Author: Vikas Kumar
07 July 2022
Power analyzers are used for measuring a host of aspects of electrical power for applications which include testing power electronics, inverters, motors and drives, lighting, home appliances, office equipment, power supplies, industrial machinery, and more. Thus, power device analyzers are required for identifying electrical issues and obtaining information about various electrical variables in real-time to achieve maximum energy efficiency. Therefore, increasing adoption of power-efficient devices across various industries is expected to drive the global power device analyzer market at a CAGR of 5%, during the forecast period.
COVID-19 has slowed the growth of the power device analyzer, as countries were forced to implement lockdowns during the first half of 2020. Many activities were halted during the lockdown, including mobility, economic activity, construction, and manufacturing. Furthermore, COVID-19 impacted the operations of the power device analyzer market players and also affected the businesses of companies from the end-use industries.
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Based on type, the market has been categorized into Both AC and DC, alternating current (AC), and direct current (DC). Amongst these, the both AC and DC category is expected to witness significant growth during the forecast period. This is mainly due to the increasing advancements and dependability of advanced systems to support the integration of power generation and distribution from renewable sources in the overall energy sector as well as the increase in demand for continuous energy supply across geographies and industries. Consequently, various government policies and schemes are in place to encourage the use of renewable power resources across the world. To reduce carbon emissions and achieve the Paris agreement, the future energy mix is to rely more on renewable power.
Based on current, the market has been categorized into below 1000 A and above 1000 A. Amongst these, the below 1000 A category is held a significant share in the market owing to its rapid adoption for various applications across industries such as energy, aerospace & defense, automotive, and healthcare equipment manufacturing, among others. Furthermore, the ongoing shift towards the expansion of existing infrastructure combined with the higher awareness and adoption of efficient electronic products in developed regions such as the U.S., and Europe is further expected to drive the category’s growth.
For a better understanding of the market adoption of the Power Device Analyzer industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific holds a lucrative market share owing to favorable government policies and a growing focus on increasing the share of renewable energy in the power generation mix are some of the prominent factors driving the region’s market. Further, China dominated the power device analyzer market and held the largest revenue share in 2020 in the APAC region. This can be attributed to the accelerated industrialization and increased expenditure on the construction & advanced electronics in the country. China is considered the leading country in the world in power transmission & distribution, automotive and electronic manufacturing, among others. In addition, the rapid development and growth of renewable energy projects such as wind and solar in China is also a prominent factor driving the market growth. Also, factors such as rapid electrification, urbanization, the growing number of renewable, smart grid and substation projects, and the increasing government initiatives, laws, and regulations contribute to the growth of this market in the country.
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Some of the major players operating in the market include Keysight Technologies Inc., Yokogawa Electric Corporation, Fluke Corporation, Rohde & Schwarz GmbH & Co KG, Carlo Gavazzi, Iwatsu Electric Co. Ltd., Hioki E.E. Corporation, Newtons4th, Vitrek Corporation, and Texas Instruments Inc.
Global Power Device Analyzer Market Segmentation
Market Insight, by Type
Market Insight, by Current
Market Insight, by End-User
Market Insight, by Region
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