Electrical Calibration Equipment Market

Increased Adoption of Electrical Components in Various Verticals to Surge Demand for Calibration Equipment

The global electric calibration equipment market is set to be valued at US$ 2.4 billion in 2023 and further expand at a CAGR of 5.6% to reach US$ 4.2 billion by 2033-end. Revenue from electric calibration equipment accounted for nearly 23% share of the global calibration equipment market in 2022.

Fact.MR, a market research and competitive intelligence provider, foresees thriving growth in the demand for electrical calibration equipment over the coming years. In everyday use, the equipment for measuring power, intensity, voltage, and resistance makes it possible to confirm the proper functioning of machines and installations, and electrical calibration boosts confidence in its measurement accuracy and performance. Electrical calibration is foundational to the safety, quality, and innovation of most products & services and determines the traceability of measurement.

Electrical calibration reduces future maintenance, thus saving a substantial amount of money, and additionally increases the profitability of process operations. In recent years, the market for calibration equipment has experienced a complete transformation due to an increase in manufacturing and services. New and advanced calibrating processes are replacing outdated and traditional ones, allowing for efficient and sustainable manufacturing.

Demand for volt sticks and detectors is projected to increase as the need for safe and non-contact voltage testers rises. It is expected that electrical calibration devices will be used in IT & telecommunications on a substantial scale. Also, demand from laboratories and institutes is likely to witness significant growth and drive the growth of the market in the years ahead.

Owners of services tend to favor the most recent technology, taking into account the need for efficient, precise, and accurate manufacturing methods. With its many advanced features and specifications, modern electrical meter calibration equipment is equipped to offer the desired output.

The diversity of applications in various end-use sectors such as aerospace & defense, automotive, electrical & electronics, industrial manufacturing, IT & telecommunication, laboratories & institutes, oil & gas and petrochemicals, pharmaceuticals, power & energy, and other industries is set to drive the sales of electrical calibration equipment over the coming years.

Report Attributes	Details
Electrical Calibration Equipment Market Size (2022A)	US$ 2.3 Billion
Estimated Market Value (2023E)	US$ 2.4 Billion
Forecasted Market Value (2033F)	US$ 4.2 Billion
Global Market Growth Rate (2023-2033)	5.6% CAGR
North America Market Share (2023)	~ 27.9%
North America Market Value (US$ Mn), 2023	US$ 679.3 Million
Europe Market Share (%), 2023	~25.5%
Europe Market Value (US$ Mn), 2023	US$ 621.6 Million
China Market Share (%), 2023	~11.6%
China Market Value (US$ Mn), 2023	US$ 283.4 Million
Top 3 Countries’ Market Share (%)	~42.1%
Key Companies Profiled	Additel Corporation AEMC Extech Instruments Fluke Corporation Keysight Technologies Inc Mastech Meatest Megger TEKTRONIX, INC. Time Electronics Ltd Transmille Ltd WIKA Instruments India Pvt. Ltd.

Sales of Electrical Calibration Equipment Market (2018-2022) Vs. Industry Forecast Outlook (2023-2033)

According to this new Fact.MR study, the utilization of electrical calibration equipment witnessed a growth rate of 0.9% over the past half-decade. This was due to increasing demand from end-use industries, wherein, benched devices by portability type accounted for the highest market share of electrical calibration equipment - approximately 80.1% in 2022.

Accelerating demand for electrical calibration equipment in numerous new setups in the pharmaceutical industry for the development of vaccines and medicines, in aerospace and defense for measuring the fuel consumption of rotary and fixed-wing aircraft, missiles, and torpedoes, in power generation for boilers, in metal and mining, and the paper and pulp sector is expected to drive market development over the decade.

Surging utilization of electrical calibration equipment in the above-mentioned sectors is anticipated to create an absolute $ opportunity of US$ 1.07 billion by 2033.

Furthermore, surging use of electrical calibration equipment in the power and energy sector in the field of clean energy and smart grids is likely to support the market expansion over the period of 2023-2033.

What’s Driving Demand for Electrical Calibration Equipment?

“Enhanced Focus on Accurate Measurements & MRO Driving Demand in Aerospace and Defense Sectors”

Extensive, accurate, and timely electronic calibration is a critical task for the aerospace and defense industry. The voltage and current meter should be calibrated and constantly visible to the pilot to avoid any difficulty, which can directly result in the loss of life.

Batteries and generators often play a crucial role in aircraft and are a primary source of electrical power. In complex avionic systems, malfunction of electronic devices can pose serious problems. Accurate measurement is therefore in high demand in the aviation industry.

Maintenance, repair, and overhaul (MRO) in the aviation industry involve the restoration, service, and examination of aircraft and components perform testing activities to ensure the safety and reliability of aircraft as per international aviation standards. Electrical power relays fitted on a variety of aircraft that contain high amperage accessories such as a battery, starter, lights, and electrical actuators require maintenance and inspection, which is expected to propel the demand for electrical calibration equipment for MRO services in aviation technology.

“Growing Demand for Maintenance & Repair of Systems”

Manual electrical calibration equipment that occasionally performs inaccurate calibration can result in a variety of issues, including operation malfunction or additional maintenance and repair costs. Even the smallest calibration error can cost customers millions of dollars every year in critical applications, such as in the aerospace and defense, crude oil, or natural gas industries.

Industries are requesting process automation in calibration technology to combat this. This is one of the significant technological advancements that is revolutionizing end-user industries' processes and methods of service delivery.

In addition to offering equipment calibration and removing assembly errors, calibration service providers also meet customers' expectations for reduced future maintenance and repair costs, improved service quality, and quick turnaround times, thus leading to an increase in profitability.

Additionally, reducing device failures and product recalls leads to positive outcomes, helping maintain customer loyalty and increase sales. This factor is boosting the demand for electrical calibration equipment.

“Increasing Investments in Clean Energy”

• As per the International Energy Agency (IEA), global renewable energy investment is set to reach a total of US$ 1.4 trillion in 2022.

The rising renewable energy sector also generates higher demand for electrical calibration equipment for battery, transformer, power quality, and insulating testing applications.

There will be a significant demand for testing equipment to measure DC as most renewable energy generates DC other than conventional AC. For the smooth operation of renewable power generation units, various standards are to be followed that define the control of active and reactive power, behavior of grid disturbances, and limits of power quality based on country.

Testing as per regulations requires different test procedures and the usage of test equipment such as power analyzers, data loggers, and multimeters, among others. This will lead to the rising demand for electrical calibration equipment in the renewable sector for dynamic monitoring to scale distribution, optimize grid assets, and analyze grid performance.

What Concerns Do Electrical Calibration Equipment Manufacturers Have?

“Scarcity of Raw Materials for Production and High Calibration Costs”

One of the major restraints for the electric meter calibration market is the unavailability of key raw materials for production, resulting in price complexity. Electric meter calibration equipment costs more since it is produced using costly materials that have a higher lifespan and are more durable, tolerant to environmental effects, and more limited in availability, such as nickel carbide, ceramics, aluminium, brass, and PVDF.

Also, getting certifications from various national institutions can be costly, which is why electrical calibration equipment tends to cost more. Along with that, highly expert and skilled professionals are required to operate calibration-testing equipment and perform tests following the regulations, directives, and standards applicable to the devices being calibrated. Ultimately, it comes down to what customers value and hold most important, and their budget. This is where research can be important in overcoming this restraint.

Country Wise Analysis

How is Industrial Advancement in the U.S. Driving Sales of Electrical Calibration Equipment?

The United States of America has gathered the significant attention of manufacturers because of the large-scale industrialization and urbanization in the country. Leading companies such as Keysight Technologies, Fluke Corporation, and Tektronix headquartered in the U.S. are carrying out huge expansion plans by opening facilities and launching new products. Companies are also going for vertical and horizontal expansion.

Due to these factors, the U.S. represented over 90% of the North American market share in 2022. The United States is expected to reach a market valuation of US$ 610.9 million in 2023. This has proved to be an opportunity for electrical calibration equipment manufacturers to enter local markets with advanced products.

What Makes China a Huge Market for Electrical Calibration Equipment Suppliers?

Huge investments are being made in the development of electrical calibration equipment in the dynamic electrical and electronics industry in China. This equipment comes with advanced technology, which lessens calibration errors and increases the overall efficiency of the devices being calibrated.

The electric calibration equipment market in China is predicted to grow at a CAGR of around 6.6% because of these factors. Growing number of manufacturers that are attaining control over the market and providing devices at less prices would aid regional market growth. China is expected to reach a market valuation of US$ 545.48 million by the end of the forecast period.

Category wise Insight

Why is the Electrical & Electronics Sector in the Eye of Manufacturers?

Rapid growth in technological innovations is simulating consistent demand for the latest electronics products. The global consumer electronics market brought in US$ 716.3 billion in revenue in 2022. Technological advancements are aiding both consumers and businesses in replacing and upgrading old devices with updated versions.

The use of semiconductor devices is growing rapidly across the world, with escalated demand for consumer electronic products such as TVs, washing machines, refrigerators, and mobile phones, among others. Demand for electronic goods is also projected to increase due to innovations by businesses supported by the rapid advancement of technology.

The testing and measurement of this equipment authenticate the performance of the devices and improve their efficiency. This rise in demand for electronic products will lead to the growth of the electrical calibration equipment market. The electrical & electronics end-use vertical accounted for a valuation of around US$ 1 billion in 2022 and is expected to reach US$ 1.8 billion by the end of 2033.

Why are Multimeters Likely to Witness Accelerated Demand Growth?

Revenue generated from multimeter electrical calibration equipment is expected to increase at 7.3% CAGR during the forecast period. Multimeters are necessary for any kind of electrical work and are indispensable equipment for the testing, troubleshooting, and diagnosing of electric circuits, devices, and components.

They measure the three fundamental components of electrical energy - amps, volts, and ohms. Nowadays, digital multimeters are used by technicians in several industries to measure with greater accuracy, reliability, and improved impedance.

Multimeters can be used to test the continuity between points in an electric circuit and can be used for testing batteries, household wiring, electric motors, power supplies, etc. Multimeters combine the testing abilities of ammeters, voltmeters, and ohmmeters with several additional specialized features and advanced options, thereby omitting the need to buy several calibration equipments.

In 2023, the multimeters segment is predicted to hold the highest market share of 16.8% by device type and reach a market value of US$ 408.6 million.

Competitive Landscape

Fact.MR has profiled the following key electrical calibration equipment manufacturers - Additel Corporation, AEMC, Extech Instruments, Fluke Corporation, Keysight Technologies Inc, Mastech, Meatest, Megger, TEKTRONIX, INC., Time Electronics Ltd, Transmille Ltd, and WIKA Instruments India Pvt. Ltd. These manufacturers are innovating technologically advanced products to counter the latest challenges related to component placement in the calibration space.

Prominent players are following a competitive market pricing strategy in the electric calibration equipment market. Companies are developing constructive partnerships and associations with several end-use industries for systematic recalibration. Due to the increasing demand for recalibration, manufacturers can leverage maintenance while observing stability in demand.

• In April 2021, Fluke Corporation launched its latest clamp meters 377 FC and 378 FC; these are claimed to be the first clamp meters that measure voltage by non-contact accurately and safely in the absence of test leads. The equipment uses field sense technology making the test safer and faster without touching a live conductor.
• In December 2021, Megger announced its acquisition of Metrycom, a leading provider of analytics and grid network sensors to the electric supply industry. With this, the company is focusing on its expanding online monitoring solutions and improving its predictive maintenance solutions with the improved detection and location of unplanned outages.

Segments of Electrical Calibration Equipment Industry Research

• By Device Type :

  • Ammeters
  • Multifunction Testers
  • Capacitance Meters
  • Multimeters
  • Insulation Testers
  • Oscilloscopes
  • Signal Generators
  • Power Analyzers
  • Chart Recorders & Data Loggers
  • Clamp Meters
  • Loop & Earth Testers
  • Socket Testers
  • Milliohm & Microhm Meters
  • Volt Sticks & Detectors
  • Others

• By Principal Parameter :

  • Voltage
  • Current
  • Resistance
  • Inductance
  • Capacitance
  • Time
  • Frequency
  • Others

• By Precision Device :

  • Precision Source
  • Precision Measurement

• By Portability :

  • Benched
  • Portable / Handheld

• By End-use Vertical :

  • Aerospace & Defense
  • Automotive
  • Electrical & Electronics
  • Industrial Manufacturing
  • IT & Telecommunication
  • Laboratories & Institutes
  • Oil & Gas And Petrochemicals
  • Pharmaceuticals
  • Power & Energy
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa