Market Introduction and Definition
Electrical measuring instruments are used to test the electrical equipment or to measure the functionality of the same. Electric measuring instruments or devices are used in out day to day life such as a simple tester to bulky multi-meter.
These devices play a crucial role in driving the whole industrial sector as electrical measuring device is the foundation for any industry. Therefore industrial sector plays a prominent role in assessing the market growth of the electrical measuring device market.
Electrical Measuring Instrument Market Forecast and CAGR
Demand for the electrical measuring instruments surged over the past half-decade owing to the rapid industrialization across South Asia & Oceania and East Asia. Countries such as India and China acted as drive trains to the electrical measuring device sales.
Growing electrification across developing economies such as India, Bangladesh and Sri Lanka has provided a major spike in requisite for the electrical measuring equipment over the same period. Regional government procurement of electrical measuring devices has acted as wedge to the sales of the electrical measuring equipment.
COVID-19 has slowed the momentum of rapid growing industries in the Asia Pacific and has shrunk the economic curves of the electrical measuring device sales over Q2 and Q3 of FY2020. Restarting of industries in Q4 of FY2020 across the regions has provided impetus to the slowed down growth of electrical measuring instruments production.
COVID-19 second wave has initiated the lockdown phase across regionS but it is anticipated that the effect on industries to be less than 1% shrink in growth over Q2 and Q3 FY2021. Complete recovery of product sales is anticipated to take place by Q4 of FY2022. By the end of Q4 FY2022 to FY2024, sales is anticipated to strengthen at a strong rate.
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What is Driving Demand for Electrical Measuring Instrument?
Bundle of industries are catering the demand for the electrical measuring equipment ranging from automotive, aerospace, marine, construction etc. These industries growth collectively assess the demand uptick of the electrical measuring instrument market on a macroeconomic scale.
Over the past-half decade, rise in electrification projects across the globe has acted as a wedge to the electrical measuring device sales growth. Regional governments’ requisite for the product has bolstered the demand over the same period. All in all, rapid growing electrification epicenters to bolster the demand for the electrical measuring devices.
Why Automotive Industry Growth Impacts the Electrical Measuring Instrument Sales?
Automotive industry especially Electric Vehicles (EV) has observed a strong growth over the past half-decade. China is the largest hub for supply and demand of the electric vehicles. Electric vehicles production has surged in the region over the same period.
Growth in EV supply in the region has provided an impetus to the electrical measuring instruments. These instruments are backbone for the establishment and running of the electric vehicle industry. These devices are used to constantly track the functionality of electrical equipment across the industry and the battery of the vehicle over multiple cycles for meeting stringent quality requirements.
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United States Electrical Measuring Instrument Market Outlook
United States could be countered as a second largest primary energy consumer in the world. Primary energy is used to produce electricity as secondary energy. Rampant usage of electricity for driving the largest economy has put the country on the strong demand track of the electrical measuring instruments.
Moreover, growing electric vehicles production in the country to bolster the demand for the target product. All in all United States holds strong market potential over long-run forecast period.
Who are the Key Manufacturers and Suppliers of Electrical Measuring Instrument?
Some of the leading producers of electrical measuring instrument include
- AEMC Instruments
- Beha-Amprobe GmbH
- Electrical Test Instruments
- Keysight Technologies Inc.
- Fluke Corporation
- Hubbell Incorporated
- Kyoritsu Electrical Instruments Works Ltd.
- Megger Group Limited
- PCE Holding GmbH
- Testo SE & Co. KGaA
- Scientific Mes-Technik Pvt. Ltd.
Market is highly fragmented and key manufacturers producing the electrical measuring device across the region have strategized the product portfolio such that their product has the higher market penetration in the particular region.
Moreover, shift in economies has forced the manufacturers to rethink their supply strategies of supplying the instrument to developed economies over developing economies. Other strategic insights and go to market solutions has been provided in detail in the upcoming report of electrical measuring instrument.
An Adaptive Approach to Modern-day Research Needs
Electrical Measuring Instrument Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Device Type
- Voltage Testing
- Device Functionality Testing
- Current Measurement
- Resistance Measurement
By End-Use Industry
- Aerospace & Defence Industry
- Electronics & Telecommunication Industry
- Electrical Industry
- Automotive Industry
- Marine Industry
- Construction Industry
By Sales Channel
- Third-Party E-Commerce
- Electrical Stores
- Retail stores
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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