Electrical Test Equipment Global Market Report 2024

The electrical test equipment market size has grown strongly in recent years. It will grow from $6.17 billion in 2023 to $6.63 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historic period can be attributed to several factors, including the expansion of the power sector, increasing demand for electronics, the implementation of stringent regulatory standards, growing awareness of energy efficiency, and the increasing recognition of maintenance and calibration requirements. These factors collectively contributed to the growth and development of the electrical test equipment market during this period.

The electrical test equipment market size is expected to see strong growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period is expected to be driven by several factors, including the increasing demand for electronics and electrical devices, the rising adoption of renewable energy sources, the emergence of Industry 4 and smart manufacturing practices, and the global expansion of 5G networks. Major trends projected for the forecast period include ongoing technological advancements, continuous product innovations, and collaborative partnerships within the industry. These trends collectively indicate significant growth opportunities and advancements in the field of electrical test equipment in the coming years.

The increasing occurrence of electricity-related accidents is anticipated to drive growth in the electric test equipment market. These accidents, resulting from unintended interactions with electrical energy, pose risks of injury, damage, or fatalities due to various factors such as inadequate safety measures and lack of awareness. Electric test equipment plays a crucial role in preventing such accidents by identifying hazards, assessing electrical system conditions, and ensuring compliance with safety standards. For instance, Onedesk Inc. reported an estimated 500 to 1,000 fatalities and approximately 30,000 nonfatal electrical injuries annually in the US, underscoring the importance of robust testing measures to mitigate risks.

In response to the growing need for safety measures, major companies in the electrical test equipment market are focusing on innovative product development. One such advancement is exemplified by Fluke Corporation's Fluke 377 FC and 378 clamp meters, which offer non-contact voltage measurement capabilities. Utilizing FieldSense technology, these meters enable safer and more efficient testing by allowing voltage measurement without direct electrical contact. Released in March 2022, these clamp meters enhance the safety of electrical measurements for maintenance technicians, ensuring rapid tests without exposure to live parts. With features such as Fluke Connect software and a power quality indicator, these meters further improve safety, efficiency, and accuracy in electrical testing.

In August 2021, Doble Engineering Company strengthened its position in the electric test equipment market through the acquisition of Phenix Technologies Inc. This strategic move aims to enhance Doble's portfolio of high-voltage testing and measurement equipment, enabling expanded entry into commercial and industrial sectors. With Phenix Technologies Inc.'s expertise in manufacturing high-voltage test systems, the acquisition enables Doble to bolster innovation, expand its market reach, and enhance customer service, thus addressing the increasing demand for electric test equipment across various industries.

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)

North America was the largest region in the electrical test equipment market in 2023. 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. The countries covered in the electrical test equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electrical test equipment encompasses a range of devices and instruments utilized in electrical engineering and electronics for measuring, testing, diagnosing, and troubleshooting various electrical parameters and systems. These tools play a crucial role in ensuring the functionality, safety, and performance of electrical circuits, equipment, and installations.

The primary categories of electrical test equipment include stationary and portable devices. Stationary equipment refers to fixed machinery and assets that remain in a fixed location, such as industrial processing units or manufacturing machinery. It is utilized across various applications such as voltage testing, functionality testing, and others, serving diverse verticals including automotive and transportation, aerospace and defense, information technology (IT) and telecommunications, education and government, semiconductors and electronics, industrial, healthcare, energy and power, among others.

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

The electrical test equipment market consists of revenues earned by entities providing services such as voltage testing, current measurement, resistance measurement, continuity testing, insulation testing, and power quality analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The electrical test equipment market also includes sales of multimeters, oscilloscopes, power analyzers, signal generators, insulation testers, and circuit analyzers. 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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