Electronic Load Market Size, Share & Industry Analysis, By Voltage (Below 600V, Above 600V), By Current (AC, DC), By Application (Aerospace, Defense & Government Services, Automotive, Energy, Wireless Communications, and Infrastructure, Others) and Regional Forecasts, 2024-2032

The global electronic load market size was valued at USD 3.53 billion in 2023 and is projected to be worth USD 3.77 billion in 2024 and reach USD 6.87 billion by 2032, exhibiting a CAGR of 7.79% during the forecast period. The North America dominated the electronic load market with a share of  30.59% in 2023.

The remarkable development in electronic adoption across the world has led to the growth of demand worldwide. The revolution in various fields such as aerospace, defense, government services, automotive, energy, and wireless communications and infrastructure has led to industrialization and urbanization, making it vital to boost electronic equipment and electric supply reliability. The instrument is used to test AC and DC electronic and electric currents.

The global pandemic caused by the spread of the novel coronavirus has had a damaging impact on every industry. Industries have suffered significant losses in operational time owing to the imposition of stringent rules such as lockdowns to reduce the spread of the COVID-19 virus. Consequently, the outbreak of the virus has altered the demand for the electronic load. As the market is majorly dependent on electric and electronic activities, the decline faced by the electric and electronics industry in a long time has also impacted the investment in the instrument. The imposing of lockdowns in various countries and shutting down of businesses except for essential services with minimal workforce affected international and domestic trade. This has directly impacted work in the electronic test equipment industry.

Electronic Load Market Trends

Increasing Demand for Boosting Reliability of Electronics is a Prominent Trend

Notable technological developments have been made in electronics in the past decade, which has had an extensive and vivid impact on the lives of humankind. Industries such as oil and gas, automobiles, renewable energy, wireless communications and infrastructure, and many others have adopted innovative electronics to function smoothly. The rising utilization of consumer electronics in the past decade has massively increased. This has led to manufacturers using the 'push' strategy, wherein many electronics are pushed into the market, and consumers can buy them at ease. The high supply has made it necessary to maintain the safety of these electronics to avoid accidents, namely, overheating, data loss, and more. The need for the product is observable to help in electronic testing. This factor is expected to augment the market growth in the forecast period.

Surging Utilization of Electric Vehicles is a Vital Trend

The growing obligation to conserve the earth's resources and be environmentally sustainable has given rise to the demand for electric vehicles. The International Energy Agency's Global EV Outlook 2020 reported that the sales of electric cars exceeded 2.1 million globally in 2019 as compared to 2018. Electric cars were responsible for 2.6% of the total global car sales, recording a 40% year-on-year increase. As technological development in the electrification of two/three-wheelers, buses, and trucks progresses, and the demand for them grows, electric vehicles are expanding considerably.

Ambitious policy announcements, such as in 2019, suggestions of an ongoing shift from direct subsidies to policy approaches that rely on regulatory and other structural measures, namely, zero-emission vehicles mandates, have provided the auto industry with significant goals. Consumers that support the transition in an economically sustainable manner further augment the trend. With the rising number of EVs and fuel cells, the demand for battery testing equipment has increased. This is one of the vital factors that is expected to drive the market growth.

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Electronic Load Market Growth Factors

Ongoing Advancements in Electronic Load Technology to Drive Market Growth

Continuous advancements in power electronics enable the development of high-power electronic loads capable of handling increasingly higher voltage and current levels. This allows for the testing of power supplies, batteries, and renewable energy systems at higher capacities, catering to the evolving needs of various industries. Advancements in measurement techniques and signal-processing algorithms enhance the accuracy and precision of electronic loads. This enables more reliable testing and characterization of power sources, leading to better product performance and efficiency. Electronic loads equipped with advanced connectivity options, such as Ethernet, USB, and wireless interfaces, enable remote operation and data logging capabilities. This allows users to monitor and control testing processes remotely, as well as analyze test results more efficiently. Modular electronic load systems offer scalability and customization options to meet specific testing requirements. Users can configure the system with modular load modules, auxiliary modules, and interface cards, allowing for flexible expansion and adaptation to changing testing needs.

For instance, in February 2024, ITECH recently launched the upgraded IT8700P+ series of multi-channel electronic loads, which now supports master-slave parallel configuration across all modules for synchronization. The IT8700P+ module offers a faster dynamic response, achieving a minimum current rise time of under 10 µs, making it ideal for low-voltage load tests. Its enhanced loop speed ensures precise current control without overshoot, enhancing test efficiency. Additionally, the three-stage current range improves precision and reduces ripple, resulting in significantly enhanced performance compared to competitors.

Surging Renewable Energy Consumption to Drive the Market

The increasing environmental conscience amongst humans and the necessity to reduce carbon emissions are the major driving forces for renewable energy generation. The growth of the renewable energy sector has led governments to set up massive plants worldwide to generate power from hydro, solar, wind, and tidal resources. The increasing percentage of power generation using renewable resources can also be attributed to the requirement of relatively more minor capital than oil and gas.

According to the International Renewable Energy Agency's Renewable Capacity Statistics 2021, the total renewable capacity of the world rose by 10.3% in 2020 to 2799094 MW. The energy generated by renewable resources must first be stored in batteries for further consumption. This factor is anticipated to drive the growth of the market in the forecast period.

RESTRAINING FACTORS

High Capital Cost to Restrain Growth of the Electronic Load Industry

These instruments are used to provide a programmable load while testing voltage and current for AC and DC applications. Recently they offer modes like Constant Current (CC) mode, Constant Resistance (CR) mode, Constant Voltage (CV) mode, and Constant Power (CP) mode. Due to the increased precision and specialized manufacturing, they have high initial prices. Their high capital cost could also be attributed to the low economy of scale. These instruments, with specific functionalities, have a high capital cost, thereby adversely affecting the growth rate of the electronic load industry.

Electronic Load Market Segmentation Analysis

By Voltage Analysis

Below 600V Segment to Maintain High Share Due to Spurring Demand for Testing in Early Developmental Stage

The electronic load market by voltage is segmented into below 600V and above 600V. The increasing demand for testing and measuring equipment at the early stage of development to avoid failing at a later stage is critical for the below 600V segment. The below 600V segment finds significant use in testing consumer electronic equipment, making the segment significant. The above 600V segment is generally used in grid applications and renewable energy applications. The huge demand for renewable energy is anticipated to propel the above 600V segment of the market.

By Current Analysis

Rising Adoption of Electric Vehicles Will Drive the DC Segment in the Near Future

Based on the current, this market can be primarily split into alternating current (AC) and direct current (DC). Currently, the maximum portion of the equipment manufactured and utilized is direct current (DC) due to its massive utilization in all major fields and smaller laboratory testing equipment. Alternating current (AC) instruments find their usage in grid applications or testing power supply. With the rising electrification in developing nations all over the globe, the AC segment is also indirectly expected to grow.

By Application Analysis

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Wireless Communication and Infrastructure Segment to Dominate Backed by Maximum Usage of Load

Based on the degree of utilization in various applications, the market is segmented into aerospace, defense & government services, automotive, energy, wireless communications & infrastructure, and others. Due to the varying degree of utilization in various applications, the market is dominated by the wireless communication and infrastructure segment. The energy segment also accounted for a significant market share due to AC and DC application in testing grid power sources and renewable energy storage batteries.

The automotive application segment was majorly driven by the growth in the demand for electric vehicles. Aerospace, defense, and government services utilize batteries in their vehicles and use various complex navigating solutions, especially in aircraft. The aerospace, defense, and government services segment also uses special wireless communication devices based on radio signals.

The others segment would account for the utilization of the product in all commercial and residential applications. The vast potential due to the growing digitalization and the rising adoption of consumer electronics, combined with technological advancements, is anticipated to propel the development of the others segment in the market.

REGIONAL INSIGHTS

The market has been analyzed across major regions, including North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America is the largest market for electronic loads due to the high adoption of intelligent electronics and electricals. The growing awareness of utilizing environment-friendly electric vehicles would also drive the market.

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Asia Pacific is the second-most dominant region in the electronic load industry due to the increased electrification and the rapid rise in electronics adoption. Increased investments in electric vehicles are also driving the Asia Pacific market. The market in Europe is dominated by Germany, Russia, and the U.K. The region's growing automotive and energy sector is the crucial driver for the market. The GCC countries are the major contributors to the market share of the Middle East and Africa region.

Latin America is the fastest-growing region, owing to the region's increasing investment in the automotive and wireless communications sector.

List of Key Companies in Electronic Load Market

Keysight Technologies, AMETEK, and National Instruments to Lead with Investments in Technological Advancements and Wide Customer Reach

A study of the competitive landscape of the market shows that very few of the current companies have invested widely in new programmable technologies. The market has seen significant recent technological advancements to keep pace with the best manufacturers. Considering all the scenarios, Keysight Technologies, AMETEK, and National Instruments are the major manufacturing companies and are investing in developing the technology. They are expected to stay the market leaders in the upcoming years.

LIST OF KEY COMPANIES PROFILED:

• Keysight Technologies (US)


• AMETEK (US)


• National Instruments (US)


• Chroma ATE (Taiwan)


• Teledyne Technologies (US)


• B&K Precision Corporation(US)


• Tektronix (US)


• Good Will Instrument Co., Ltd. (Taiwan)


• NFCorp (Japan)


• Kikusui Electronics Corporation (Japan)


• Hocherl & Hackl GmbH (Germany)


• Matsusada Precision (Japan)


• Itech Electronic Co. Ltd. (Taiwan)


• Chroma Systems Solutions, Inc. (Canada)


• Maynuo Electronic Co., Ltd (China)


• Ainuo Instrument Co., Ltd (China)


• Dahua Electronic (China)


• Array Electronic Co., Ltd (China)


• Hangzhou Weibo Technology Co., Ltd (China)


• Texas Instruments (US)


• FDK Corporation (Japan)


• TDK-Lambda Corporation (Japan)


• General Electric (US)

KEY INDUSTRY DEVELOPMENTS:

• January 2024 - Tektronix acquires Elektro-Automatik. The addition of Electro-Automatic products to the Tektronix family adds more functionality to Tektronix and the Tektronix and Keithley power supply solutions portfolio. EA bidirectional power supplies, programmable power supplies, and electronic loads expand the Tektronix product portfolio with solutions for higher power applications, such as solar inverters, electric vehicle charging, and more.


• April 2021 - In response to the demand driven by the rapidly expanding electric vehicle market, EA Elektro-Automatik developed a regenerative electronic load EA-ELR 10000 that provides safe and sustainable preparation of discarded batteries with 96% regeneration efficiency. With 30 kW in 4U, the EA-ELR 10000 series has the peak power density and can attain up to 1.92 MW in rack systems. Consumers can remove large amounts of residual charge from batteries in a short time and feed it back into the grid, reducing operating costs, protecting the environment, and also lowering heat generation.


• March 2021 - Prof Rajagopal Veeramalla, a professor of Electrical and Electronics Engineering, Kakatiya Institute of Technology and Science, Warangal, was granted a patent for "A Hydropower System" for 20 years in conformity with the provisions of the Patents Act-1970. He developed a decoupled electronic load for hydropower systems using a conductance algorithm, which decouples the active and reactive power. This avoids the de-rating of the generator and improves the life of the machine.


• September 2020- Texas Instruments introduced the industry's first DC/DC buck-boost converter that combines programmable input current limiting and integrated dynamic voltage scaling to extend battery life by at least 50%. The TPS63900 supports the industry's lowest quiescent current (IQ) of 75 nA, 92% efficiency at 10 µA. It delivers up to three times more output current than competing devices, helping engineers extend the life of battery-powered industrial and personal electronics applications.


• July 2020 - TDK Corporation announced that it would begin selling the new TDK Lambda brand Electronics Load Equipment ".DC electronic load, SFL series capable of 300W/1000W. Its fast current feedback control helps to reduce current overshoot during ramping. There is a minimum operating voltage limit that can help the current move proportionally from 0A to the set current, just like an "electronic resistor."

REPORT COVERAGE

The market research report on the electronic loads highlights the leading regions worldwide to offer a better understanding of the user. Furthermore, it provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at a global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the industry.

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Report Scope & Segmentation