Power Device Analyzer Market In The Asia Pacific Is Booming Because Of Rising Marine Traffic, The Rise Of Electric Vehicles, And Government Legislation

The power device analyzer market in the Asia Pacific is booming because of rising marine traffic, the rise of electric vehicles, and government legislation.

In 2020, Asia Pacific accounted for 54.2 per cent of the global power device analyzer market. China, Japan, South Korea, Australia, India, and the Rest of Asia Pacific make up this regional market.

A surge in demand for electric cars (EVs), Ac power quality monitors and more 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 be battery-powered.

In addition, to avoid financial penalties, producers must obtain a certain amount of points each year, which 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.

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Big automaker companies such as BMW, Tesla, and Volkswagen are constructing production plants in the 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 market for power device analyzers was worth US$ 450 Mn in 2021 and is anticipated to grow at a 5.0% CAGR to reach US$ 580 Mn by 2026. To cut down on energy waste and boost productivity, there is an increasing demand for more efficient technologies. In order to reduce reliance on fossil fuels and provide more sustainable energy, there is also a shift toward electric and hybrid vehicles.

Furthermore, the renewable sector is experiencing rapid growth, with investments coming from private players and the government.

Major power device analyzer manufacturers are confronted with various challenges and unorganized market players who sell sub-standard products.
These unorganized market players outperform the big players in terms of price, competitiveness, and the local supply network they maintain, which is difficult for global players to achieve. Furthermore, local dealers push these locally produced devices into the market because of higher margins.

This apart, due to the sheer lack of stringent government regulations on energy waste, many small and medium-sized industries, particularly in developing economies such as Southeast Asia, choose locally manufactured power device analyzers due to the lower prices involved. As a result, increased sales of power device analyzers from local and grey market players limit global players' opportunities to gain power device analyzers' market share.

On account of the aforementioned factors, the power device analyzer market is predicted to muster a revenue of about US$ 58 Mn by 2026.

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Key Takeaways

• Due to government initiatives to implement energy audits with increased mandatory regulations a growing market for the Internet of Things (IoT), both the A.C. and D.C. type segments are expected to account for a larger power device analyzer market share by type.

• By current, the below 1000A is likely to lead the market as the vast majority of projects are undertaken in this sector, including automotive, energy, aerospace and defence, and healthcare equipment manufacturing.

• By end-use, the automotive segment is anticipated to dominate the market as the rise of electric and self-driving vehicles has increased the demand for power device analyzers to ensure automotive systems' quality, safety, and dependability.

• The North American market is expected to be the fastest-growing. The rising number of 4G connections that would necessitate wireless test equipment is the primary growth driver for the market in this region.
• In Asia-Pacific, China and the automotive segment is likely to be at the forefront of the power device analyzer market.

• The power device analyzer market size was around US$ 450 Mn in 2021.

Competitive Landscape

The market's top players in the power device analyzer market include Fortive (U.S.), Keysight Technologies (U.S.), Iwatsu (Japan), Yokogawa (Japan), and Hioki E.E. Corporation (Japan), Rohde & Schwarz (Germany) and Newtons4th (U.K.).

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A few of the recent developments in the power device analyzer market are as follows:

• Iwatsu will release the Curve Tracer CS-800. This series has a testing capacity of up to 5kV and 2000A and is considered one of the significant emerging trends in the power device analyzer market.

• The PA920 Series Power Analyzer from Vitrel features an ultra-high accuracy, wideband waveform digitizer with advanced computational capability, a large high-resolution display, and a full-colour touchscreen user interface for power measurement accuracy (0.024 per cent, 20Hz).

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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

This release was published on openPR.