Power Device Analyzer Market Size to Grow $600 million by 2027

According to a new market research report, the power device analyzer market is expected to grow from an estimated USD 470 million in 2022 to USD 600 million by 2027, at a CAGR of 5.0% during the forecast period. The global power device analyzer market is expected to witness significant growth during the forecast period due to the rising focus on energy savings and increasing adoption of power efficient devices across various industries.

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A few major players that have a wide regional presence dominate the power device analyzer market. The leading players in the power device analyzer market include Keysight Technologies (US), Yokogawa (Japan), Hioki E E Corporation (Japan) and Fluke Corporation (US) are the leading players of the Power Analyzer market.

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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.

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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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