Electrical test equipment market is anticipated to witness a CAGR of 8.5% over the forecast period (2020 - 2025). Emerging trend of electric and hybrid vehicle, government regulations for electric safety measures, and industrial development in emerging regions including Asia-Pacific and Latin America are some of the major factors driving growth of the electrical test equipment market.
- Surging renewable energy sector is also generating great demand for testing equipment for transformer, battery, power quality, and insulating testing applications. As per the prediction by British Petroleum, the world will see 400% growth in renewable energy by 2040, which will eventually create high demand for electric test equipment to measure DC current as most of the renewable energy generates DC current than traditional AC current.
- In the recent years, electrical test equipment have find potential place in various industrial applications such as energy & power, automobile, aerospace & defense, consumer white goods, and others, offering testing analysis for circuits, cables, motors, generators, batteries and many others.
- Additionally, electrical test equipment helps consumer goods manufacturers to achieve government compliance and regulations for equipment testing. With increase in spending and income level of citizens in emerging economies, the sales for white good products has surged, which is expected to create a potential space for electrical test equipment in the coming years.
Scope of the Report
Electrical test equipment are used to measure voltage level and other measurement related tests for various electrical equipment such as motor, circuit, generators, battery, earthing points, transformers, power stations and others. The scope includes both portable and stationary electric test equipment for the market study of electrical test equipment.
Key Market Trends
Surge in Demand for Electric Testing in Electric Vehicles Equipment
- The world is seeing a major shift in the automobile market from the conventional oil-powered engines to electric and hybrid automotive. Hence generating demand for electrical equipment and testing instruments in automotive production. According to the International Energy Agency, there were more than 3 million electric vehicles present on world roads in 2017 and is projected to grow at CAGR of 20% over the next decade.
- Europe is one of the prominent regions adopting this revolutionary change and will have a healthy number of recharge stations among various geographies in the coming years. Currently, the UK has more than 1,500 public EV charging points and has a plan to surge this number to 8,500 in some years.
- Testing equipment such as Electric Vehicle Battery Tester (EVT), panel tester, Electromagnetic Compatibility Testing (EMC), and others are anticipated to find great opportunities in augmenting their business growth in electric vehicle industry over the years to come.
Asia-Pacific is the Fastest Growing Region in the Global Electrical Test Equipment Market
- Asia-Pacific is a potential region with various manufacturing facilities for the development of the automobile, consumer electronics, aerospace, and energy-related products. All these products undergo through regulated safety standards from various government regulatory bodies such as the Voluntary Control Council for Interference by Information Technology Equipment – VCCI (Japan), China Compulsory Certification - CCC (China), Bureau of Standards, Metrologyand Inspection – BSMI (Taiwan), Ministry of Commerce, Industry and Energy - MOCIE (South Korea), many others. With the presence of all these regulations and standards, manufacturers in the region adopt various electrical testing equipment to produce their electrical products satisfying all regulatory standards.
- Additionally, by 2024 Asia-Pacific will account for more than 50% share in global electric vehicle production, creating the opportunity for electric test equipment in power station and car battery testing applications in the coming years. In the energy sector also, China has shown a 12% increase in renewable energy generation in 2018, where electric test equipment are extensively used for testing solar panel circuits, insulators, electrostatic discharge, and photovoltaic cells.
With the presence of many regional as well as global players, the global market for electrical test equipment is expected to be fragmented in nature. AEMC Instruments (Chauvin Arnoux, Inc.), Amprobe, Electrical Test Instruments, LLC, Fluke Corporation, HAEFELY HIPOTRONICS (Hubbell Incorporated), KYORITSU ELECTRICAL INSTRUMENTS WORKS, LTD., Megger, PCE Holding GmbH, Scientific Mes-Technik Pvt. Ltd., and Testo SE & Co. KGaA are some of the major players present in the current market. However, all these players are involved in competitive strategic developments such as partnerships, new product development, and market expansion to augment their leadership position in the global electrical test equipment market.
- June 2019 - Megger completed the acquisition of Power Diagnostix, manufacturer of high voltage diagnostic equipment based out of Germany. This acquisition allows the company to expand Megger’s product portfolio in the German electrical test equipment market.
- March 2019 - AEMC Instruments (Chauvin Arnoux, Inc.) launched a new high capacity fused test lead set to test the electric instrument build inside the system to protect them from high voltage. These testers can measure electricity up to 1000 volts.
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