While the high initial costs and low overload capacity are potential challenges, the increasing adoption of electronic devices and EVs acts as a major driving factor for this industry
As per a report by market.us, the global power device analyzer market seems to be set on a growth trajectory for the upcoming decade. Projecting it to touch the highest CAGR of 4.8% between 2023 and 2032, this latest research expects the market to cross $ 728.6 million by 2032. Used in power electronics applications such as power supplies, motor drives, and inverters, a power device analyzer measures the electrical characteristics of power devices such as transistors, diodes, and power ICs.
While the high initial costs and low overload capacity are the potential challenges for this industry, according to market.us, the impressive growth in the adoption of electronic devices, electric vehicles (EVs), and renewable energy acts as a major driving factor for the global power device analyzer market. As the device performs a variety of measurements, including voltage, current, capacitance, resistance, inductance and more advanced measurements such as dynamic on-state resistance (DS), thermal resistance (θ), and gate charge, they have high demand in research and development labs, semiconductor manufacturing facilities, and power electronics testing facilities.
The report acknowledged the negative impact of the COVID-19 pandemic on the global supply and manufacturing chains. With product shortages and shipping delays, the global power device analyzer device market witnessed a steep downfall in revenue during the pandemic years.
With a significant market share of 39% in 2022, Asia Pacific is expected to continue to hold the largest power device analyzer market share in the forecast period. The driving factor is the rising adoption of consumer electronics in emerging economies such as India, China, and Japan. Though, the report anticipates North America to grow at the fastest CAGR during the forecast period due to rising technological advancements.