Electrical Test Equipment
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What Is the Expected CAGR for the Electrical Test Equipment Market Through 2025?
The market size for electrical test equipment has seen robust growth in the past few years. The market, which is estimated to be $6.63 billion in 2024, is projected to increase to $7.11 billion in 2025, marking a compound annual growth rate (CAGR) of 7.2%. Factors contributing to this strong growth during the historical period include an expanding power sector, heightened demand for electronics, stringent regulatory norms, growing consciousness about energy efficacy, and the need for maintenance and calibration.
What’s the Projected Size of the Global Electrical Test Equipment Market by 2029?
In the upcoming years, the market size of electrical test equipment is projected to experience robust growth, reaching $8.95 billion in 2029 with a 5.9% Compound Annual Growth Rate (CAGR). This growth during the forecast period is due to the heightened demand for electronics and electrical devices, an increase in the use of renewable energy, the emergence of industry 4.0 and smart manufacturing, and the worldwide expansion of 5G networks. Key trends for the forecast period comprise technological progress, product innovation, and strategic partnerships.
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Top Growth Drivers in the Electrical Test Equipment Industry: What’s Accelerating the Market?
The growing rate of accidents related to electricity is predicted to push the expansion of the electric test equipment market. Events that result from inadvertent and damaging contact with electrical energy, causing harm, destruction, or death, are regarded as electricity-related accidents. These mishaps often occur due to insufficient safety precautions, unawareness, poor upkeep of electrical systems, and lack of proper training about electrical safety measures. Electric test equipment plays a vital role in preventing such accidents as it helps in identifying possible dangers, evaluating the status of electrical installations, and ensuring adherence to safety norms. For instance, Onedesk Inc., a software firm based in Canada, reported in August 2022 that, each year in the US, around 500 to 1,000 deaths are due to electrical injuries, with about 30,000 recorded instances of nondeadly electrical injuries. Hence, the surge in electricity-related accidents is fueling the expansion of the electric test equipment market.
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What Trends Will Shape the Electrical Test Equipment Market Through 2029 and Beyond?
Leading firms in the electrical test equipment market like Fluke Corporation are focusing on the creation of cutting-edge products such as the fluke 377 FC and 378, which are non-contact voltage true-rms AC/DC clamp meters. These meters are designed to enhance safety through their ability to measure voltage without the need for direct electrical contact, thanks to their use of fieldsense technology. This offers improved testing capabilities and efficiency. As an example, Fluke Corporation, a US-based enterprise specializing in industrial test, measurement, and diagnostic tools, including electronic test equipment, unveiled the 377 FC and 378 series of clamp meters in March 2022. They are designed to augment safety in electrical measurements for maintenance technicians. The True-RMS AC/DC clamp meters use non-contact voltage measurement, which facilitates quick electrical tests without needing direct contact with live components. Furthermore, the incorporation of FieldSense technology, an iFlex current probe, fluke connect software, a power quality indicator, and user-friendly interface, all serve to boost safety, proficiency, and precision in electrical testing.
What Are the Main Segments in the Electrical Test Equipment Market?
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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Which Top Companies are Driving Growth 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)
Which Regions Will Dominate the Electrical Test Equipment Market Through 2029?
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.
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