Power Electronic Testing Market
The market for Power Electronic Testing was estimated at $5.2 billion in 2023; it is anticipated to increase to $10.4 billion by 2030, with projections indicating growth to around $17.0 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Power Electronic Testing Market Outlook
Revenue, 2023
$5.2B
Forecast, 2033
$14.0B
CAGR, 2024 - 2033
10.4%
The Power Electronic Testing industry revenue is expected to be around $6.3 billion in 2024 and expected to showcase growth with 10.4% CAGR between 2024 and 2033. 2 billion, in 2023 and is expected to increase at an annual growth rate (CAGR) of 10. 4%, Reaching a projected market size of USD 10.4 billion by the year 2030. The power electronics testing market is projected to reach a value of around $17 billion by 2035. This growth trend highlights the rising need for testing solutions in emerging sectors such, as electric vehicles (EVs) and renewable energy systems.
Testing power electronics involves using techniques and steps to assess how well they work and how safe and long lasting they are. In particular it covers testing their functions lifespan under controlled conditions and performance in different environments. These tests are essential to confirm that power devices perform as expected and can function in situations, like high or low temperatures, humidity levels and electromagnetic disturbances.
Market Key Insights
- The Power Electronic Testing market is projected to grow from $5.2 billion in 2023 to $14.0 billion in 2033. This represents a CAGR of 10.4%, reflecting rising demand across Automotive, Industrial Automation and Renewable Energy.
- Intertek, DEKRA, TUV SUD are among the leading players in this market, shaping its competitive landscape.
- U.S. and Germany are the top markets within the Power Electronic Testing market and are expected to observe the growth CAGR of 7.6% to 10.9% between 2023 and 2030.
- Emerging markets including India, Vietnam and Brazil are expected to observe highest growth with CAGR ranging between 10.0% to 13.0%.
- Transition like Energy Transition is expected to add $481 million to the Power Electronic Testing market growth by 2030.
- The Power Electronic Testing market is set to add $8.8 billion between 2023 and 2033, with manufacturer targeting Industrial & Aerospace End User projected to gain a larger market share.
- With Technological advancements, and Rising demand for electric vehicles, Power Electronic Testing market to expand 169% between 2023 and 2033.
Opportunities in the Power Electronic Testing
Integrating intelligence and the Internet of Things into testing procedures could also boost efficiency and predictive maintenance capabilities paving the way for fresh opportunities of new product lines, for industry participants.
Growth Opportunities in North America and Asia-Pacific
In North America's business landscape, following regulations is crucial for companies like UL and Intertek who prioritize quality control measures. Their emphasis on maintaining safety and reliability standards has led to a higher cost for their services. A price premium that appeals to industries like aerospace and automotive with strict requirements, in these areas.
The Asia Pacific region stands out with countries such as China and Japan leading the way in providing cost-efficient options for manufacturers looking for affordable testing services for expanding their production scale. Companies like SGS and TUV Rheinland have customized their offerings to fulfill the increasing needs of the consumer electronics industries in the region which has resulted in it becoming a thriving market, with high growth potential.
Market Dynamics and Supply Chain
01
Driver: Technological Advancements, and Regulatory Compliance
Advancements in power electronics are also pushing the need for advanced testing methods to meet the growing demand for accurate and reliable devices in industries, like automotive and renewable energy sectors. Increased safety and performance requirements in all industrial sectors drive manufacturers to focus on testing power electronics more rigorously. Adherence to these standards guarantees product dependability and contributes to market sustainability.
The increase in electric vehicle manufacturing requires testing to guarantee the durability and performance of electric components leading to a lucrative market potential for companies specializing in power electronic testing services.
02
Restraint: High Initial Costs
Investing in high tech power electronics testing tools can pose a challenge for companies, in the manufacturing sector and may impede the widespread use of essential testing methods needed for industry growth overall.
03
Opportunity: Growth in Renewable Energy and Emerging Markets
The growth of the renewable energy industry offers a chance, for companies specializing in power electronics testing to thrive better with the rising adoption of solar and wind technologies. With bigger offshore wind turbines, maintenance becoming very costly affairs for operators due to distance from shore and lead time of new component supply. So operators invest in their own maintenance team & deploy capex on testing equipments too.
Emerging nations are showing a growing interest in enhancing their energy infrastructure, presenting growth potential for companies specializing in power electronic testing who aim to meet the increasing need for dependable energy solutions.
04
Challenge: Limited Skilled Workforce
The expertise needed for power testing calls for a well trained workforce and shortage of such competent staff may hinder the adoption of sophisticated testing methods and impact the markets expansion potential.
Supply Chain Landscape
1
Component Manufacturers
2
Testing Service Providers
3
Regulatory Agencies
4
End-User Industries
1
Component Manufacturers
2
Testing Service Providers
3
Regulatory Agencies
4
End-User Industries
Use Cases of Power Electronic Testing in Automotive & Industrial Automation
Automotive : In the industrys realm of testing power electronics plays a crucial role in assessing the effectiveness and dependability of electric vehicle parts. Companies such as Tesla use such methods for testing power electronics to guarantee the optimal functioning of their inverters and battery management systems. This practice not only boosts vehicle performance but also guarantees adherence to strict safety regulations. Such tests result in enhanced energy conversion efficiency playing a role, in driving the expansion of the electric vehicle market
Industrial Automation : In the realm of industrial automation sector, testing plays a role in examining the effectiveness of drive systems and motor controllers. The industrial motor drives produced by Rockwell Automation undergo testing procedures to ensure their efficiency. This focus on performance helps to enhance dependability while also cutting down on maintenance expenses and boosting productivity within manufacturing settings.
Renewable Energy : The renewable energy sector heavily depends on conducting power electronic tests to effectively integrate and operate solar inverters and wind turbine controllers in real world conditions. Corporations such as Siemens are utilizing testing methods to improve the dependability of their systems and guarantee top notch performance in different environmental settings. These testing approaches not only enhance system efficiency but also reduce downtime playing a critical role, in ensuring uninterrupted energy supply.
Aerospace : In the field of aerospace technology testing plays a role in guaranteeing the proper operation of avionic and power distribution systems used in aircrafts and spacecrafts. Companies like Honeywell employ thorough testing procedures to confirm the efficiency of their electronic systems. These stringent testing methods not only meet safety standards but also improve the dependability of aerospace technologies, a factor that is essential for ensuring passenger safety
Recent Developments
In the updates we see a rise in strategic partnerships and advancements in technologies that improve testing capabilities. This shows how the power electronic testing market is constantly evolving and adapting.
August 2024 : Honeywell broadened its testing services, for aerospace uses by placing emphasis on meeting the global safety regulations.
April 2024 : Rockwell Automation revealed a collaboration, with an AI company to incorporate testing solutions into their manufacturing operations.
January 2024 : Siemens introduced a line of cutting edge power electronic testing devices tailored for the renewable energy industry to improve system dependability.
Impact of Industry Transitions on the Power Electronic Testing Market
As a core segment of the Electrical & Electronics industry,
the Power Electronic Testing market develops in line with broader industry shifts.
Over recent years, transitions such as Energy Transition and Electrification of Transportation have redefined priorities
across the Electrical & Electronics sector,
influencing how the Power Electronic Testing market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Energy Transition
The worldwide trend towards renewable energy sources is driving the need for sophisticated power electronics in energy storage and distribution networks. Leading companies are investing more in testing capabilities to confirm the alignment of power devices with changing grid regulations.
02
Electrification of Transportation
In the shift towards electric transportation options in the industry sector; the need, for testing of automotive power electronics has significantly increased. Companies involved in this market are actively working to create testing methods that cater to the specific needs of electric vehicles and hybrid models.