Dublin, Dec. 03, 2021 (GLOBE NEWSWIRE) -- The "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 2026" report has been added to ResearchAndMarkets.com's offering.
The Power Device Analyzer market is projected to reach USD 577 million by 2026 from an estimated USD 457 million in 2021, at a CAGR of 4.8% during the forecast period.
There is increasing demand for more efficient systems which can save wastage of energy and help to achieve better efficiency. Also, there is a shift towards electric and hybrid vehicles to reduce dependency on fossil fuel and for more clean power. Apart from these, there is the adoption of IoT across all sectors. Thus, the Power Device Analyzer market is gaining momentum, and there exists a lot of untapped potential in this market.
The automotive segment is expected to grow at the highest CAGR from 2021 to 2026.
Based on the end user of Power Device Analyzer systems, the automotive segment is estimated to be the fastest-growing market from 2019 to 2026. In the automotive sector power device analyzers are used for testing various systems such as drivetrain, navigation systems, battery, electrical systems, etc. Also, there is increasing adoption of electric vehicles across the globe with many government policies and programs promoting the adoption and inclusion of more electric vehicles.
Below 1000A is expected to emerging market by the current.
Power Analyzers that can measure current less than 1000A are considered under the below 1000A segment. The use of these devices helps in improving efficiency, thereby reducing the overall operating costs. These power analyzers are generally used for critical applications and main components of the system installed at the end user industries. The majority of applications and machines operate below 1000A, thus this segment is expected to witness strong growth during the forecast period.
Asia Pacific: The largest Power Device Analyzer market.
The Asia Pacific accounted for the largest share of 54.2% of the Power Device Analyzer market amongst all regions in 2020. Asia is a major hub for industrial activities also a house to many developing nations with improving disposable income. The growth of this region is supported by an increase in demand for electric vehicles (EVs) and a rise in stringent government policies.
The region has been segmented by country into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. The continuous significance of Asia as a manufacturing hub has boosted the economies as well industrialization in this region, with South-East Asia playing an increasingly important role. Moreover, in the past few years, this region has witnessed rapid economic development as well as growth in power demand. This region is also witnessing an increasing shift towards renewable power generation.
Premium Insights
- Rising Need for Energy Efficiency Expected to Drive Power Device Analyzer Market
- Asia-Pacific and South America Expected to be Fastest-Growing Markets for Power Device Analyzers During Forecast Period
- Automotive Segment and China Dominated Power Device Analyzer Market in Asia-Pacific in 2020
- Both AC and DC Segment Expected to Dominate Power Device Analyzer Market During Forecast Period
- Below 1000A Segment Expected to Dominate Power Device Analyzer Market During Forecast Period
- Automotive End-user Segment Expected to Hold Largest Market Share During Forecast Period
Market Dynamics
Drivers
- Rising Focus on Energy Savings
- Increasing Adoption of Power-Efficient Devices Across Various Industries
- Growth of Electric Vehicle Market
Restraints
- Expanding Gray Market
Opportunities
- Growing Focus on Energy Audits and Regulations Worldwide
- Increasing Adoption of Power Device Analyzers by Renewable Energy Sectors
- Growing Market for IoT Devices to Boost the Demand for Power Device Analyzers
Challenges
- High Initial Cost of Installation
- Requirement of Skilled Personnel to Operate Power Device Analyzers
Trends/Disruptions Impacting Customers' Businesses
- Revenue Shift and New Revenue Pockets for Power Device Analyzer Providers
Companies Mentioned
- Arbiter Systems
- Carlo Gavazzi
- Circutor
- Dewesoft D.O.O
- Dewetron
- Extech Instruments
- Fluke Corporation
- Hioki E.E. Corporation
- Iwatsu Electric
- Janitza Electronics GmbH
- Keysight Technologies
- Magtrol
- Newtons4Th
- PCE Instruments
- Rohde & Schwarz
- Texas Instruments
- Valhalla Scientific
- Vitrek
- Yokogawa Electric Corporation
- ZES Zimmer Electronic Systems GmbH
For more information about this report visit https://www.researchandmarkets.com/r/yq2e04
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