Electricity and Signal Testing Instruments Market Size, Share, and Industry Analysis, By Type (Electricity Testing Instruments, Semiconductor and Signal Testing Instruments, and Other Testing and Measuring Instruments), By Services (Calibration Services and Repair Services and After-Sales Services), By Application (Power, Rail, Environmental Protection, Communication, and Others), and Regional Forecast, 2024-2032

Electricity and signal test instrument is the equipment used to detect malfunctions in electronic equipment and collect responses from electronic equipment to measure and test the characteristics of electronic and electrical signals. The equipment is essential for finding and analyzing circuit conditions and for inspecting and maintaining electronic test equipment in various industries. These comprise engineering and related fields to measure, analyze, and diagnose electrical parameters and signals.

These instruments are crucial for ensuring the proper functioning, safety, and efficiency of electrical systems and devices. They come in various forms, each tailored to specific tasks and requirements. The main types of electrical and signal test equipment are electrical test equipment, other test and measurement equipment, and semiconductor and signal test equipment. Electrical and signal test equipment can measure a variety of electrical parameters, ranging from current and voltage to resistance and continuity. Electrical contractors use electrical test equipment to check various components ranging from live wires and switches to electrical transformers and electrical panels.

The electricity and signal testing instrument market is growing significantly due to numerous factors. The demand for precision test and measurement equipment is increasing in various industries such as electronics, telecommunications, power generation, and automotive. With the rapid development of technology, the complexity and complication of electrical systems have also increased the need for accurate test equipment.

• The Asia Pacific region accounts for more than half of global energy consumption and 85% of regional consumption comes from fossil fuels. According to the International Energy Agency (IEA), more than 70% of the growth in global electricity demand over the next three years will come from the People's Republic of China, India, and Southeast Asia. By 2025, Asia will account for half of the global electricity consumption for the first time.

The hindering factor of the electricity and signal testing instruments market is characterized by rapid technological advancements driven by innovations in the electronics and telecommunications industries. As a result, companies face the constant challenge of staying updated on the latest technological developments and incorporating them into their products to remain competitive. This requires significant investments in research and development and ongoing efforts to upgrade existing product lines.

The outbreak of the COVID-19 pandemic had a negative impact on the electricity and signal testing instruments market. Lockdown regulations and restrictions on domestic and international transportation and trade generated significant supply chain barriers for stakeholders operating in the current market for dimension stones. Furthermore, several construction projects are delayed due to labor shortage and growing economic uncertainty. The pandemic also led to the postponement of investments or the start of new projects by about six months or a year.

KEY INSIGHTS

The report includes the following key findings:

• Recent Advancements in the Electricity and Signal Testing Instrument Market


• Key Industry Trends


• Regulatory Landscape in the Electricity and Signal Testing Instrument Market


• Impact of COVID-19 on the Market

SEGMENTATION

ANALYSIS BY TYPE

The global electricity and signal testing instruments can be segmented into electricity testing instruments, semiconductor testing instruments, and other measuring instruments. The electricity testing instruments segment is anticipated to expand significantly during the forecast period. The testing instruments are used for the detection of faults and errors and are essential tools for measuring, troubleshooting, and verifying electrical systems and components, which drives segment growth.

The semiconductor and signal testing instruments segment is expected to hold a major market share over the forecast period as they help check the accuracy, speed, and repeatability of the integrated circuit's performance. Furthermore, they help to evaluate the design structure to make sure that the product will continue to function reliably. The other testing and measuring instruments are expected to grow during the projected period due to the enormous benefits as they are used for general-purpose electronics, electrical, wireless communications, microwave communication, and optical communication.

ANALYSIS BY SERVICES

Based on services, the global electricity and signal testing instrument market is segmented into calibration services, repair services, and after-sales services. Calibration services are essential for ensuring the accuracy and reliability of testing equipment, which makes them a crucial segment of the market. The services for electricity and signal testing instruments offer reliability and compliance with standards. These services involve the comparison of measurement devices against a known reference standard to determine any deviation in measurements and subsequently adjust the instrument to bring it within acceptable limits.

ANALYSIS BY APPLICATION

Based on application, the global electricity and signal testing instrument market is fragmented into power, rail, environmental protection, communication, and others. These instruments are necessary for the efficient operation and maintenance of electrical and signaling systems in these sectors. They are used to test and monitor electrical equipment, signal transmission, power distribution, water quality, environmental requirements, and telecommunications network performance. These tools play an important role in improving the safety, reliability, and efficiency of infrastructure in these industries.

REGIONAL ANALYSIS

The global electricity and signal testing instruments market has been categorized into regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Asia Pacific is the dominating region in the market, as rapid industrialization, infrastructural development, and expansion of the electronics and telecommunications sector are driving the demand for electricity and signal testing instruments. Additional factor driving regional growth is the increasing presence of foreign companies in the Asia Pacific region in emerging countries such as China and India.

Moreover, the North American electricity and signal testing instruments market is expected to hold a dominating market share during the forecast period. In 2021, the North American electricity transmission and distribution market generated nearly 97 billion U.S. dollars in revenue, up from 94.2 billion dollars in the previous year. The growing electricity transmission and distribution is leading to a greater emphasis on electricity and signal testing instruments for the uninterrupted flow of current and to avoid current fluctuations and errors.

The Europe market is expected to flourish as energy is essential to mankind and must be provided when and where it is needed to avoid a serious threat to society. Energy security, which refers to the ability of the energy system to deliver energy to users, is a key issue in policymaking at all levels. Energy security plays an important role in most areas of EU energy policy. An increasing proportion of Europe's energy is expected to be converted to electricity, particularly in the areas of transport, heat, and service demand. The increasing electricity security will positively impact the electricity and signal testing instruments market for uninterrupted flow of electricity.

Latin America, and the Middle East and Africa are expected to contribute to the market growth. In 2022, Brazil was the leading Latin American country in electricity production, with 677.2 terawatt-hours of production. At the second place stood Mexico, whose electricity production was almost 341 terawatt hours in the same year. In the Middle East and Africa, energy security is a multi-dimensional concept that has gained increasing interest worldwide in the study of the sustainability of a specific energy sector. The level of energy security has always been quantified and evaluated, focusing on economic and technical dimensions and modestly emphasizing social and environmental aspects.

KEY PLAYERS COVERED

The report provides the profile of key players such as Rohde & Schwarz GmbH & Co, Anritsu Corporation, Advantest Corp, Teradyne Inc., National Instruments, Good Will Instruments, Agilent Technologies, Yokogawa Electric Corporation, Siemens AG, Schneider Electric SE, and Emerson Electric Co.

KEY INDUSTRY DEVELOPMENTS

• In January 2023, Rohde and Schwarz introduced a new solution, Benchmarker 3, aiming to promote the development of online benchmarking. This advanced benchmarking solution enables mobile operators to effectively meet the growing challenges of technological advances, cost constraints, time constraints, and industry competitive pressures.

• In October 2021, National Instruments announced the acquisition of NH Research, LLC, a specialist company in high-power test and measurement applications such as electric vehicles (EV) and batteries.