How Has the Electrical Test Equipment Market Evolved Historically and What is its Current Size?
The electrical test equipment market has seen considerable growth due to a variety of factors.
• In recent times, the electrical test equipment market has experienced substantial growth. Projected growth will see its value escalate from $6.63 billion in 2024 to $7.11 billion in 2025, marking a compound annual growth rate (CAGR) of 7.2%.
The growth within the historical timeframe can be attributed to factors such as the expansion of the power sector, a surge in electronics demand, strict regulatory standards, increasing energy efficiency awareness, and the need for regular upkeep and calibration.
What Is The Projected Growth Of The Electrical Test Equipment Template Market?
The electrical test equipment market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the electrical test equipment market is projected to experience significant growth. It's anticipated to expand to $8.95 billion by 2029, with a compound annual growth rate (CAGR) of 5.9%.
This projected growth within the forecast period is driven by factors such as an increased demand for electronics and electrical gadgets, the widespread adoption of renewable energy, the proliferation of industry 4.0 and smart manufacturing, and the global rollout of 5G networks. Key trends during the forecast period include technological progress, product innovation, and strategic partnerships.
What Are The Key Drivers Fueling Growth In The Electrical Test Equipment Market?
As the prevalence of electricity-related mishaps swells, so too is the expected growth of the electric test equipment market. These mishaps consist of unintentional and harmful contact with electrical power, often culminating in injuries, damages or fatalities. The key causes of these accidents are the lack of suitable safety precautions, a general unawareness, improper upkeep of electrical systems and a scarcity of thorough training on electrical safety protocols. Electric test equipment functions as a main mechanism to avert such accidents by aiding in the detection of potential dangers, evaluating the state of electrical structures, and ensuring that safety benchmarks are met. For example, Onedesk Inc., a helpdesk and project management software organization based in Canada, reported in August 2022 that there are annually about 500 to 1,000 deaths due to electrical injuries and roughly 30,000 instances of nonfatal electrical injuries in the US alone. Thus, the ramping incidences of electricity-related accidents serve as a catalyst for the expanding electric test equipment market.
What Are The Principal Market Segments In The Global Electrical Test Equipment Industry?
The electrical test equipment market covered in this report is segmented –
1) By Equipment Type: Stationary, Portable
2) By Application: Voltage Testing, Functionality Testing, Other Testing Applications
3) By Vertical: Automotive And Transportation, Aerospace And Defense, Information Technology (IT) And Telecommunications, Education And Government, Semiconductor And Electronics, Industrial, Healthcare, Energy And Power, Other Verticals
Subsegments:
1) By Stationary: Power Analyzers, Insulation Testers, Circuit Testers, Electrical Load Banks, High-Voltage Test Equipment, Multimeters
2) By Portable: Digital Multimeters (DMM), Clamp Meters, Portable Oscilloscopes, Power Quality Analyzers, Earth Ground Testers, Insulation Resistance Testers
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What Emerging Trends Are Influencing The Growth Of The Electrical Test Equipment Market?
Significant players in the electrical test equipment market, such as Fluke Corporation, are focusing on the production of advanced products like the fluke 377 FC and 378 non-contact voltage true-rms AC/DC clamp meters. These products prioritize safety by including non-contact voltage measurement features, utilizing fieldsense technology to boost test performance and efficiency. The equipment allows users to gauge voltage without making direct electrical contact, thus promoting safer and more convenient voltage measurements through capacitive coupling with the live conductor. In March 2022, Fluke Corporation, a leading US firm in the fabrication of industrial test, measurement, and diagnosis tools, unveiled a new series of clamp meters, the 377 FC and 378. These clamp meters are designed to amplify the safety standards of electrical measurements for maintenance technicians. Also, their True-RMS AC/DC clamp meters use non-contact voltage measurement to execute quick electrical tests without the necessity of direct contact with live parts. Other features such as FieldSense technology, an iFlex current probe, fluke connect software, a power quality indicator, and user-friendliness further augment safety, efficiency, and precision in electrical testing.
Who Are the Key Players In The Electrical Test Equipment Market?
Major companies operating in the electrical test equipment market are:
• Tektronix Inc.
• Keysight Technologies Inc.
• Haefely Hipotronics Inc.
• Yokogawa Electric Corporation
• Rohde & Schwarz GmbH & Co KG
• Flir Systems Inc.
• National Instruments Corporation
• Testo SE & Co. KGaA
• Chroma ATE Inc.
• Anritsu Corporation
• Megger Group Limited
• Hioki Corporation
• Transcat Inc.
• TDK-Lambda Corporation
• OMICRON electronics GmbH
• GW Instek Inc.
• Kikusui Electronics Corporation
• Kyoritsu Electrical Instruments Works Ltd.
• Elcometer Limited
• Seaward Group
• AEMC Instruments (Chauvin Arnoux Inc.)
• B&K Precision Corporation
• PCE Holding GmbH
• Scientific Mes-Technik Pvt. Ltd.
• Beha-Amprobe GmbH
• Electrical Test Instruments LLC (ETI)
What Are The Regional Insights Into The Electrical Test Equipment Market?
North America was the largest region in the electrical test equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electrical test equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
