DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The global AC power sources market is estimated to be valued at USD 1,008 million in 2019 and is projected to reach USD 1,138 million by 2024, at a CAGR of 2.4% during the forecast period.
AC power sources are mainly used for testing equipment by varying the voltage and frequency of the current being supplied to the device under test. The growth of the AC power sources market can be attributed to the increasing demand for testing and manufacturing equipment used in consumer electronics, electric vehicles, and modernization of infrastructure, whereas mature markets in developed countries restrain the growth of AC power sources. The technical complexities associated with the system interface pose as a challenge for the AC power sources market.
The key players in the AC power sources market include AMETEK Inc (US), Chroma ATE (Taiwan), Keysight Technologies (US), Kikusui Electronics Corporation (Japan), Pacific Power Source (US), and Matsusada Precision (Japan).
The energy applications segment is expected to grow at the highest CAGR from 2019 to 2024.
The energy segment, by application, is estimated to be the fastest-growing segment of the AC power sources market from 2019 to 2024. Asia Pacific region has witnessed the highest demand for AC power sources for testing and manufacturing of equipment in the energy sector. These equipment include PV inverters, batteries, solar cells, AC-AC converter, UPS, motors, and pumps. There are increasing investments along with government initiatives that boost the implementation of renewable projects, which boost the demand for testing and manufacturing equipment used in these projects. Hence, such factors propel the demand for AC power sources during the forecast period.
Asia Pacific: The largest market for gas engine.
The Asia Pacific market is currently the largest AC power source market, followed by the markets in North America, Europe, the Middle East & Africa, and South America. The Asia Pacific market is projected to grow at a higher CAGR due to rapid innovations in consumer electronics & smart appliances and the development of modern infrastructure. Further, the governments of the countries in this region are focused on increasing renewable energy generation and offer subsidies to industries using renewables for their business operations. Thus, such factors are likely to drive the Asia Pacific AC power sources market.
- Increasing Production of Equipment Used in Renewable Power Generation, Avionics, and Electric Vehicles
- Mature Markets in Developed Economies
- Implementation of the Smart City Concept
- Increasing Focus on Energy-Efficient Business Operations
- Difficulties of Adapting to the System Interface
- Keysight Technologies
- Chroma ATE
- Pacific Power Source
- Matsusada Precision
- Kikusui Electronics Corporation
- Good Will Instrument
- AC Power Corp.
- B&K Precision Corporation
- Ainuo Instruments
- Orbit International Corp.
- Ikonix Group
- Newtons4th Ltd.
- Aplab Limited
- NH Research, Inc.
- NF Corporation
- Sophpower Electronics
- ET Systems Electronic GmbH
- Itech Electronic
For more information about this report visit https://www.researchandmarkets.com/r/nat3a6
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.