The Rising Demand for Electric Vehicles Globally Drives the Electrical Test Equipment Market
NewYork, NY -- (SBWIRE) -- 10/13/2021 -- Electrical Test Equipment Market Size is forecast to reach $8.2 billion by 2026, at a CAGR of 6.7% during 2021-2026. The demand of wireless technology for communication, increasing in production of aircrafts and implementation of wireless technology in defense system, increased penetration of electric cars, increased R&D in autonomous vehicles, shift towards renewable energy, industry 4.0 and others has increased the use of test equipment in various industry verticals and enhanced the growth of electrical test equipment industry. In addition companies are manufacturing wide range of electrical testing equipment such as multi meter, voltmeter, hipot testers, micro ohm meters and so on for multiple purposes, such as for R&D laboratories, industries and many more. These are also used for safety testing of products for equipment manufacturing. Moreover, several companies have been focusing on launching new test equipment for various applications. In 2020, AEMC instruments introduced new portable ground resistance testers that are ideal for testing commercial, residential and light industrial grounding systems. Hence these factors are analyzed to drive the Electrical Test Equipment market in the forecast period 2021-2026.
Electrical Test Equipment Market Segment Analysis - By Service Type
Repair/after sales service has held significant market share of 39.5% in 2020. Repair/after sales service are offered by the companies helps in gaining faster resolution of the product. For repair of any equipment, precision and accuracy is utmost requirement thus companies should have a very well trained and experienced team to ensure that the repair is carried out in the shortest possible time frame. There are few types of repair service models such as repair with fixed prices, repair with time and material, priority repair and repair by exchange. Several companies provide priority repair service which include offering a quick repair service with less than 2 days. In addition, companies are now gradually strengthening their after sales service portfolio to reduce the downtime of their customers by offering repair, recalibration, maintenance and other services within a very short time. This is not only assisting to build a strong customer relationship but also gradually becoming a unique selling proposition in the indirect market space for the distributors. The growing strength of the service portfolio is set to avail significant growth opportunity for Electrical Test Equipment industry in the forecast period 2021-2026.
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Electrical Test Equipment Market Segment Analysis - By Vertical
Energy and Power is expected to witness a highest CAGR of 7.5% in Electrical Test Equipment Market in the forecast period. According to British Petroleum estimates, the world will see a 400% growth in renewable energy by 2040, which will eventually create high demand for electric test equipment to measure DC current as most renewable energy generates DC current than traditional AC current. Growth in the global population and economy and population, coupled with rapid urbanization, is anticipated to contribute to a substantial increase in energy demand for several regions. For instance, European renewable energy market is anticipated to grow significantly due to regulations made by government to reduce emissions of greenhouse gases (GHGs), particularly CO2 due to utilization of fossil fuels for generation of energy. With the emergence of this technology, several regions in Europe are planning to invest for the development of this sector. In 2019 German government has invested $425 million in in projects covering energy storage, the development of a power network designed around renewables. Electrical Test Equipment such as Ground resistance testers, Hipot testers, Micro ohm meters, multi meter, and voltmeter being widely used in renewable power generation sector, particularly for testing power performance, structural integrity, power quality and other is analyzed to witness significant adoption with the growing investments in this sector.
Electrical Test Equipment Market Segment Analysis - By Geography
Electrical Test Equipment market in North America has held significant market share of 38.5% in 2020. The growing emphasis towards increasing the 5G network coverage in North America, has been analyzed to be a major driver for electrical test equipment such as market as ground resistance testers, Hipot testers, Micro ohm meters, multi meter, voltmeter and other electrical test equipment are extensively used during installation of base stations, repair and maintenance of the existing ones and so on. The regional analysis of the electrical test equipment market is demonstrated by countries such as U.S, Canada. For instance the U.S. is one of the active participants in the league for commercializing the 5G network throughout the country. Additionally, the shift toward connected cars and intelligent transportation systems, along with increasing demand for medical devices in the wake of COVID-19, is expected to drive the electrical test equipment market share in the region. In addition, growing demand for electrical test equipment for different applications in the healthcare and telecom verticals fuel market growth in North America.
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Electrical Test Equipment Market Drivers
Rise in demand for Electric Vehicles
The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favorable government policies and support in terms of subsidies and grants, tax rebates. Electrical test equipments such as ground resistance testers, hipot testers, Micro ohm meters, multi meter, voltmeter and other are widely used in the production and maintenance of electric cars for testing various parts and systems such as motors, power systems, batteries, charging systems, wiring, connectors and many other. So rising investments in these sector will significantly drive the growth of electrical test equipment market. For instance government of several regions are investing heavily in R&D activities. In 2019, German government has committed to invest more than $3 billion to expand electric car market growth in the region. Major manufacturers such as General Motors, Toyota, and BMW plan to release a potential of 400 models and estimated global sales of 25 million by 2025. In 2021, Ford Motor has committed to increase its investments in electric vehicles to $30 billion by 2025, up from a previous spend of $22 billion by 2023. Similarly, in 2020, Volkswagen, Chinese ventures has committed to invest $17.5 billion in electric vehicles by 2025. Hence the rising demand for electric vehicles globally drives the electrical test equipment market share in the forecast period 2021-2026.
Industry 4.0 Proving Lucrative for Electrical Test Equipment market
The emergence of Industry 4.0 in manufacturing sector has created significant outcomes for the electrical test equipment market across globe. According to the European Manufacturing Association, on an average European companies invest around 3.3% of the annual turnover of their companies in industry 4.0. Several Companies across globe are investing in Industry 4.0 as they are much focused on manufacturing innovation which is driving the adoption of several integral hardware products such as sensors, communication systems and several other. Electrical test equipment such as ground resistance testers, hipot testers, Micro ohm meters, multi meter, and voltmeter being used in production of these products as well as at the installation site for maintenance and repair, is set to witness an upsurge with the growing adoption of Industry 4.0 during 2021-2026.
Electrical Test Equipment Market Challenges
Decrease in Sales of Desktop PC
As per latest industry trends publications, the sales of Consumer PC have witnessed worst slumps in volume sales globally. Several Countries such as U.S, China, Germany, UK, and others have experienced the worst decline in volume sales of Desktop PCs. According to Mint, Worldwide PC shipments totaled 51.6 million units in the first quarter of 2020, a 12.3% decline from the first quarter of 2019, after three consecutive quarters of growth, the worldwide PC market experienced its sharpest decline since 2013 due to the COVID-19 outbreak. These kind of declining trend will negatively affect the growth of the electrical test equipment market as it widely used in testing voltage, power supply units and other components as well. The decline in the volume shipments of personal computers due to the growing adoption of convertible laptops, smartphones and tablets in the enterprises, coupled with the adoption of policies such as Bring-Your-Own-Device (BYOD) is also set to negatively impact the adoption of desktop PCs in the small, medium as well as large enterprises. This low demand of the products is set to negatively impact the procurement of electrical test equipment during the forecast period 2021-2026.
Electrical Test Equipment Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Electrical Test Equipment market. Electrical Test Equipment top 10 companies include Chauvin Arnoux, Inc., Beha-Amprobe GmbH, Electrical Test Instruments, LLC (ETI), Fluke Corporation, Hubbell Incorporated, Kyoritsu Electrical Instruments Works Ltd., Megger Group Limited, PCE Holding GmbH, Scientific Mes-Technik Ltd., Testo SE among others.
In March 2021, Anritsu launched the TRX Test module, MU887002A, to improve the efficiency of production-line inspections of wireless communication devices based on 5G and its space-saving universal wireless test set.
In 2020, Chauvin Arnoux has launched its new 2P and 3P earth testers. The new testers are suitable for work undertaken on and off-site in 600V CAT IV environments, including soils with high resistivity.
The emergence of Industry 4.0 in manufacturing sector has created significant outcomes for the electrical test equipment market across globe.
Rising demand for electric vehicles globally drives the electrical test equipment as they are widely used in the production and maintenance of electric cars for testing various parts and systems such as motors, power systems, batteries, charging systems, wiring, connectors and many other.
Electrical Test Equipment being widely used in renewable power generation sector, particularly for testing power performance, structural integrity, power quality and others is analysed to witness significant adoption with the growing investments in this sector.
Electrical Test Equipment companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
A. Test and Measurement Market:
B. Material Analysis & Testing Equipment Market
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