The market for power electronics is expected to grow at a high CAGR during the forecast period. Companies in this sector are using the HIL technique in developing and testing of electronic grids, wind turbine generators, photovoltaic inverter, nuclear power plant control systems, and many more.
Pune, India -- (SBWIRE) -- 01/07/2016 -- According to the new market research report "Hardware in the loop Market by vertical (Automotive, Aerospace, Defense, Power Electronics, Research & Education & others) and by Geography (North America, Europe, Asia-Pacific, and RoW) - Global Forecast to 2020",the Hardware in the Loop Market is estimated to reach USD 826.7 Million by 2020, at a CAGR of 9.37% between 2015 and 2020.
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The increasing complexity in designing of embedded systems as well as testing it, and shortened time to market are major drivers for the hardware in the loop market. The hardware in the loop market was valued at USD 480.8 Million in 2014 and is expected to grow at a CAGR of 9.37% between 2015 and 2020. The base year used for this study is 2014 and the forecast period is 2015 to 2020.
Automotive sector expected to lead the hardware in the loop market
The application in the automotive sector accounted for the dominant share in 2014. This market is expected to grow at a CAGR of more than 5% between 2015 and 2020. The growth is precedential due to the increasing use of hardware in the loop technique in the automotive sector for developing enhanced ECUs, reducing time to market, and complying with various industry standards.
The market in the power electronics sector expected to grow at the highest CAGR between 2015 and 2020
The market for power electronics is expected to grow at a high CAGR of more than 10% between 2015 and 2020. This is mainly due to the growing awareness about the advantages of HIL and increasing use of increasing use of hardware in the loop solutions for developing and testing of electronic grids, wind turbine generators, photovoltaic inverters, nuclear power plant control systems, and many more.
North America expected to hold the largest market share and witness rapid growth during forecast period
North America accounted for the largest share of the hardware in the loop market in 2014; the market in the region is expected to grow at a CAGR of more than 5% between 2015 and 2020. The growth can be attributed to the high demand from automotive and aerospace sectors in this region for the hardware in the loop technique. This is a result of the U.S. being amongst the leading automotive and aerospace manufacturers in the world; a number of prominent power electronics and defense companies such as United Technologies Corporation (U.S.), General Electric Co. (U.S.), FlexGen Power Systems Inc. (U.S.), and Lockheed Martin (U.S.) are based in the U.S.
Major players in this market include Vector Informatik GmbH (Germany), National Instruments Corporation (U.S.), DSpace GmbH (Germany), Typhoon HIL, Inc. (U.S.), AEgis Technologies Group, Inc. (U.S.), Opal-RT Technologies, Inc. (Canada), Siemens PLM Software, Inc. (U.S.), Robert Bosch Engineering and Business Solutions Private Limited (India), IPG Automotive GmbH (Germany), and Speedgoat GmbH (Switzerland).
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This research report categorizes the global hardware in the loop market based on vertical and region. This report describes the drivers, restraints, opportunities, and challenges for the growth of the hardware in the loop market. The Porter's five forces analysis has been included in the report with a description of each of its forces and their respective impact on the hardware in the loop market.
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