DELRAY BEACH, Fla., Oct. 11, 2024 /PRNewswire/ -- The global power electronics testing market was valued at USD 5.7 billion in 2024 and is projected to reach USD 9.3 billion by 2029; it is expected to register a CAGR of 10.2% during the forecast period according to a new report by MarketsandMarkets™. The growth of the power electronics testing market is fueled by multiple significant factors ranging from fast EV adoption to the increasing demand for renewable energy infrastructures using power electronics for conversion and grid adherence. Widespread adoption of semiconductors such as Silicon Carbide (SiC) and Gallium Nitride (GaN) in high-power applications prompts the necessity for innovative testing methods because of their increased voltage levels and frequencies. Industrial automation and smart grids enhance the demand for dependable and effective power electronics that must pass extensive testing for adherence to international safety measures.
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Power Electronic Market Report Scope:
Report Coverage Details Market Revenue in 2024 $ 5.7 billion Estimated Value by 2029 $ 9.3 billion Growth Rate Poised to grow at a CAGR of 10.2% Market Size Available for 2020–2029 Forecast Period 2024–2029 Forecast Units Value (USD Million/Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered By Offering, Device Type, Vertical, and Region Geographies Covered North America, Europe, Asia Pacific, and Rest of World Key Market Challenge Adhering to various global safety, efficiency, and quality standards can be complex and resource-intensive for manufacturers Key Market Opportunities Increase in reliance on high-efficiency power electronics for avionics and defense systems Key Market Drivers Surge in EV adoption increasing need for testing services
The demand for testing services will dominate the power electronics testing sector due to the urgent requirement to guarantee safety and efficiency in complicated power electronics components. In this segment's future predictions EMC testing is set to be the leading category because it plays a vital function in helping power electronics systems function smoothly without creating disturbances for neighboring devices such as in automotive and aerospace industries. An array of essential testing services includes electrical safety testing to guarantee protection from electrical threats radio frequency testing for wireless applications energy efficiency testing to comply with power conservation rules and multiple specialized test methods for different purposes. As electric vehicles and eco-friendly energy solutions become more prevalent businesses must achieve conformity with demanding global standards and regulations in multiple sectors.
The rising adoption of automation, robotics, and Industry 4.0 technologies is likely to spur the expansion of the industrial vertical. Testing is essential for power electronics which power and command sophisticated machinery and energy management systems in factories. This is for optimal reliability and efficiency in stressful environments. The growing attention towards energy-efficient systems and following norms in industrial fields increases the requirement for testing solutions. As production systems become more automated and smart testing needs for power electronics will increase further in industries.
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Europe will likely be the second-largest market for power electronics testing because of its emphasis on clean energy adoption and strict environmental laws. Germany and other European nations especially highlight clean energy efforts prompting intense testing of power electronics in energy storage and solar applications. The increasing EV market and the formation of charging networks across Europe act as significant contributors to market growth since power electronics components in EVs depend on stringent testing for safety and efficiency. commitment to carbon neutrality and stringent regulations for energy efficiency and environmental protection elevate the need for power electronics testing services. These factors together play a key role in Europe's high position in the worldwide power electronics testing industry.
Key Players
The key companies that offer power electronics testing companies include SGS SA (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), Advantest Corporation (Japan), Teradyne Inc., (US), DEKRA (Germany), TÜV SÜD (Germany), National Instruments Corp. (US), TÜV RHEINLAND (Germany), TÜV NORD Group (Germany), and UL LLC (US), Cohu, Inc. (US), Rohde & Schwarz (Germany), Keysight Technologies (US), and Chroma ATE Inc. (Taiwan).
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