Key Market Insights
In 2022, the global power device analyzer market was valued at US$ 461.3 million and will reach a valuation of US$ 728.6 million by 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 4.8%.
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Market growth can be attributed to rising consumer demand for electronic devices, the increasing adoption of Internet of Things (IoT) devices as well as Industrial Internet of Things (IIoT) devices, as well as an ever increasing need for device security and compliance measures.
North America is expected to hold the highest market share during this forecast period due to its large presence of electronic device makers and early implementation of innovative technologies.
Asia Pacific region is projected to experience the highest compound annual compound average growth over its forecast period, driven by increasing electronic device purchases and rising adoption of IoT/IIoT technologies in this market.
Latest trends
- Miniaturization of Device Analyzers: Device analyzers have become smaller and more portable due to growing consumer interest in mobile phones and other portable electronic devices. This trend can be linked to their increased accessibility for use and transportability.
- Integrating artificial intelligence (AI) and machine learning (ML): AI/ML integration has become more prominent within device analyzers to increase accuracy and efficiency; for instance, AI powered analyzers can automatically identify defects within electronic devices that need repairs.
- Cloud-Based Device Analyzer Adoption Trend: With their numerous advantages over on-premise device analyzers - such as scalability, flexibility and cost efficiency - cloud-based device analyzer adoption is increasing dramatically.
COVID-19's Impact
The COVID-19 pandemic has had both negative and positive ramifications on the device analyzer market. On one hand, its decline has resulted in decreased electronic device sales that has hurt device analyzer sales significantly; conversely, however, digital transformation in businesses and organizations has created more need for device testing and validation services; plus there has been more remote work and online learning activity leading to demand for cloud-based device analyzers as a result of it all.
Driving Factors
- Rising Demand for Electronic Devices: With smartphones, tablets, laptops and other electronic devices becoming ever more ubiquitous worldwide, global demand for electronics continues to skyrocket - fuelled in part by increasing smartphone adoption - driving an exponential rise in device analyzer sales over time. As this trend accelerates further in coming years, device analyzer demand should increase accordingly.
- Rising need for device testing and validation: As electronic devices become ever more complex, device testing and validation become ever more crucial to ensure they comply with required performance and safety standards. Device analyzers play an integral part in this testing and validation process.
- Rising Adoption of Advanced Device Analysis Technologies: Advanced device analysis technologies such as artificial intelligence-powered device analyzers and cloud-based device analyzers have become more widely adopted over traditional device analyzers due to their advantages such as accuracy, efficiency, scalability and lower operating costs.
Restraining Factors
- High Cost of Device Analyzers: Device analyzers may be costly to purchase and install in small and midsized enterprises; as a result, this may hinder adoption rates of device analyzers.
Opportunity Factors
- Developments within the semiconductor industry: With worldwide demand for electronic devices continuing to soar, growth of this sector should present new opportunities in terms of device analyzer market development.
- Adopting Emerging Technologies: As these emerging technologies such as 5G, artificial intelligence (AI), and IoT continue to spread, their adoption will likely fuel an increased need for device analyzers as these require high performance, reliable electronic devices which must first be thoroughly tested and validated prior to deployment.
- Expanding Application Areas: Device analyzers have found increasing use in industries as diverse as automotive, consumer electronics, aerospace & Defense and healthcare - this should create new market opportunities in terms of usage of device analyzers.
Challenging Factors
- Technological Advancement: The device analyzer market has witnessed rapid technological progress over recent years. This can make it challenging for market participants to remain up-to-date with emerging trends and technologies.
- Competition from Low-Cost Manufacturers: The device analyzer market is facing intensifying competition from lower cost producers based in China, exerting downward pressure on device analyzer prices. This competition threatens the current product offerings for device analysis.
- Compliance requirements: Device analyzer manufacturers must abide by various regulations such as IEC 61010 standard when developing and manufacturing device analyzers, which may increase development and manufacturing costs.
Key Market Segments
By Type
- Both AC & DC
- AC
- DC
By Current
- Below 1000A
- Above 1000A
By End-User
- Automotive
- Energy
- Telecommunication
- Consumer Electronics & Appliances
- Medical
- Other End-users
Top Key Players in Power Device Analyzer Market
- Keysight Technologies, Inc.
- Yokogawa Electric Corporation
- Advantest Corporation
- Chroma ATE Inc.
- Tektronix Inc.
- B&K Precision Corporation
- Rohde & Schwarz GmbH & Co KG
- National Instruments Corporation
- Keithley Instruments, Inc.
- Fortive Corporation
- Other key Players
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