“The AC power sources market is projected to grow at a CAGR of 2.4% from 2019 to 2024.”
The global AC power sources market size is projected to reach USD 1.1 billion by 2024, from an estimated USD 1.0 billion in 2019, growing 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 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.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as assess future market prospects. The distribution of primary interviews is as follows:

  • By Company Type: Tier 1- 65%, Tier 2- 24%, Tier 3- 11%
  • By Designation: C-Level Executive- 30%, Director Level- 25%, Others- 45%
  • By Region: North America- 27%, Europe- 20%, Asia Pacific-33%, Middle East & Africa- 13%, and South America- 7%

Note: Others* include sales managers, engineers, and regional managers.
Note: Tier 1 Company Revenue > USD 7 billion, Tier 2 Company Revenue between USD 1 and USD 7 billion, and Tier 3 Company Revenue < USD 1 billion
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).

Research Coverage:
The report provides a picture of the gas engine market and its segments across industries and regions. It aims at estimating the market size and future growth potential of the market across different segments such as phase-type, modulation type, application, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.

Why buy this report?

  • The report identifies and addresses the key markets for AC power sources, which would help OEMs review the growth in demand for the product.
  • The report helps solutions providers understand the pulse of the market and provides insight into drivers, restraints, and challenges.
  • The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.