Power Electronic Testing Market worth $9.3 billion by 2029 growing at a CAGR of 10.2%

(IT-NEWSWIRE.COM, October 17, 2024 ) The global power electronic testing market was valued at USD 5.74 billion in 2024 and is projected to reach USD 9.32 billion by 2029; it is expected to register a CAGR of 10.2% during the forecast period. The demand for power electronics testing is fueled by the escalating need for renewable energy sources such as solar and wind turbines that entail efficient power conversion and management systems, in addition to transportation electrification, where more electric and hybrid vehicles are included, thus requiring stringent testing of elements such as inverters and battery management systems. Moreover, advancements in semiconductor technology and increasing regulatory standards pertaining to both safety and efficiency necessitate the deployment of broadband testing solutions that guarantee product reliability and compliance with market practices.

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Advancements in testing techniques in power electronics stem from the fast integration of wide-bandgap technologies like SiC and GaN that allow for increased efficiency in power systems. This development is changing testing approaches and highlighting the need for more precise and fast-testing equipment for handling these new materials' characteristics. As there is greater emphasis on advancing green technologies like EVs and renewable energy systems (IEC 61850 and IEEE 1547), regulatory measures are progressing and companies must implement improved testing protocols to fulfill energy performance and safety demands. As Industry 4.0 and intelligent grids gain prominence they facilitate the implementation of automated and intelligent testing for immediate observation and anticipatory maintenance in the field of power electronics.

The power module sector is expanding quickly in power electronics testing due to increased EV and renewable energy system usage and industrial automation that require efficient and compact power conversion methods. Market participants can find new opportunities in the expanding application of wide-bandgap semiconductors such as SiC and GaN in power modules that improve performance under high voltages and high temperatures. Advancing this trend allows competitors to design specific testing approaches aimed at capturing the distinct features of these materials. As industries transition toward sustainable and efficient solutions an opening exists to offer testing services that verify compliance with rigorous energy standards and safety credentials. Joining forces with producers of electric vehicles and renewable energy can enable fresh paths to growth by creating customized testing options that respond to the ongoing needs of these fields.

The information and communication technology (ICT) vertical shows remarkable expansion in the power electronics testing field as the demand for superior electronics rises notably in telecom and computer infrastructure. As 5G networks keep growing the necessity for optimized power management solutions is rising to aid in achieving higher data rates and quick communication. Advanced power electronics components including high-speed switching devices and energy-saving power supplies experience a heightened demand from the necessity of thorough testing for efficiency and reliability. The rising implementation of edge computing and IoT devices in the ICT field raises the necessity for elaborate testing of advanced power electronics to confirm the reliable operation of essential digital frameworks.

Key Market Players

Key players in the power electronics testing market, such as 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) businesses are well positioned to gain from the organic growth prospects, stemming from progression in the domains of Electric Vehicles, Renewable Energy Systems and Industry 4.0. These firms do not only have a different and broad product portfolio, and they are noteworthy for their presence in different countries. Emergence of fresh application fields for authentication and brand protection allows these firms to invest in innovative solutions and strategies. These organizations present multiple product choices and spread across the world. They use their research and development skills along with various products and services to boost their market dominance. The companies concentrate on developing new items and forming partnerships to boost their visibility while expanding their customer base.

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Power Electronic Testing Market worth $9.3 billion by 2029 growing at a CAGR of 10.2%