Electricity And Signal Testing Instruments Global Market Report 2024

The electricity and signal testing instruments market size has grown strongly in recent years. It will grow from $65.9 billion in 2023 to $69.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed during the historical period can be attributed to several factors, including the broader process of electrification, advancements in electrical engineering and measurement technology, a growing emphasis on safety and compliance in various industries, the impact of industrialization, and the growth of telecommunications and electronics. These factors have played a significant role in driving the historical growth of electricity and signal testing instruments, as they are essential for ensuring the reliability and safety of electrical and electronic systems.

The electricity and signal testing instruments market size is expected to see strong growth in the next few years. It will grow to $86.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be attributed to several factors, including the increased integration of renewable energy sources, the growing emphasis on energy efficiency and conservation, the adoption of Industry 4.0 and IoT (Internet of Things) technologies, regulatory changes related to electrical safety and standards, and the impact of 5G and advanced communication technologies. Prominent trends in the forecast period encompass the development of portable and handheld testing instruments for greater mobility and flexibility, the use of wireless connectivity for enhanced data transfer and remote monitoring, the incorporation of multifunctional testers to streamline testing processes, the utilization of data analysis and visualization tools for more comprehensive insights, and the emergence of 'green' testing solutions that prioritize environmental sustainability in instrument design and operation. These trends are expected to drive growth in the electricity and signal testing instrument market.

The electricity and signal testing instruments market has experienced robust growth, primarily due to increased demand from the construction industry. This surge is attributed to a rising construction activity driven by factors like growing disposable income, strong economic expansion, political stability, and increased foreign investments. The global construction market is predicted to reach $18,775.3 billion, with a CAGR of 10.6% through 2022, further underlining the significance of construction-related demand for electricity and signal testing instruments.

The primary categories of electricity and signal testing instruments include electricity testing instruments, other testing and measuring instruments, and semiconductor and signal testing instruments. These instruments are capable of measuring a wide range of electrical parameters, including current, voltage, resistance, continuity, and more. They find application in tasks ranging from inspecting live wires and circuit breakers to assessing power transformers and electrical panels, often used by electrical contractors and professionals. Additionally, services related to these instruments include calibration services and repair services, including after-sales support. These services are used in various applications, including those related to environmental protection, rail, water affairs, municipal operations, and other sectors where precise measurements and testing are necessary.

The electricity and signal testing instruments market research report is one of a series of new reports that provides electricity and signal testing instruments market statistics, including electricity and signal testing instruments industry global market size, regional shares, competitors with an electricity and signal testing instruments market share, detailed electricity and signal testing instruments market segments, market trends and opportunities, and any further data you may need to thrive in the electricity and signal testing instruments industry. This electricity and signal testing instruments market research report delivers a complete perspective of everything you need, with an in-deptconsistsh analysis of the current and future scenario of the industry.

The electricity and signal testing instruments market is poised for growth due to the increasing demand for renewable energy sources. Renewable energy, characterized by sustainability and environmental friendliness, is gaining prominence as an alternative to traditional fossil fuels. These instruments play a vital role in ensuring the efficiency, safety, and proper functioning of renewable energy systems, including solar, wind, and hydroelectric power. The United States, for instance, witnessed a substantial increase in renewable energy consumption, reaching 13.2 quads in 2022, up from 12.1 quads in 2021, highlighting the growing importance of renewable energy sources in driving the electricity and signal testing instruments market.

The trade protectionism within the construction industry is emerging as a potential constraint on the electricity and signal testing instruments manufacturing market. Many countries are implementing trade restrictions, particularly on imports, to boost local production of construction materials like wood and metal. Notably, the United States has imposed tariffs on steel (25%) and aluminum (10%) to promote domestic production. The increasing prevalence of trade protectionism in the construction sector poses challenges to the electricity and signal testing instruments market, limiting its growth potential.

In response to the fast-growing electronics industry, companies in the electricity and signal testing instruments sector are increasingly investing in the miniaturization of testing equipment. This shift is driven by the need for smaller test and measurement instruments to accommodate the development of compact electronic devices. Miniaturized equipment offers flexibility and ease of use, catering to the demands of this evolving industry. Advantest, for instance, has introduced miniaturized electricity and signal testing equipment to meet the growing requirements of end-users.

Major companies in the electricity and signal testing instruments market are committed to innovation, exemplified by products like the Clamp Meter Electrical Test Kit (CL120). This comprehensive kit serves as an essential electricity and signal testing instrument and includes a GFCI tester, line splitter, test leads, and batteries. Launched by Klein Tools in April 2021, the Clamp Meter Electrical Test Kit (CL120) is favored by electricians and contractors for its portability and convenience.

In August 2022, Germany-based Maschinenfabrik Reinhausen GmbH expanded its footprint in the high-voltage testing industry by acquiring Advanced Testing Systems Inc., a U.S.-based electrical testing and maintenance company, enhancing its product portfolio and presence in the U.S. market.

Major companies operating in the electricity and signal testing instruments market include Fortive Corporation, Rohde & Schwarz GmbH & Co, Anritsu Corporation, Advantest Corp, Teradyne Inc., Good Will Instruments, Keysight Technologies, Tektronix, Fluke Corporation, Agilent Technologies, National Instruments Corporation, Yokogawa Electric Corporation, EXFO Inc., Viavi Solutions Inc., Chroma ATE Inc., Teledyne LeCroy Inc., GW Instek, B&K Precision Corporation, Hioki E.E. Corporation, Megger Group Limited, Chauvin Arnoux Group, Amprobe Test Tools, AEMC Instruments, Flir Systems Inc., Emerson Electric Co., Danaher Corporation, Honeywell International Inc., Siemens AG, General Electric, Schneider Electric SE

Asia-Pacific was the largest region in the electricity and signal testing instruments market in 2023. North America was the second-largest region in the electricity and signal testing instruments market. The regions covered in the electricity and signal testing instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the electricity and signal testing instruments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The electricity and signal testing instruments market consist of sales of circuit and continuity testers, volt meters, ohm meters, watt meters, multimeters, semiconductor test equipment, and other electricity and signal testing instruments. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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