&S NPA family of compact power analyzers designed to meet a wide range of power measurement requirements. These analyzers are engineered to deliver precise and reliable measurements, supporting applications across various industries
GLOBAL POWER DEVICE ANALYZER MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Arbiter Systems
CARLO GAVAZZI HOLDING AG Ltd.
Circutor
Delta Electronics
Dewesoft D O O
Hioki E E Corporation
Iwatsu Electric
Keysight Technologies
Rohde & Schwarz
Texas Instruments
Others