Power Device Analyzer Market worth $600 million by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 22, 2023 /PRNewswire/ --  Power Device Analyzer Market is projected to reach USD 600 million in 2027 from USD 470 million in 2022 at a CAGR of 5.0% according to a new report by MarketsandMarkets™. Power device analyzers measures electrical power in devices that generate, transform, or consume electricity. They have been used in electrical product testing equipment as they provide accuracy, frequency ranges, and functions necessary to meet industry test and measurement standards. They are utilized for measuring different aspects of power such as current, voltage, peak, voltage, mean, RMS parameters harmonics, and phase. The power device analyzers are categorized into three types as AC, DC and Both AC and DC. A DC power analyzer is a high-performance instrument that includes up to four sophisticated DC power sources or electronic loads, as well as a digital multimeter (DMM), oscilloscope, arbitrary waveform generator (AWG), and datalogger. The AC power analyzers make more accurate power measurements.

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Power Device Analyzer Market Scope:

The Power Device Analyzer Market is expected to be dominated by Both AC and DC segment, by type, during the forecast period.

In the Power Device Analyzer Market, by type, in 2021 the Both AC & DC type segment accounted for the greatest share of 78%. This is due to the increasing government mandates and initiatives for implementing energy audits. The growing demand for Electric Vehicles and the growing market for Internet of Things are also positively influencing the growth of both AC & DC type segment. Furthermore, the increasing energy audits and mandates from governments globally is likely to boost the demand for power analyzers.

The Power Device Analyzer Market is expected to be dominated by the below 1000A current segment, by current, during the forecast period.

In the Power Device Analyzer Market, by type, in 2021 the below 1000A segment accounted for the greatest share of 67%. Most of the projects are taken in the below 1000A segment, and it is used in various end use industries such as Energy, Automotive, aerospace & defense, healthcare equipment manufacturing, and wireless communication. Products such as PWM Inverters, high frequency power electronics, AC/DC converters, Solar arrays and UPS widely used in automotive and energy industries requires power device analyzers for the purpose of testing the quality of the power supplied and other parameters which are related to power supply. 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 Power Device Analyzer Market is expected to be dominated by the automotive segment, by end user, during the forecast period.

Among the end use industries, the automotive segment accounts to have the largest share of 21% in the estimated year 2022 in the Power Device Analyzer Market. Consumer electronics and appliances account for the second largest share of the Power Device Analyzer Market with 19.8% in the same estimated year of 2022.  Power analyzers are widely used for testing power electronics, power supplies, inverters, motors and drives, home appliances, lighting, office equipment and industrial machinery by measuring many aspects of electrical power. The increased demand for Electric Vehicles in the automotive sector has increased the installation of power device analyzers in this sector as it is used in various applications such as testing of the components like electric motors, navigation systems, battery management systems and electrical charging systems to ensure the quality, safety, and reliability of automotive systems. Presently China, Japan, and South Korea dominate the Electric Vehicles market.

The Power Device Analyzer Market is expected to be dominated by Asia Pacific region has it is having a strong demand for power device analyzer.

Power device analyzers are progressively being deployed in North America and Asia-Pacific, and the market is expanding rapidly. Asia Pacific region accounts for the largest share of 54.3% in the year 2021. The Asia-Pacific market is divided into China, India, Japan, Australia, South Korea, and the rest of Asia. Asia- Pacific's growth is being driven by an increase in demand for electric vehicles and a rise in government restrictions. The China government has made a mandate to have a few percentages of Electric Vehicle sales for the automotive manufacturers in their overall sales. Later China has set a target of sales of Electric Vehicles to be 40% of their overall sales. This has made the manufacturers to increasingly invest in electric vehicles to avoid penalties. Global manufacturers such as BMW, Volkswagen, and Tesla are establishing their manufacturing sites in Asia-Pacific region as they are finding more profitable opportunities. The increased interest of automotive industry in this region is driving the Power Device Analyzer Market in this region.

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Power Device Analyzer Market Dynamics:

Drivers:

1. Rising focus on energy savings
2. Increasing adoption of power-efficient devices across various industries 
3. Growth of electric vehicles market

Restraints:

1. Expanding gray market

Opportunities:

1. Growing focus on energy audits and regulations
2. Increasing adoption of power device analyzers by renewable energy sectors
3. Growing market for IoT devices

Challenges:

1. High initial cost of installation
2. Requirement of skilled personnel

Key Market Players:

The major players dominating the Power Device Analyzer Market are Keysight Technologies (US), Yokogawa (Japan), Hioki E E Corporation (Japan) and Fluke Corporation (US). These players are adopting various strategies such as new product launches to increase their share globally in the market.

Recent Developments

• In May 2021, Iwatsu launched Curve Tracer CS-8000 series. The series can test up to 5kV, 2000A.
• In December 2020, Keysight introduced N6705C DC power analyzer. For greater convenience, all sourcing and measuring functions are available from the front panel. Keysight now offers a recessed binding post (RBP) option with the N6705C for added safety when using banana plugs.
• In October 2020, Yokogawa Electric Corporation was awarded a contract by Oman government to supply an analyzer package solution for Liwa Plastics Industries Complex that is being built for Oman Oil Refineries and Petroleum Industries Company.
• In March 2019, ROHDE & SCHWARZ was awarded a contract by University of Aalborg to supply test equipment for the Electronic Engineering IoT living laboratory which includes oscilloscope, power analyzer, and radio scanner.

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