The global power analyzers market is estimated to create an incremental opportunity of more than of US$ 700 Mn by the end of 2032. The demand for power analyzers is expected to surpass US$ 460 Mn by 2022, accelerating at a CAGR of around 5% to 6% during the forecast period 2022-2032. Increasing demand for more efficient equipments and technologies to improve the device efficiency and reduce the wastage of energy across diverse industries is projected to augment the sales of power analyzers in the global market.
| Report Attribute | Details |
| Power Analyzers Market Base Year Value (2021) | US$ 455 Million |
| Power Analyzers Market Expected Value (2022) | US$ 460 Million |
| Power Analyzers Market Anticipated Value (2032) | US$ 700 Million |
| Power Analyzers Market Projected Growth Rate (2022-2032) | 5% to 6% CAGR |
Power analyzers, also known as power meters, are instruments that aid in measuring parameters such as harmonics, motor drives, power factor, lighting, energy wastage, and efficiency in products such as industrial machinery, inverters, power supplies, and others. Efficient power consumption need high-accuracy measurements on a subsystem or system. Inadequate detection of electrical systems without reliable operation of load might result in disturbance of power system involving unbalance of voltage, current, or frequency.
Demand for power analyzing equipments is surging at a rapid pace driven by its ability to monitor a number of variable parameters of power systems by optimizing the production and running cost of power flow.
Power analyzers are finding a wide range of applications across industries such as power generation, medical, telecommunication, and others. They are extensively being used to support other equipments and devices by providing real-time analysis of phase rotation, frequency measurement, fault measurement, and voltage fluctuations. This is estimated to favor the sales of power analyzers in the global market.
As the trend of industrialization and electrification continues to grow, a significant rise in demand for energy and energy-saving equipments is being experienced across the world. For instance, according to a study by the International Energy Agency, the global demand for electricity is estimated to grow 2.1% per year to 2040, twice the rate of primary energy demand.
Thus, governments in several countries are increasingly emphasizing on the development of smart grids and replacement of old power infrastructure to reduce the cost of distribution and decrease electricity loss.
For instance, according to a report by the India Smart Grid Forum, the Indian Government announced sanctioning US$ 129.9 Mn under the National Smart Grid Mission (NSGM) with budgetary support of nearly US$ 44.8 Mn for transforming the nation’s power infrastructure by developing smart grids across smart cities in India.
Power analyzers play a vital role in these grids for real-time assessment of variable parameters such as current, voltage, and frequency. It also assists in continuously monitoring electrical lines for detecting the disturbance which can disrupt the delivery of energy and preventing damage to plugged equipments. Hence, such developments are estimated to bolster the sales of power analyzers in the global market.
The cost of branded power analyzing devices is much higher than the ones manufactured locally. Attributed to this, major power analyzer market players are witnessing tough competition from unorganized manufacturers who supplies substandard products.
This accelerating sales from local and gray market players are resulting in reducing opportunities for global players to expand their market share, which is in turn, restricting the growth of branded power analyzer manufacturers. In addition to this, high cost of power analyzers is also hindering the sales across small and medium-size enterprises.
Future Market Insights reveals that North America is expected to account for the dominant share in the global power analyzer market over the forecast period 2022-2032.
With rising trend of electrification in the automotive sector, growing fuel prices, rising environmental concerns regarding carbon emission across North America, a significant rise in sales of electric vehicles is being experienced across countries such as the U.S. and Canada.
For instance, according to a study by the Edison Electric Institute, more than 61,000 electric vehicles were reported to be sold across the U.S. in 2019, exhibiting sales growth of nearly 10% in comparison to the sales in 2018. As power analyzers are increasingly used for assessing variable parameters in various components of these automobiles, growing sales of electric vehicles are projected to bolster the sales in the North America market.
As per FMI, Japan is projected to emerge as a highly lucrative market for power analyzers from 2022 to 2032.
Increasing adoption of high-performance and power-efficient devices across diverse industries and growing emphasis on reducing loss of energy is augmenting the demand for power analyzers. Hence, several players in the market are focusing on launching novel new high-performance products to cater to this surging demand.
For instance, in 2021, Hioki E. E. Corp., a Japanese electrical test and measuring instruments manufacturer announce introducing its new power analyzer, PW8001. The product is integrated with a next-generation digital platform that enables high-speed power analysis of up to eight channels. A multiplicity of such new product launches are anticipated to accelerate the sales of power analyzers across the Japan market.
Some of the leading players in the power analyzers market are Drantez Technologies, HIOKI E.E. Corporation, MB Control & Systems, PCE Deutschland GmbH TEKTRONIX, INC., Yokogawa Electric Corporation, Fluke Corporation, Pacific Microsystems and others.
Leading players in the global market are aiming at launching high performance products and capacity expansion to gain edge in the highly competitive market
| Report Attribute | Details |
| Growth Rate | CAGR of 5% to 6% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Customization | Available Upon Request |
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FMI projects the demand for power analyzers market to expand at around 5% to 6% value CAGR over the forecast period 2022-2032
The power analyzers market is dominated by North America, and this trend is projected to continue for the assessment period.
Drantez Technologies, HIOKI E.E. Corporation, MB Control & Systems, PCE Deutschland GmbH TEKTRONIX, INC., Yokogawa Electric Corporation, Fluke Corporation, Pacific Microsystems, and others are some prominent power analyzers manufacturer.
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