Electrical Test Equipment Market Growth Drivers, Strategic Analysis, Market Share, Key Trends And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Electrical Test Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 in the historic period can be attributed to growing power sector, increasing demand for electronics, stringent regulatory standards, rising awareness of energy efficiency, maintenance and calibration needs.

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 growth in the forecast period can be attributed to increasing demand for electronics and electrical devices, rising adoption of renewable energy, industry 4.0 and smart manufacturing, global expansion of 5G networks. Major trends in the forecast period include technological advancements, product innovations, partnerships.

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Market Drivers and Trends:

The rising incidence of electricity-related accidents is expected to propel the growth of the electric test equipment market going forward. Electricity-related accidents refer to incidents resulting from unintended and harmful interactions with electrical energy, often causing injury, damage, or fatalities. These accidents arise because of inadequate safety measures, a lack of awareness, improper maintenance of electrical infrastructure, and insufficient training on electrical safety practices. Electric test equipment is used as a primary component to prevent electricity accidents by helping identify potential hazards, assessing the condition of electrical systems, and ensuring compliance with safety standards. For instance, in August 2022, according to Onedesk Inc., a Canada-based helpdesk and project management software company, an estimated 500 to 1,000 fatalities result from electrical injuries annually in the US, with approximately 30,000 reported cases of nonfatal electrical injuries each year. Therefore, the rising incidence of electricity-related accidents is driving the growth of the electric test equipment market.

Major companies operating in the electrical test equipment market are concentrating on the development of innovative advancement products such as the fluke 377 FC and 378 are non-contact voltage true-rms AC/DC clamp meters to improve safety by providing non-contact voltage measurement capabilities. It uses fieldsense technology to enhance testing capabilities and efficiency, This electrical test equipment allows users to measure voltage without making direct electrical contact, enabling safer and more convenient voltage measurements through capacitive coupling with the live conductor. For instance, in March 2022, Fluke Corporation, a US-based manufacturer of industrial test, measurement, and diagnostic equipment, including electronic test equipment, launched the 377 FC and 378, a new series of clamp meters designed to enhance the safety of electrical measurements for maintenance technicians. These True-RMS AC/DC clamp meters utilize non-contact voltage measurement, ensuring rapid electrical tests without direct contact with live parts. Additionally, with FieldSense technology, an iFlex current probe, fluke connect software, a power quality indicator, and ease of use, these features also help to improve safety, efficiency, and accuracy in electrical testing.

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Major Key Players of the Market:

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, B&K Precision Corporation, PCE Holding GmbH, Scientific Mes-Technik Pvt. Ltd., Beha-Amprobe GmbH, Electrical Test Instruments LLC (ETI)

Electrical Test Equipment Market 2024 Key Insights:

• The Electrical Test Equipment Market is expected to grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Electricity-Related Accidents Fueling Demand For Electric Test Equipment Market
• Fluke Introduces The 377 FC And 378 Series Clamp Meters With FieldSense Technology
• 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.

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