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Electronic Load Market Key Drivers, Overview 2024-2033
Electronic Load Market Size
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According to The Business Research Company's, The electronic load market size has grown strongly in recent years. It will grow from $2.95 billion in 2023 to $3.16 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing focus on energy efficiency, rising adoption of electric vehicles, increasing demand, increasing investments, and a rise in wireless communications.
The electronic load market size is expected to see strong growth in the next few years. It will grow to $4.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the increase in focus on renewables, investments in aerospace and defense, and the growing automotive and energy sector. Major trends in the forecast period include demand for wireless communication infrastructure, producing highly energy-efficient products, ongoing research and development activities, and technological innovations in power electronics.
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Market Drivers and Trends:
The increasing use of renewable energy sources is expected to propel the growth of the electronic load market. Renewable energy sources are natural resources that are replenished at a rate that matches their consumption. The use of renewable energy sources is rising due to increasing concerns about climate change and the need to reduce carbon emissions. Renewable energy sources are essential for electronic loads as they enable efficient testing, validation, and operation of power sources and systems while also promoting sustainability and reducing environmental impact. For instance, in December 2023, according to the European Commission, a UK-based governing body, the European Union (EU) reached a 23.0% share of its gross final energy consumption from renewable sources in 2022, around 1.1% points higher than in 2021. Therefore, the increasing use of renewable energy sources is driving the growth of the electronic load market.
Major companies operating in the electronic load market are focusing on developing automated process control systems to enhance testing precision and improve efficiency. Automated process control systems are integrated technologies used to manage, regulate, and optimize industrial processes through the use of sensors, controllers, and actuators, minimizing human intervention and enhancing efficiency, consistency, and safety. For instance, in November 2022, EA Elektro-Automatik GmbH & Co.KG, a Germany-based manufacturer of DC power supplies, launched the Industrial Series 60 kW DC Power Supplies and Loads. The 60 kW models offer maximum voltages ranging from 360 V to 2000 V and maximum currents from 80 A to 480 A, while the 30 kW models feature maximum voltages from 60 V to 2000 V and maximum currents from 40 A to 1000 A. With a total of 21 models in the 60 kW series and 29 models in the 30 kW series, engineers can choose the most suitable option for their specific applications. The increased power capability enables engineers to reduce the number of power instruments needed for high-power systems, saving critical rack space and providing more power in a smaller footprint.
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Major Key Players of the Market:
Delta Electronics Inc., EA-Electronics GmbH, Ametek Programmable Power, Tektronix Inc., Keysight Technologies, Advantest Corporation, National Instruments Corporation, Chroma ATE Inc., Teledyne LeCroy, TDK-Lambda Corporation, RIGOL Technologies Inc., Kikusui Electronics Corporation, NF Corporation, EA Elektro-Automatik GmbH & Co. KG, Good Will Instrument Co. Ltd., OMICRON Lab, NH Research Inc., B&K Precision Corporation, Boonton Electronics Corporation, Pacific Power Source Inc., ITECH Electronic Co. Ltd., Maynuo Electronic Co. Ltd., Manson Engineering Industrial Ltd., Yokogawa Electric Corporation
Electronic Load Market 2024 Key Insights:
• The electronic load market size is expected to see strong growth in the next few years. It will grow to $4.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Renewable Energy Boom Fuels Expansion Of The Electronic Load Market
• Advancements In Automated Process Control Systems In The Electronic Load Market
• North America was the largest region in the electronic load market in 2023
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