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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.
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 power device analyzer market is projected to advance at a modest rate with a CAGR of 5% during the forecast period 2022-2032, as per the power device analyzer market report by Future Market Insights (FMI).
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The primary factor accelerating the power device analyzers market growth is the increasing adoption of high-performance and power-efficient devices for the consumer and healthcare sectors and investments in electric vehicles due to environmental concerns.
Globally, there is a constant demand for energy savings across various industries. In addition, various government and international organizations work to raise awareness and promote energy conservation.
Renewable energy is gaining traction around the world. As a result, various government policies and schemes are in place around the world to encourage the use of renewable energy resources, thereby shaping the power device analyzer market future.
To fulfil the Paris Agreement and reduce carbon emissions, the future energy mix will rely more on renewable energy, which puts a number of solar and wind energy projects underway or planned for the future in various countries as adoption of power device analyzers is highly preferred for testing solar cells and as a total carbon analyser, etc.
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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 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 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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- Due to government initiatives to implement energy audits with increased mandatory regulations a growing market for 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 defense, 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.
“Asia-Pacific is expected to reign the market in the coming years as its growth is being aided by an increase in demand for electric vehicles (E.V.s) and a tightening of government policies and to avoid financial penalties, manufacturers must earn a certain number of points per year, which are awarded for each E.V. produced. As a result, E.V. sales in China are expected to account for 40% of total vehicle sales by 2030. Furthermore, global automakers such as BMW, Tesla, and Volkswagen are establishing manufacturing facilities in Asia Pacific due to the lucrative opportunities available. As a result, rising investment in major end-use industries is expected to drive the market for power device analyzers during the forecast period.” asserts an FMI researcher.
The market’s top players in the power device analyzer market include Fortive (U.S.), Keysight Technologies (U.S.), Iwatsu (Japan), Yokogawa (Japan), Hioki E.E. Corporation (Japan), Rohde & Schwarz (Germany) and Newtons4th (U.K.).
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 (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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