The Business Research Company’s report on the Amusement Parks Global Market Report 2025 Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the electrical test equipment market further?
The rising incidence of electricity-related accidents is expected to propel the growth of the electric test equipment market going forward. Electricity-related accidents refer to incidents resulting from unintended and harmful interactions with electrical energy, often causing injury, damage, or fatalities. These accidents arise because of inadequate safety measures, a lack of awareness, improper maintenance of electrical infrastructure, and insufficient training on electrical safety practices. Electric test equipment is used as a primary component to prevent electricity accidents by helping identify potential hazards, assessing the condition of electrical systems, and ensuring compliance with safety standards. For instance, in August 2022, according to Onedesk Inc., a Canada-based helpdesk and project management software company, an estimated 500 to 1,000 fatalities result from electrical injuries annually in the US, with approximately 30,000 reported cases of nonfatal electrical injuries each year. Therefore, the rising incidence of electricity-related accidents is driving the growth of the electric test equipment market.
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What are the key factors influencing the forecasted market size of the electrical test equipment industry?
The electrical test equipment market size has grown strongly in recent years. It will grow from $6.63 billion in 2024 to $7.11 billion in 2025 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to growing power sector, increasing demand for electronics, stringent regulatory standards, rising awareness of energy efficiency, maintenance and calibration needs.
The electrical test equipment market size is expected to see strong growth in the next few years. It will grow to $8.95 billion in 2029 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing demand for electronics and electrical devices, rising adoption of renewable energy, industry 4.0 and smart manufacturing, global expansion of 5G networks. Major trends in the forecast period include technological advancements, product innovations, partnerships.
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Who are the leading competitors in the electrical test equipment market?
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 (Chauvin Arnoux Inc.), B&K Precision Corporation, PCE Holding GmbH, Scientific Mes-Technik Pvt. Ltd., Beha-Amprobe GmbH, Electrical Test Instruments LLC (ETI)
Which emerging trends are set to transform the electrical test equipment market landscape?
Major companies operating in the electrical test equipment market are concentrating on the development of innovative advancement products such as the fluke 377 FC and 378 are non-contact voltage true-rms AC/DC clamp meters to improve safety by providing non-contact voltage measurement capabilities. It uses fieldsense technology to enhance testing capabilities and efficiency, This electrical test equipment allows users to measure voltage without making direct electrical contact, enabling safer and more convenient voltage measurements through capacitive coupling with the live conductor. For instance, in March 2022, Fluke Corporation, a US-based manufacturer of industrial test, measurement, and diagnostic equipment, including electronic test equipment, launched the 377 FC and 378, a new series of clamp meters designed to enhance the safety of electrical measurements for maintenance technicians. These True-RMS AC/DC clamp meters utilize non-contact voltage measurement, ensuring rapid electrical tests without direct contact with live parts. Additionally, with FieldSense technology, an iFlex current probe, fluke connect software, a power quality indicator, and ease of use, these features also help to improve safety, efficiency, and accuracy in electrical testing.
How do different geographies compare in terms of market share and growth potential 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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Which major segments of the electrical test equipment market are experiencing the fastest growth?
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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How is the electrical test equipment market defined?
Electrical test equipment refers to devices and instruments used in the field of electrical engineering and electronics to measure, test, diagnose, and troubleshoot various electrical parameters and systems. These tools are essential for ensuring the proper functioning, safety, and performance of electrical circuits, equipment, and installations.
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