The report "AC Power Sources Market by Phase Type (Single, Three) Modulation Type (PWM, Linear) Application (Aerospace, Defence & Government Services, Energy, Wireless Communication &Infrastructure, Consumer Electronics & Appliances, Others) Region - Global Forecast to 2024" The AC power sources market is expected to grow from an estimated USD 1.0 billion in 2019 to USD 1.1 billion by 2024, at a CAGR of 2.4%, during the forecast period. The growth of the AC power sources market can be attributed to the increasing manufacturing of equipment used in renewable power generation, avionics and electric vehicles, implementation of smart cities, and growing focus on energy-efficient business operations.
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The PWM segment is expected to hold the largest share of the AC power sources market, by modulation type, during the forecast period.
The PWM segment led the AC power sources market in 2018 and is also projected to dominate the AC power sources market during the forecast period. PWM AC power sources cater to applications such as LED light production line, AC motors, medical equipment testing, home appliances, and avionics & marine equipment testing. The PWM AC power sources are comparatively smaller in size and more efficient than linear AC power sources. The efficiencies of PWM AC power sources exceed 90%, and hence, incur negligible power loss. Such advantages of PWM AC power sources are expected to drive the growth of the PWM AC power source during the forecast period.
The energy segment, by application, is expected to be the largest segment of the AC power sources market.
The energy segment is expected to be the largest segment of the AC power sources market, by application, during the forecast period. The AC power sources are used for testing batteries, inverters, UPS, solar panels, and other grid-tied devices. There is a rapid increase in the number of renewable energy projects which in turn boost the demand for testing and manufacturing equipment used for renewable power generation. The demand for AC power sources is driven by an increasing need for testing and manufacturing equipment used in renewable power generation and government initiatives for clean and efficient power generation.
Asia Pacific: the leading AC power sources market
In this report, the AC power sources market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific market is expected to lead the AC power sources market by region. The growth of the AC power sources market in the Asia Pacific region can be attributed to increased testing of consumer electronics & appliances, equipment used in renewable power generation, and development of smart cities infrastructure.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the AC power sources market. They are AMETEK Inc (US), Chroma ATE (Taiwan), Keysight Technologies (US), Kikusui Electronics Corporation (Japan), Pacific Power Source (US), and Matsusada Precision (Japan). The leading players are trying to enter the market of developing economies and are adopting various strategies to increase their market shares.
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