Market Size of Electrical Test Equipment Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 6.73 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Electrical Test Equipment Market Analysis
The Electrical Test Equipment market is expected to register a CAGR of 6.73% over the forecast period. Electrical test equipment allows consumer goods manufacturers to comply with equipment testing regulations. With an increase in citizens' spending and income in emerging economies, the sales of good products have surged, which is expected to create a potential space for electrical test equipment in the coming years.
- Due to the increasing demand for electrical test equipment in these industries, players in the market have been launching new products to gain a competitive edge. For instance, in April 2021, Klein Tools launched five electrical test kits, such as the clamp meter electrical test kit and digital multimeter electrical test kit, among others, for industrial usage. The equipment ensures insulation resistance tests combined with four-wire low-resistance measurements and offers inductance, capacitance, and temperature measurements.
- Moreover, in April 2021, Keysight Technologies Inc. announced a customized gallium nitride test board for the company's own dynamic power device analyzer/double-pulse tester (PD1500A). This enables Tier 1 and OEM power converter designers to reduce prototype cycles and speed up the introduction of new products.
- NETA (InterNational Electrical Testing Association) Accredited Companies are third-party, independent electrical testing and engineering service businesses providing full-service testing, analysis, and electrical power systems maintenance. Further, in June 2021, RESA Power, LLC, a market player in power system electrical testing, transformer services, and life extension solutions for power distribution equipment, announced the acquisition of Crews Electrical Testing, Inc., a company that has provided electrical testing services in Florida and the southeast region for nearly two decades. Because of this acquisition, the company has long regarded CET as a high-quality provider of NETA services.
- Many government regulations also mandate the testing of industrial electronic devices. For example, the Russian Federal Law announced new rules for the circulation of medical devices to close gaps and uncertainties in existing legislation and reduce the risk to market participants. By January 2022, medical device manufacturing licensing will be phased out and replaced with compliance with requirements for the maintenance, implementation, and evaluation of a quality management system for medical devices. Such initiatives and changing regulations are expected to increase market opportunities for vendors.
- Furthermore, as factories across the world were not running at full capacity due to COVID-19-related restrictions, some companies developed virtual electrical testing equipment. For instance, Eaton Corporation developed a program to provide customers with virtual testing for power quality and other equipment. This program enables one to get closer to the equipment with camera zoom. Whereas, testing low-voltage switchgear in person, for example, the equipment is energized with 480 volts, and all observers are required to be seven to eight feet away.
Electrical Test Equipment Industry Segmentation
The testing equipment used in Energy & Power, Aerospace & Defense, Oil & Gas, Consumer Electronics, Manufacturing, and Other Industrial Applications have been analyzed for the study. Electrical circuits and equipment are often tested and troubleshot to detect faults or abnormal functioning. Equipment categorized under segments such as stationary and portable is considered to estimate the overall market size.
By Equipment Type | |
Stationary | |
Portable |
By Testing Application | |
Voltage Testing | |
Functionality Testing | |
Other Testing Applications |
By Industry Application | |
Energy and Power | |
Aerospace and Defense | |
Manufacturing | |
Consumer Electronics | |
Oil and Gas | |
Other Industrial Applications |
By Geography | |
North America | |
Europe | |
Asia Pacific | |
Latin America | |
Middle East & Africa |
Electrical Test Equipment Market Size Summary
The electrical test equipment market is poised for significant growth, driven by increasing demand across various sectors. This growth is fueled by the rising need for compliance with equipment testing regulations, particularly in consumer goods manufacturing. Emerging economies are witnessing a surge in consumer spending and income, which is expected to create substantial opportunities for electrical test equipment. The market is characterized by active product launches and strategic developments by key players aiming to maintain a competitive edge. Innovations such as Klein Tools' introduction of new electrical test kits and Keysight Technologies' customized test boards highlight the industry's focus on enhancing product offerings to meet evolving market demands.
The market's expansion is further supported by the growing renewable energy sector, which necessitates advanced testing equipment for various applications, including transformer and battery testing. The construction of nuclear power plants and the push towards renewable energy sources are contributing to the increased demand for electrical test equipment. Additionally, infrastructure projects, such as China's ultra-high voltage power transmission lines, are expected to drive market growth. The COVID-19 pandemic has also led to the development of virtual testing solutions, reflecting the industry's adaptability to changing circumstances. With a fragmented market landscape, prominent players are engaging in strategic partnerships, acquisitions, and product innovations to strengthen their market position and capitalize on emerging opportunities.
Electrical Test Equipment Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porters Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Equipment Type
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2.1.1 Stationary
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2.1.2 Portable
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2.2 By Testing Application
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2.2.1 Voltage Testing
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2.2.2 Functionality Testing
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2.2.3 Other Testing Applications
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2.3 By Industry Application
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2.3.1 Energy and Power
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2.3.2 Aerospace and Defense
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2.3.3 Manufacturing
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2.3.4 Consumer Electronics
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2.3.5 Oil and Gas
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2.3.6 Other Industrial Applications
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2.4 By Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia Pacific
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2.4.4 Latin America
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2.4.5 Middle East & Africa
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Electrical Test Equipment Market Size FAQs
What is the current Electrical Test Equipment Market size?
The Electrical Test Equipment Market is projected to register a CAGR of 6.73% during the forecast period (2024-2029)
Who are the key players in Electrical Test Equipment Market?
AEMC Instruments (Chauvin Arnoux, Inc.), Beha-Amprobe GmbH, Electrical Test Instruments, LLC (ETI), Fluke Corporation and HAEFELY HIPOTRONICS (Hubbell Incorporated) are the major companies operating in the Electrical Test Equipment Market.