Electronic Load Devices Market Revenue to Grow $5.2 billion by 2031, growing at a CAGR of 5.4% | Valuates Reports

Electronic Load Devices Market

The global electronic load devices market size was valued at $3.1 billion in 2021, and electronic load devices industry is projected to reach $5.2 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

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An electronic load is a test instrument designed to sink current and absorb power out of a power source. The electronic load tests the energy sources or energy conversion blocks under specific loading constraints. An electronic load is a programmable instrument that offers the user various modes of control such as constant voltage (CV), constant current (CC), constant power (CP), or constant resistance (CR). Device manufacturers and design engineers use electronic loads to test numerous power devices such as power supplies, DC-DC converters, chargers, adapters, batteries, solar panels, fuel-cells, and more.

The global market of electronic load devices has experienced considerable growth in recent times owing to an increase in focus on consumer electronics manufacturing and the ability to boost the availability of wireless communications technology. According to the India Brand Equity Foundation (IBEF), India's demand for wearable electronics surged by 170.3 % in the first quarter of 2021. The solid performance of the electronic manufacturing industry has positively influenced the electronic load devices market.

The presence of investment of the top companies in the renewable energy and electric vehicles also is expected to have considerable impact on the electronic load devices market. The presence of huge population and rapid development in economy in developing countries such as India and China have led to increase in demand for power, hence government has invested in the development of solar energy and production of fuel cells which can be used as a power source. Increase in demand for solar power plant and fuel cells in modern society has influenced the demand for electronic load devices. The introduction of various policies toward the utilization of individual solar power in various countries to harvest the rooftop solar power is anticipated to drive the demand for the electronic load devices market.

The need for high capital to produce electronic load devices and the lack of technical expertise & skills to adapt to the evolving digitalized market setting are some of the major trends that could negatively impact its performance and growth potential during the forecast period.

The electronic load devices market forecast is segmented on the basis of by type, voltage, current type, application, and region. On the basis of type, it is segmented into standalone, modular, and mainframe. On the basis of voltage, the market is divided into low, medium, and high. On the basis of current type, the market is bifurcated into AC and DC. On the basis of application, the market is categorized into aerospace, defense & government services, automotive, energy, wireless communication & infrastructure, and others.

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest electronic load devices market share, followed by Asia-Pacific, and Europe.

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The major companies profiled in this report include AMETEK, Ainuo Instrument CO., Ltd, B&K Precision Corporation, Chroma ATE, Chroma Systems Solutions Inc., FDK Corporation, General Electric, Good Will Instrument Co., Itech Electronic Co. Ltd, Keysight Technologies, Kikusui Electronics Corporation, Matsudada Precision, National Instrument, NFCorp, TDK-Lambda Corporation, Tektronix, and Teledyne Technologies. The gradual change in lifestyle among the people in the developing countries and surge in the personal income among the middle class people have led to increase in the utilization of consumer electronics. The surge in investment among the people and government to build wireless communication infrastructure is anticipated to have positive impact on the demand for electronic load devices. Furthermore, innovation and investment in the type of electrical products with the integration of wireless connectivity are projected to provide ample opportunities for the development of the market during the forecast period.

The modular segment dominates the global electronic load devices market. Modular electronics load devices is designed to work at a maximum amount of current with a specified voltage however with an added ability that allows it to reach higher currents in a very different way. It is used to testing multiple output power supplies, converters, chargers, batteries, adapters, and other electronic equipment. The rapid urbanization across the globe has led to increase in utilization of various portable electronic products. The surge in utilization of converter in the renewable energy sector, chargers for the portable electronic products, and batteries for the smartphones, laptops, and other products have driven the market growth. The rapid development in the manufacturing facilities of above mentioned products is expected to provide ample opportunities for the development of the market.

The low segment dominates the global electronic load devices market. Low voltage electronics load devices is utilized to test and measure consumer electronic equipment. This level of equipment consists of consumer electronic goods, lightning equipment, and other electronic household equipment. The increase in urbanization across the globe and the presence of demand for various consumer electronic goods such as smartphone, laptop, and others are some of the factors driving the market growth. The increase in investment from the electronic manufacturing giants to meet the demand of the consumers is expected to have positive impact on the electronics load devices market. The above mentioned factors and utilization of low voltage electronic load devices are anticipated to provide ample opportunities for the development of the market.

The DC segment dominates the global electronic load devices market. The major share of the equipment manufactured and utilized is direct current due to its massive utilization in all major fields and smaller laboratory testing equipment. The demand for the DC segment is high across the global market due to favorable factors such as the high application of DC electronic load devices for testing power in various electronic equipment's such as inverter testing, power converter, solar panels, and others. In the future, the rise in demand for the DC segment could influence the global market performance. The presence of above mentioned advantages is expected to drive the growth of the market.

The wireless communication & infrastructure segment dominates the global electronic load devices market. The key factors fueling the growth of the market include increasing demand for wireless sensors for developing smart infrastructure, growing internet penetration rate, and surging adoption of IoT, development of 5G network, particularly in automotive sector, and significant financial support from governments worldwide for R&D. Cross-domain expertise and collaborations are required to realize the full potential of wireless technologies. Organizations and businesses have exponential growth opportunities in the IoT and cloud computing ecosystems. Organizations can capture and adapt to increasing cloud and IoT trends, along with technological innovations. The presence of above mentioned applications and investments are expected to provide ample opportunities for the development for the electronic load devices market.

North America is analyzed across the U.S., Canada, and Mexico. U.S. and Canada are the major players in this region. The North America electronic load devices market revenue is estimated to surpass USD 1.8 billion by 2031. The U.S. dominates the electronic load devices market due to the high rate of utilization of electronic products. The presence of huge investment in the development of new products that are very advanced compared to the products of other developed and developing countries is expected to drive the demand for the electronic load devices market. The presence of major manufacturing giants of electric vehicles and increasing number of electronic consumer goods manufacturer's in this region are expected to foster the demand for the electronic load equipment. The adoption of electric vehicles, presence of favorable policies, subsidies, and tax rebates programs to promote EV adoption are major driving factors of the electronic load devices market growth. The several advantages of electric vehicles over conventional vehicles in terms of cost and environmental impact are anticipated to drive the utilization of electronic load equipment in the automotive sector. The above mentioned are major factors driving the growth of the market in this region during the forecast period.

Impact of Covid-19 on Global Electronic Load Devices Market

The global COVID-19 pandemic has negative impact on the electronic load devices market. This market has experienced lower than anticipated demand across all regions compared to pre pandemic levels. The global market exhibited a decline by about 20% in 2020 compared to 2019.

The COVID-19 negatively impacted the electronic load devices market as it led to a decline in the sales turnover. Owing to stringent lockdown restrictions, the manufacturing activity got severely affected, which hampered the market growth and profitability. However, during the forecast period, the market is expected to recover due to eased lockdown restrictions in most nations. Furthermore, the major manufacturing giants have launched various products related to consumer electronics which will lead to surge in the market growth after the pandemic.

Key Players:

AMETEK, Good Will Instrument Co., Ltech Electronic Co. Ltd, Kikusui Electronics Corporation, FDK Corporation, National Instrument, Teledyne Technologies Inc., Tektronix, Chroma Systems Solutions Inc., General Electric, B&K Precision Corporation, TDK-Lambda Corporation, Ainuo Instrument CO., Ltd, Chroma ATE, Keysight Technologies, Matsudada Precision, NFCorp

By Type
• Standalone
• Modular
• Mainframe

By Voltage
• Low
• Medium
• High

By Current Type
• AC
• DC

By Application
• Aerospace, Defense and Government Services
• Automotive
• Energy
• Wireless Communications and Infrastructure

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