The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Electronic Load Market.
It was estimated prior to this unanticipated outbreak that the Electronic Load Market was likely to witness an impressive CAGR of 6.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Share Analysis
Electronic Load Market Share: By Voltage Type
Based on the voltage type, the market is segmented as high voltage and low voltage. The low voltage segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The growing demand for testing and measuring of equipment at the initial stages of development to avoid malfunctioning at the later stages is driving the growth of this segment.
Electronic Load Market Share: By Current Type
Based on the current type, the market is segmented as AC and DC. The DC segment held the larger share of the market in 2019, and is expected to remain the faster-growing current type during the forecast period. The extensive use of DC electronic loads for testing power devices such as power converters and inverter testing, power supplies, batteries, automotive charging stations, solar panels, fuel-cells, and other power electronic components is driving the growth of the segment during the forecast period.
Electronic Load Market Share: By Application Type
Based on the application type, the electronic load market is segmented as aerospace, defense & government services; automotive; energy; wireless communication and infrastructure; and others. The wireless communication and infrastructure segment dominate the market, as they are the support systems for communication and form an essential component for any country’s economy. They are also used across various end-use industries such as aerospace, automotive, and consumer electronics, among a host of others, as they provide reliable control systems and improve productivity.
Electronic Load Market Share: By Region
In terms of regions, North America is estimated to be the largest electronic load market during the forecast period, with the USA, Canada, and Mexico being the major countries with lucrative growth opportunities. The growth of the market is driven by the increasing demand for electronic load due to increased investment in R&D across various end-use sectors, adoption of 5G technology, and the presence of a large number of electronic load manufacturers in the North American region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the foreseen duration.
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