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Electrical Testing Equipment Market

Electrical Testing Equipment Market By Service Type (Calibration Services and Repair Services or After Sales Services), Product Type (General Purpose Electrical Testing Equipment and Mechanical Test Equipment), End User (Aerospace and Defense, Telecommunications and Semiconductor and Electronics) & Region - Forecast 2022-2032

Market Insights on Electrical Testing Equipment covering sales outlook, demand forecast & up-to-date key trends

Electrical Testing Equipment Market Overview

The global electrical testing equipment market is anticipated to be valued at US$ 5 Billion in 2022, forecast to grow at a CAGR of 7.18% to be valued at US$ 10 Billion from 2022 to 2032.

Report Attribute

Details

Estimated Base Year Value (2021)

US$ 4.8 Billion

Expected Market Value (2022)

US$ 5 Billion

Anticipated Forecast Value (2032)

US$ 10 Billion

Projected Growth Rate (2022-2032)

7.18% CAGR

Over the last decade, there has been a significant increase in demand for consumer goods, industrial machinery, and manufacturing. Manufacturers in a variety of industries must ensure that electromagnetic disturbances do not interfere with the function of their products in order to comply with market requirements and avoid costly recalls.

Circuit breaker test equipment, cable fault test equipment, insulation testing, motor, generator, and transformer testing, resistance, battery, and power quality testing, and relay and protection testing are all part of the electrical test equipment.

Electrical testing equipment boosts productivity and quality. Electrical testing equipment is important in detecting faults and producing electronic equipment. Electrical testing equipment is significantly less expensive than other types of testing equipment. Electrical testing equipment is also useful in laboratories that serve multiple purposes, such as repairing services and workmanship. This electrical testing equipment reduces technical errors and saves labor time. Electrical testing equipment is a powerful tool for determining the intensity of electricity. Electrical testing equipment can perform tests on a wide range of electronic instruments, including high voltage tests, impulse winding tests, and many others.

Which are Some Prominent Drivers Spearheading Electrical Testing Equipment Market Growth?

Electrical testing equipment enables manufacturers to meet government compliance and equipment testing regulations. Because of the increasing demand for electrical testing equipment across various industries, market players have been launching new products to gain a competitive advantage. For example, Megger launched the MTR105 static motor analyzer in September 2019, a handheld instrument that combines all of the functions required for testing electric motors in a single, simple device.

The MTR105 performs insulation resistance tests as well as four-wire low-resistance measurements. Accredited Companies of the NETA (International Electrical Testing Association) are third-party, independent electrical testing and engineering service providers that offer full-service testing, analysis, and electrical power system maintenance.

 NETA updated the NETA/ANSI ECS-2020 Standard in March 2020, including an updated commissioning process and commissioning and inspection procedures for extra-high, high, medium and low voltage systems. Capitol Area Testing, Inc., Hood Patterson & Dewar, Inc., and PowerSouth Testing, Inc. were named the newest NETA Accredited Companies in May 2020.

Significant mergers and acquisitions are also taking place in the market. For example, in June 2019, Megger announced the acquisition of Power Diagnostix of Aachen, Germany, a diagnostic service provider for high voltage installations as well as a manufacturer of high-voltage diagnostic equipment.

Meggers' capabilities are expected to improve as a result of this acquisition, particularly in Partial Discharge (PD) testing. POTOMAC TESTING announced the acquisition of Electrical Maintenance & Testing, Inc., a company that specializes in power distribution equipment testing, life extension and maintenance services, in June 2020.

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What are the Challenges Faced by the Electrical Testing Equipment Industry?

High testing device prices, the need for qualified personnel, and an increase in in-house capabilities may act as restraining factors for the global electrical testing services market.

Why is Asia-Pacific emerging as an Opportunistic Electrical Testing Equipment Market?

Several infrastructure projects, such as the installation of high voltage lines and power generation plants, are expected to drive demand for electrical testing equipment in the region. For example, in January 2019, China's State Grid Corp. launched the world’s longest and most powerful ultra-high voltage power line from the countries far northwest to the densely populated east. The 3,293-kilometer (2,046-mile) Changji-to-Guquan direct-current project is expected to cost around CNY 40.7 billion. The new line has a capacity of 12 GW and can supply 66 billion kWh of electricity to eastern China each year.

Furthermore, Hioki, a Japanese company, launched the In-Circuit Tester FA1220 in October 2019, a populated board testing system capable of performing multiple electrical component tests.

The FA1220 is a modular, compact system with a stand-alone measurement unit. Despite being roughly the same size as the legacy product, the new test tool delivers 3.2 times the number of test points per unit of installed volume as the previous In-Circuit HiTester 1220-50. Customers will benefit from even more significant space savings as a result of the ability to accommodate many tested components with a single embedded unit. Moreover, India and the United States announced new research areas on transformational power generation in June 2020.

A consortium of 30 US and Indian entities is implementing the partnership on energy storage and smart grids, with a USD 7.5 million investment. The National Infrastructure Pipeline, which was announced in 2019 and has a budget of INR 103 trillion, includes over 6,500 projects across industries, including clean and affordable energy. Such announcements are expected to increase the region's demand for electrical testing equipment.

Nikhil Kaitwade
Principal Consultant
LinkedIn
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How is Europe Contributing to Growth of the Electrical Testing Equipment Market?

According to Future Market Insights, The European markets for electrical testing equipment are expected to grow significantly over the forecasted timeframe. This is due to the increasing reliance of various end-user industries on electrical testing, which is fueling the growth of the electrical testing equipment market.

Market Competition

The worldwide market for electrical testing equipment is quite fragmented, owing to the presence of significant regional and global players. However, the market's major players are engaging in competitive strategic developments such as acquisitions and partnerships, new product development, and market expansion to strengthen their position as market leaders in electrical testing equipment.

Some of the key participants present in the global Electrical Testing  Equipment market include Texas Instruments Incorporated, Rohde & Schwarz GmbH & Co. KG, Anritsu Corporation, Fortive Corporation, Yokogawa Electric Corporation, Advantest Corporation, National Instruments Corporation, Keysight Technologies, EXFO Inc., Teledyne Technologies Inc. and VIAVI Solutions Inc.,   among others.

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Scope of Report

Report Attribute

Details

Growth Rate

CAGR of 7.18% 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

Segments Covered

  • Service Type
  • Product Type
  • End User
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • SEA & Others of APAC
  • Japan
  • China
  • Middle East & Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • BENELUX
  • Poland
  • Russia
  • Australia & New Zealand
  • India
  • ASEAN
  • GCC
  • South Africa
  • Turkey

Key Companies Profiled

  • Texas Instruments Incorporated
  • Rohde & Schwarz GmbH & Co. KG
  • Anritsu Corporation
  • Fortive Corporation
  • Yokogawa Electric Corporation
  • Advantest Corporation
  • National Instruments Corporation
  • Keysight Technologies
  • EXFO Inc.
  • Teledyne Technologies Inc.
  • VIAVI Solutions Inc.

Customization

Available Upon Request

Key Segments Profiled in the Electrical Testing Equipment Industry Survey

Service Type:

  • Electrical Testing Equipment Calibration Services
  • Electrical Testing Equipment Repair Services or After Sales Services

Product Type:

  • General Purpose Electrical Testing Equipment
  • Mechanical Electrical Test Equipment

End User:

  • Electrical Testing Equipment for Aerospace and Defense
  • Electrical Testing Equipment for Telecommunications
  • Electrical Testing Equipment for Semiconductor and Electronics

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • SEA & Others of APAC
  • Japan
  • China
  • Middle East & Africa

Frequently Asked Questions

FMI projects the global Electrical Testing Equipment market to expand at a 7.18% value CAGR by 2032.

Asia Pacific is expected to be the most opportunistic Electrical Testing Equipment market.

Texas Instruments Incorporated, Rohde & Schwarz GmbH & Co. KG and Anritsu Corporation, are some prominent Electrical Testing Equipment manufacturers.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Electrical Testing Equipment Market