Emerging Trends to Drive Electrical Test Equipment Market Growth at 5.5% CAGR Through 2029

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Electrical Test Equipment Market Size Growth Forecast: What to Expect by 2025?
The market size of electrical test equipment has seen significant growth in recent years, expanding from $6.63 billion in 2024 to an expected $7 billion in 2025, which represents a compound annual growth rate (CAGR) of 5.5%. This growth in the historical period can be credited to factors such as an expanding power sector, a rise in electronics demand, strict regulatory standards, growing awareness about energy efficiency, and the importance of maintenance and calibration needs.

How Will the Electrical Test Equipment Market Size Evolve and Grow by 2029?
The market for electrical test equipment is predicted to experience robust growth in the forthcoming years, ballooning to a size of $8.66 billion in 2029, with a compound annual growth rate (CAGR) of 5.5%. The predicted growth during this period can be traced back to an escalating demand for electronic and electrical apparatuses, growing embracement of renewable energy, advancement towards industry 4.0 and intelligent manufacturing, and the worldwide spread of 5G networks. Key trends to watch out for during this forecast period involve technological progression, product breakthroughs, and strategic alliances.

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What Drivers Are Propelling the Growth of Electrical Test Equipment Market Forward?
The growth of the electric test equipment market is projected to be driven by the increasing occurrence of accidents related to electricity. These accidents, often resulting in injuries, damages, or even deaths, arise from unintentional and harmful interactions with electrical energy due to inadequate safety precautions, lack of knowledge, poor maintenance of electrical facilities, and inadequate training on electricity safety protocols. Electric test equipment plays a crucial role in preventing these accidents by identifying potential risks, evaluating the state of electrical systems, and ensuring adherence to safety regulations. For example, Onedesk Inc., a Canada-based software company focusing on project management and helpdesk services, reported in August 2022 that between 500 to 1,000 deaths occur annually in the United States as a result of electricity-related injuries, along with around 30,000 nonfatal electrical injuries reported each year. Therefore, the escalating rate of electricity-related incidents is fuelling the growth of the electric test equipment market.

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What Are the Key Trends Driving Electrical Test Equipment Market Growth?
Main players in the electrical test equipment market, such as Fluke Corporation, are focusing on creating innovative products like the fluke 377 FC and 378 non-contact voltage true-RMS AC/DC clamp meters that greatly enhance safety by offering non-contact voltage measuring features. These tools make use of fieldsense technology to increase efficiency and testing capabilities, enabling users to gauge voltage without having to make physical electric contact. This allows for a safer and more user-friendly means of taking voltage measurements by means of capacitive coupling with the active conductor. For example, in March 2022, the American company Fluke Corporation, known for their manufacturing of industrial diagnostic and test equipment, introduced the 377 FC and 378 clamp meters. This new series was designed with the aim of making electrical measurements safer for maintenance technicians. These True-RMS AC/DC clamp meters come inbuilt with non-contact voltage measurement features, thus facilitating quicker electrical tests without having to get into direct contact with live components. These meters also come with FieldSense technology, an iFlex current probe, fluke connect software, an indicator for power quality, and uncomplicated usage which cumulatively work towards improving safety, efficiency, and precision in electrical testing.

What Are the Key Segments in the Electrical Test Equipment Market?
The electrical test equipment market covered in this report is segmented -

1) By Equipment Type: Stationary, Portable
2) By Application: Voltage Testing, Functionality Testing, Other Testing Applications
3) By Vertical: Automotive And Transportation, Aerospace And Defense, Information Technology (IT) And Telecommunications, Education And Government, Semiconductor And Electronics, Industrial, Healthcare, Energy And Power, Other Verticals

Subsegments:
1) By Stationary: Power Analyzers, Insulation Testers, Circuit Testers, Electrical Load Banks, High-Voltage Test Equipment, Multimeters
2) By Portable: Digital Multimeters (DMM), Clamp Meters, Portable Oscilloscopes, Power Quality Analyzers, Earth Ground Testers, Insulation Resistance Testers

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Who Are the Key Players Shaping the Electrical Test Equipment Market's Competitive Landscape?
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 (Chauvi*n Arnoux Inc.), B&K Precision Corporation, PCE Holding GmbH, Scientific Mes-Technik Pvt. Ltd., Beha-Amprobe GmbH, Electrical Test Instruments LLC (ETI)

What Geographic Markets Are Powering Growth in the Electrical Test Equipment Market?
North America was the largest region in the electrical test equipment market in 2024. 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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