Expanding at a CAGR of 5.6%, the global electrical calibration equipment market is projected to reach US$ 4.2 billion by 2033, as per this market study by Fact.MR.
Rockville, Nov. 17, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global electrical calibration equipment market is estimated to be valued at US$ 2.4 billion in 2023 and is predicted to expand at a CAGR of 5.6% during the forecast period (2022-2032).
Most electrical and electronics products require multiple certifications and standards, which include ISO, NFPA, IEC, CENELEC, and ANSI, among others, to be met depending upon the product’s specifications and country. The proper functioning of electrical components and accessories is a vital element for the safe operation of energy-using products and appliances.
Testing electrical and electronic devices involves putting the product through a series of tests in certified laboratories to ensure it complies with safety standards using various electrical calibration equipment. In addition, the certifications of products can initiate enormous profit for a company and assist it in stepping into global markets by satisfying customers.
Stringent government regulations also require industry players to ensure the correct functioning of their test and measurement equipment. Governments have some compelling reasons to invest in and control some industries. They support these industries in the form of subsidies. Government norms and regulations for electrical and electronic measurement and calibration are intended to ensure sustained levels of operations in the electronic calibration equipment market.
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Key Takeaways from Market Study
- The global electrical calibration equipment market is projected to expand at an impressive CAGR of 5.6% and reach US$ 4.2 billion by 2033.
- The market witnessed 0.9% CAGR for the period of 2018-2022.
- Under device type, multimeters are predicted to dominate the market and be valued at US$ 408.6 million in 2023.
- The U.S. is expected to dominate the market share in North America by accounting for 89.9% in 2023.
- Benched electrical calibration equipment is likely to represent 80% market share in 2023.
- Precision source electrical calibration equipment, under the precision device segment, is predicted to reach a market valuation of US$ 1.8 billion in 2023.
“Consistent demand for maintenance & repair of systems to provide consistent revenue for manufacturers,” says a Fact.MR analyst.
Segments of Electrical Calibration Equipment Industry Research
- By Device Type :
- Multifunction Testers
- Capacitance Meters
- Insulation Testers
- Signal Generators
- Power Analyzers
- Chart Recorders & Data Loggers
- Clamp Meters
- Loop & Earth Testers
- Socket Testers
- Milliohm & Microhm Meters
- Volt Sticks & Detectors
- By Principal Parameter :
- By Precision Device :
- Precision Source
- Precision Measurement
- By Portability :
- Portable / Handheld
- By End-use Vertical :
- Aerospace & Defense
- Electrical & Electronics
- Industrial Manufacturing
- IT & Telecommunication
- Laboratories & Institutes
- Oil & Gas And Petrochemicals
- Power & Energy
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Companies are continuously adding new features to make their products more precise and accurate. With new technology upgrades persistently entering the market, electrical calibration equipment suppliers will witness substantial growth in the near future.
One of the major market players in the industry, Keysight Technologies, this year launched a vector signal generator with four channels and a frequency of up to 54 GHz that offers a maximum radio frequency bandwidth of 5 GHz and low phase noise in a single instrument. This device is intended to test applications such as new 5G mobile communications and 6G research, which uses a wide range of frequencies, including millimeter wave spectrum. Keysight’s latest signal generator also allows customers to lessen test system setup complexity to achieve accurate and repeatable multichannel measurements in a single piece of equipment.
Leading electrical calibration equipment manufacturer, Fluke Corporation last year launched the world’s first IP 54 rated 1500 V CAT III, thin jaw clamp meter that offers excellent safety for working in DC environments up to 1500 volts, such as electric railways, solar arrays, and wind power for uninterruptable power supplies. The meter is capable of measuring up to 1000 V ac, 1500 V dc, and up to 999.9 A DC or AC with the clamp jaw. The iFlex probe attached can be entered through very small spaces to measure AC providing technicians access to cables that would be difficult to clamp a probe otherwise. It also addresses the unique challenges that solar technicians face working in high voltage DC environments.
Key Companies Profiled
- Additel Corporation
- Extech Instruments
- Fluke Corporation
- Keysight Technologies Inc
- TEKTRONIX, INC.
- Time Electronics Ltd
- Transmille Ltd
- WIKA Instruments India Pvt. Ltd.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global electrical calibration equipment market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of device type (ammeters, multifunction testers, capacitance meters, multimeters, insulation testers, oscilloscopes, signal generators, power analysers, chart recorders & data loggers, clamp meters, loop & earth testers, socket testers, milliohm & microhm meters, volt sticks & detectors, others), principal parameter (voltage, current, resistance, inductance, capacitance, time, frequency, others), precision device (precision source, precision measurement), portability (benched portable/handheld), and end-use vertical (aerospace & defense, automotive, electrical & electronics, industrial manufacturing, IT & telecommunication, laboratories & institutes, oil & gas and petrochemicals, pharmaceuticals, power & energy, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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