Press release
Power Electronic Testing Market Projected to Reach USD 13.42 Billion by 2034, Registering a CAGR of 8.4%
According to the findings, the market stood at 6.01 billion in 2024 and is expected to reach USD 13.42 Billion by 2034. It is anticipated to register a CAGR of 8.4% during the forecast period 2034.
What is Power Electronic Testing?
Power electronic testing refers to the process of evaluating and verifying the performance, reliability, and safety of power electronic components and systems-such as inverters, converters, rectifiers, and power modules. This testing ensures the devices operate correctly under various electrical loads, temperatures, and environmental conditions, and is crucial in applications like electric vehicles, renewable energy systems, and industrial automation.
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What Is the Report Scope?
• Provides a comprehensive analysis of the market, including historical data, current trends, and future projections.
• Covers both qualitative and quantitative insights to support strategic decision-making.
• Examines key market segments and sub-segments to offer an in-depth market assessment.
• Includes detailed regional analysis covering major geographic markets.
• Assesses the competitive landscape with profiles of leading players, recent developments, and strategic initiatives.
What's Propelling Market Forward?
Ongoing innovation, rising demand across key sectors, and supportive industry trends are driving the upward trajectory of the Power Electronic Testing market. Below are some of the primary forces fueling this growth:
The growing adoption of electric vehicles (EVs) is significantly boosting the demand for power electronic testing. As EV architectures rely heavily on components like inverters, onboard chargers, DC-DC converters, and battery management systems, thorough testing is essential to ensure performance, safety, and durability. With global EV sales surpassing 17 million units in 2024, the need for precise, high-efficiency power conversion systems has intensified. Automakers are pushing innovations in fast charging and battery longevity, driving demand for advanced testing solutions that validate thermal stability, energy efficiency, and electromagnetic compatibility under diverse conditions.
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Who Are Market Key Players?
This market features dynamic competition where prominent organizations continuously innovate and pursue strategic alliances to expand their market share and influence. Key Power Electronic Testing market participants include:
• Advantest Corporation
• AMETEK Programmable Power Inc.
• Bureau Veritas
• Chroma ATE Inc.
• DEKRA
• DNV GL
• Intertek Group plc
• Keysight Technologies
• National Instruments Corporation
• Rohde & Schwarz
• SGS SA
• TEKTRONIX, INC.
• Teradyne Inc.
• TÜV Rheinland
• TÜV SÜD
How Is Market Segmentation Done?
The market segmentation section provides a clearer understanding of demand patterns and growth opportunities across different segments. The market is segmented based on the following key parameters:
By Provision Type Outlook (Revenue, USD Billion, 2020-2034)
• Test Instruments and Equipment
• Professional Testing Services
By Device Type Outlook (Revenue, USD Billion, 2020-2034)
• Individual Power Provision Types
• Multi-Device Modules
• Power Management ICs
By End Use Outlook (Revenue, USD Billion, 2020-2034)
• Industrial Automation and Machinery
• Automotive and Mobility Solutions
• Information & Communication Technology (ICT)
• Consumer Electronics and Devices
• Renewable Power and Utility Networks
• Aerospace and Defense Applications
• Others
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Which Region Leads Market Demand?
The global market exhibits varied growth patterns across regions, with certain areas leading due to strong industrial presence, higher investment levels, and favorable economic conditions.
By Regional Outlook (Revenue, USD Billion, 2020-2034)
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
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