The global electrical safety analyzers market is estimated to exhibit growth at a CAGR of around 7% to 8% during the forecast period 2022-2032. Growing government emphasis on strengthening the electricity distribution network and surging demand for shockproof equipments across diverse industries is augmenting the sales of electrical safety analyzers in the global market.
| Report Attribute | Details |
| Electrical Safety Analyzers Market Projected Growth Rate (2022-2032) | 7% to 8% CAGR |
Electrical safety analyzers are essential instruments used to ensure the safety in operation standards for the products that use or are powered by electricity. These electrical instruments not only allow to check the protection against the electrical shock but also assess the safety and quality of numerous electrical components.
The demand for electrical safety equipments is growing at a rapid pace owing to increasing usage for validating various electrical and insulations attributes of electrical products. Also, surging application in testing and determining the compliance of products with electrical safety standards across industries such as healthcare, automotive, construction, and power distribution is further bolstering the demand for electrical safety analyzers.
Electrical safety testers and analyzers such as dielectrimeters, megohmmeters, and hipot testers are finding a wide range of applications in the validation of electric current insulation in products such as transformers, electric motors, circuit boards, and wire & cable assemblies. Thus, growing demand for such products across the world is estimated to create lucrative growth opportunities in the electrical safety analyzer market.
Moreover, leading manufacturers in the market are increasing focusing on research and development activities for introducing novel high-performance products with innovative multifunctional features is projected to augment the growth in the market over coming years.
Electrical safety analyzers have garnered considerable popularity over the past few years across the world. There is consistent rise in number of construction activities especially across the developing economies such as China, India, Australia, South Korea, and others. Also, with growing emphasis on urbanizing rural areas, governments in several countries are undertaking numerous initiatives to strengthen infrastructure development in rural areas, creating strong demand for electrical safety equipments.
For instance, according to a report by the India Brand Equity Foundation, the Government of India has announced sanctioning nearly US$ 1.89 Billion under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) to support initiatives such as Smart Cities Mission and Housing for All in 2021.
As electrical safety analyzers and testers are extensively used during building and construction activities for validation of electrical standards in wire and cable assemblies, circuits, and others, this rise in construction activities is expected to accelerate the demand in the global market.
In addition to this, implementation of several standards and norms by regulatory organizations to increase the overall safety of electrical products and curb growing incidence of electric shocks is projected to further propel the demand for electrical safety analyzers in the market.
Although there are several benefits associated with the use of electrical safety analyzers, high cost of products and need for different instruments for specific applications is hindering the growth in the global market.
In addition to this, short life of these instruments due to working with high voltages and need for professionals to operate and assess readings of these equipments is further hampering the sales of electrical safety analyzers in the market.
Future Market Insights reveals that North America is expected to exhibit robust growth in the global electrical safety analyzer market over the forecast period 2022-2032.
Since the trend of automation continues to surge across North America, a significant rise in adoption for electronic and electrical products is being witnessed across the medical, residential, industrial, and other sector in countries such as the U.S. and China.
Hence, with growing concerns regarding electrical safety, key manufacturers in the market are aiming at launching novel products to capitalize on this existing trend. For instance, Vitrek, a leading manufacturer of electrical safety compliance testing products recently announced introducing its new 95X Series hipot testers integrated with novel DSP technology. A slew of such product launches is estimated to augment the sales of electrical safety analyzers in the North America market.
As per FMI, Europe is anticipated to emerge as a highly remunerative market for electrical safety analyzers between 2022 and 2032.
With surging trend of electrification, growing environmental concerns regarding sustainability, and rising fuel prices, sales of electric vehicles is rapidly increasing across countries such as the U.K., Germany, France, and others.
For instance, according to a study by the International Energy Agency, the sales of electric vehicles more than doubled across Europe to 1.4 million in 2020, out of which France and Germany accounted for nearly 185,000 and 395,000 of the units, respectively. As electrical safety analyzers are extensively used to validate several electrical standards such as insulation resistance, accelerating sales of electric vehicles is projected to bolster the growth in the Europe market.
Some of the leading players in the electrical safety analyzers market are KIKUSUI AMERICA, INC., SONEL S.A, HIOKI E.E. CORPORATION, Good Will Instrument Co., Ltd., Seaward Group USA, CHROMA ATE INC, Fluke, Metreld.d, Bender India Private Limited, SEFELEC, and Vitrek
The market for electrical safety analyzers is highly competitive, due to large number of participants and increasing adoption product launch strategies to strengthen the market share.
| Report Attribute | Details |
| Growth Rate | CAGR of 7% to 8% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
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| Customization | Available Upon Request |
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FMI projects the demand for electrical safety analyzers market to expand at around 7% to 8% value CAGR over the forecast period 2022-2032
The market for electrical safety analyzers is dominated by North America, and this trend is projected to continue in the foreseeable future.
KIKUSUI AMERICA, INC., SONEL S.A, HIOKI E.E. CORPORATION, Good Will Instrument Co., Ltd., Seaward Group USA, CHROMA ATE INC, Fluke, Metreld.d, Bender India Private Limited, SEFELEC, and Vitrek are some prominent electrical safety analyzers manufacturer.
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Electrical Safety Analyzers Market
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