CHICAGO, Sept. 5, 2022 /PRNewswire/ -- AC Power Sources Market is projected to grow from USD 1.5 billion in 2022 to USD 1.7 billion by 2027, at a CAGR of 2.2%, according to a new report by MarketsandMarkets™. An AC power source is a programmable device, which provides controlled AC power for equipment testing and measurement purposes. It can be programmed to vary the voltage, phase, and frequency of the current supplied to a receiving device or system for simulating real-world AC power conditions. AC power sources are also referred to as AC power supplies and regenerative grid simulators. Globally, the increasing rate of urbanization is compelling governments for implementing the smart city concept. This concept is likely to fuel innovations in the automotive, energy, consumer electronics, and wireless communication & infrastructure sectors. Thus, the implementation of the smart city concept creates lucrative opportunities for AC power sources.
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The Energy Application, by Application, is expected to be the most significant AC Power Sources Market during the forecast period.
Energy applications have the largest share of the AC Power Sources Market. Due to the rising utilization of renewable energy sources, such as solar energy, the demand for devices such as PV inverters and batteries, has grown significantly. Government and various institutions across countries have established regulations to ensure the safety and efficiency of grid-connected devices. Energy-efficient power sources integrated with renewable energy sources are expected to drive the growth of the AC Power Sources Market during the forecast period
By modulation type, the PWM is expected to grow at the highest CAGR during the forecast period
By modulation type, the AC Power Sources Market has been segmented into the PWM and linear segments. The PWM AC power sources are comparatively smaller in size and more efficient than linear AC power sources. In the PWM technique, low-frequency signals are generated from high-frequency pulses. This technique cuts AC waveforms into various pieces and changes them to the required voltage level with a smaller transformer. Such competencies of PWM AC power sources over linear AC power sources drive the demand for PWM sources during the forecast period
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North America is expected to be the second-largest region in the AC Power Sources Market
North America is expected to be the second-largest in the AC Power Sources Market during the forecast period. North America is a major center for technological innovations as the majority of global companies such as Boeing, Airbus, General Motors, Ford, Intel, Apple Inc., and Valero Energy have their R&D and manufacturing facilities established in this region. The North American AC Power Sources Market is driven by advances in consumer electronics, aerospace & defense, and electric vehicles. Major automotive companies such as Ford and General Motors are focused on manufacturing electric vehicles. These factors further boost the demand for AC power sources for testing the components used in electric vehicles.
Some of the major players in the AC Power Sources Market are Keysight Technologies (US), Chroma ATE (Taiwan), AMETEK Inc. (US), Pacific Power Source (US), Matsusada Precision (Japan), Kikusui Electronics Corporation (Japan), Good Will Instrument (Taiwan). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.
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