Electrical Test Equipment Market Analysis, Size, Share, Growth, Trends and Forecast

(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 24, 2021, 06:54 /Comserve / -- Electrical Test Equipment market With Top Countries Data, industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The Electrical Test Equipment market is expected to register a CAGR of 6.73% over the forecast period from 2020 to 2025. The demand for consumer products, industrial machinery, and manufacturing has witnessed significant growth over the past decade. To comply with market requirements and overcome costly recalls, manufacturers across several industries must ensure that electromagnetic disturbances do not intervene function of their products. The electrical test equipment includes circuit breaker test equipment; cable fault test equipment; insulation testing; motor, generator, and transformer testing; resistance, battery, and power quality testing; relay and protection testing.

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- Electrical test equipment enables manufacturers to achieve government compliance and regulations for equipment testing. Owing to the growing demand for electrical test equipment cross various industries, players in the market have been launching new products to gain a competitive edge. For instance, In September 2019, Megger started the MTR105 static motor analyzer, a handheld instrument combining all the functions needed for testing electric motors in a single easy-to-use device. The MTR105 offers a full range of insulation resistance tests combined with four-wire low-resistance measurements.

Key Market Trends

Energy & Power is Expected to Hold Significant Share

- Surging the renewable energy sector generates significant demand for testing equipment for transformer, battery, power quality, and insulating testing applications. 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 over the coming years.
- The increase in demand is for energy is resulting in the construction of nuclear power plants. It is estimated that over 450 nuclear power reactors are operating in 30 countries. An additional 50 power reactors are currently being constructed in 15 countries (majorly concentrated in countries like China, India, Russia, and the United Arab Emirates). However, the electrical testing equipment's ability to perform under the high energy conditions while encountering a significant fault is anticipated to be complicated.
- In April 2020, Gulf Electrical Power Laboratories (CESI | GEPL), an electromechanical testing facility, started their operations as a different entity that provides localized and technical services from Saudi to the broader GCC region. This will be followed by the electrical testing laboratory's construction poised to be the first in the area and most significant. The testing platform will provide engineering and consultancy services to the MENA region from its soon-to-be-built lab in Saudi Arabia. This is expected to augment the growth of electrical testing equipment in the power sector.

Asia Pacific is Expected to Witness Fastest Growth

- Multiple infrastructure projects, such as implementing high voltage lines and power generation plants, are expected to drive the demand electrical testing equipment in the region.

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For instance, in January 2019, State Grid Corp. of China has started up the world's longest and most-powerful ultra-high voltage power line from its far northwest to the densely populated east. The 1,100-kV direct-current Changji-to-Guquan project stretches 3,293 km (2,046 miles) and is projected to cost around CNY 40.7 billion. The new line can transmit 12 GW of power and supply 66 billion kWh of electricity to eastern China annually.
- In October 2019, Hioki, Japan-based company, launched the In-Circuit Tester FA1220, a populated board testing system capable of conducting multiple electrical component tests. The FA1220 is a modular, compact system that comprises an independent measurement unit. The new test tool delivers 3.2 times the number of test points per unit of installed volume as the previous In-Circuit HiTester 1220-50 despite being about the same size as the legacy product. The ability to accommodate many tested components with a single embedded unit translates into even more significant space savings for customers.

Competitive Landscape

With the presence of significant regional and global players, the market for electrical test equipment is quite fragmented. However, the market's prominent players are involved in competitive strategic developments such as acquisitions and partnerships, new product development, and market expansion to augment their leadership position in the electrical test equipment market.

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHT
4.1 Market Overview (Covers the impact due to COVID-19)
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitutes

5 MARKET DYNAMICS

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