A design space exploration of the countermeasures for hardware masking is proposed in this paper. The assumption of independence among shares used in hardware masking can be violated in practical designs. Recently, the security impact of noise coupling among multiple masking shares has been demonstrated both in practical FPGA implementations and with extensive transistor level simulations. Due to the highly sophisticated interactions in modern VLSI circuits, the interactions among multiple masking shares are quite challenging to model and thus information leakage from one share to another through noise coupling is difficult to mitigate. In this paper, the implications of utilizing on-chip voltage regulators to minimize the coupling among multiple masking shares through a shared power delivery network (PDN) are investigated. Specifically, different voltage regulator configurations where the power is delivered to different shares through various configurations are investigated. The placement of a voltage regulator relative to the masking shares is demonstrated to a have a significant impact on the coupling between masking shares. A PDN consisting of two shares is simulated with an ideal voltage regulator, strong DLDO, normal DLDO, weak DLDO, two DLDOs, and two DLDOs with 180 phase shift. An 18 × 18 grid PDN with a normal DLDO is simulated to demonstrate the effect of PDN impedance on security. The security analysis is performed using correlation and t-test analyses where a low correlation between shares can be inferred as security improvement and a t-test value below 4.5 means that the shares have negligible coupling, and thus the proposed method is secure. In certain cases, the proposed techniques achieve up to an 80% reduction in the correlation between masking shares. The PDN with two DLDOs and two-phase DLDO with 180 phase shift achieve satisfactory security levels since t-test values remain under 4.5 with 100,000 traces of simulations. The security of the PDN improves if DLDO is placed closer to any one of the masking shares.