The study period is 2014 to 2024 (base year of 2018) with forecasts from 2019 to 2024. Though there has been very little change in the technology and principle of operation of these products, vendors in the market have attempted to differentiate themselves by developing better form factors, superior communications, and digital controls. Vendors are developing designs that offer faster response to the change in conditions of the test element. This has become critical, as AC electronic loads are required to match the high speeds of the devices and equipment tested. The introduction of newer interfacing capabilities allows better data acquisition and higher computing ability. A continuous focus on incorporating more power into a smaller space has been the most common development activity taken up by market vendors. There has been a constant effort by vendors to enhance the power density and improve thermal management. Key market drivers include providing value-added customization service, emerging applications, increasing demand for high-power requirements, and growth in the alternative energy sector.
North America remains the largest market for DC programmable power supplies and DC electronic loads. However, Asia-Pacific is a key region for growth. Rest of world is also rapidly gaining momentum due to the emerging opportunities in power systems. Aerospace and defense is a key market for AC programmable power supplies and is mainly driven by new programs in military aerospace and new designs in commercial aerospace.