New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Voltage Calibrator Market” published by Consegic Business Intelligence, the market was worth USD 213.79 Million in 2022 and is projected to grow by USD 220.90 Million in 2023. In addition, the market is anticipated to reach over USD 333.89 Million by the year 2031, growing at a CAGR of 5.30%.
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A voltage calibrator is a device that generates a known and accurate voltage signal and is used to calibrate other measurement devices, such as multimeters, oscilloscopes, and power supplies. Voltage calibrators are used in a variety of applications including troubleshooting electrical problems, calibrating multimeters, calibrating power supplies, testing electronic equipment, and others. Moreover, key attributing factors driving the demand for voltage calibrator include identifying and troubleshooting of electrical problems, ensuring the accuracy of measurement of devices, and among others.
| Report Attributes | Report Details |
| Market Size By 2031 | USD 333.89 Million |
| Forecast Period | 2023-2031 |
| CAGR (2023-2031) | 5.30% |
| Base Year | 2022 |
| Study Timeline | 2017-2031 |
| Key Players | Fluke Corporation, Yokogawa Test & Measurement Corporation, Keysight Technologies, Ametek, Omega Engineering, Inc., PCE Deutschland GmbH, Good Will Instrument Co., Ltd., Teledyne FLIR LLC, Time Electronics Ltd., NH Research LLC (NHR) |
| By Product Type | Benchtop and Portable |
| By End Use | Automotive, Aerospace and Defense, Healthcare, Semiconductor, IT and Telecommunications, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Voltage Calibrator Market Growth Drivers:
- Growing adoption for accurate and reliable electronic measurement devices is driving the market growth
- Rising demand for technologically advanced instruments for manufacturing industry is driving the market growth
Restraints
- High cost of voltage calibrator tends to restrain the market growth
Opportunities
- Growth of Internet of Things (IoT) technology is expected to create opportunity for the market growth
Global Voltage Calibrator Market Segmentation Details:
Based on Product Type, benchtop segment contributed the largest shares to the market growth in 2022. The key factors attributing to the growth of the segment is due to the advantage offered by benchtop voltage calibrators including accuracy, power, stability, range of voltages, and others. Benchtop voltage calibrators are typically used in laboratory settings where high accuracy and stability are required. In addition, they are more accurate and stable than portable calibrators, and are able to generate a wider range of voltages. However, they are also larger and more expensive than portable calibrators. Moreover, benchtop voltage calibrator is widely in use for calibration of medical devices, aerospace instruments, and industrial instruments.
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Based on End Use, automotive by end use of voltage calibrator segment contributed the largest shares to the market growth in 2022. Owing to the demand for voltage calibrators in automotive sectors, the segment is also expected to grow in the future due to the increasing use in calibration of sensors, electrical control units, power supplies, test equipment, and others. Moreover, growing preference for electric and hybrid vehicles will further propel the demand for voltage calibrators during the forecast period. In addition, voltage calibrators are used to calibrate test equipment used to test electronic components and systems in vehicles. Accordingly, voltage calibrators ensure that the test equipment provides accurate readings, which is essential for the quality assurance of the vehicle. Thus, owing to the benefits offered by voltage calibrators will provide growth opportunities during the forecast period.
Based on region, North America region accounted for the largest revenue share in the year 2022. The adoption of voltage calibrator in north America is primarily driven by factors including the development of new technologies, adoption of autonomous vehicles, improved communication infrastructure to support other industries. North America has a well-developed and robust manufacturing infrastructure, which provides a foundation for the adoption of voltage calibrators. The existing infrastructure is readily suitable for upgrading to accommodate voltage calibrators coupled with the presence of key players including Fluke Corporation, Yokogawa Test & Measurement Corporation, and Keysight Technologies. In addition, the North American regulatory environment is supportive to the adoption of voltage calibrators to ensure the safety and reliability of devices tends to be driving the market growth.
Key Market Highlights
- Globally, the voltage calibrator market is divided based on the product type into benchtop and portable.
- On the basis of end use, voltage calibrator market is categorized into automotive, aerospace and defense, healthcare, semiconductor, IT and telecommunications, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia Pacific is estimated to support the market growth during the forecast period in terms of the adoption of the latest technology combined with expenditures on advancements in infrastructure.
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List of Major Global Voltage Calibrator Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Fluke Corporation
- Yokogawa Test & Measurement Corporation
- Keysight Technologies
- Ametek
- Omega Engineering, Inc.
- PCE Deutschland GmbH
- Good Will Instrument Co., Ltd.
- Teledyne FLIR LLC
- Time Electronics Ltd.
- NH Research LLC (NHR)
Global Voltage Calibrator Market Segmentation:
- By Product Type
- Benchtop
- Portable
- By End Use
- Automotive
- Aerospace and Defense
- Healthcare
- Semiconductor
- IT and Telecommunications
- Others
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Key Questions Covered in the Voltage Calibrator Market Report
- What is Voltage Calibrator?
- Voltage calibrator is a device that is utilized to calibrate measures process signals and process devices. Voltage calibrators are present in product types including benchtop and portable that offers working flexibility and high performance.
- What is the dominating segment in the voltage calibrator market by end use?
- In 2022, the automotive segment in end use is accounted for the highest market share in the overall voltage calibrator market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on Voltage Calibrator growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for voltage calibrator from multiple industries including automotive, telecommunication, among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
- Asia-Pacific is anticipated to register the fastest CAGR during the forecast period due to rapid growth in telecommunication infrastructure in the region.
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