Market Synopsis
The Voltage Calibrator Market is used for basic measuring, testing; and regulation techniques for setting and verifying test installations and instrumentation. The major factors that contribute to the market growth is the increased adoption of these devices in the utilities sector. The power industry has the largest demand for the voltage calibrator devices. Along with this, the upgradation of aged distribution networks requires voltage calibrator devices. The old distribution networks are being replaced or improved constantly by new network which will boost the demand for these devices.
Semiconductor vertical is expected to be the second largest market contributor. The vertical is expected to grow with the highest CAGR during the forecast period. Semiconductor manufacturers make use of voltage calibrators for producing highly advanced and innovative chips and other products. Voltage calibrators confirm the reliability and quality of the product being manufactured. These devices are needed as the semiconductor manufacturing process is highly complex and requires high cost.
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The bench type voltage calibrator segment is expected to witness higher market share than handheld type in the forcast period. This is because of the greater demand across the electronic manufacturing industry across the globe. The bench type voltage calibrator devices are used for precise calibration testing in research laboratory or off-site environment. These are also used calibrate and provide linearity of electronic voltmeters, data loggers, chart recorders and others. These devices offer extra features for high reliability and accuracy, which are not present in handheld voltage calibrator. The handheld segment is expected to grow at the higher CAGR during the forecast period. These are more portable and weigh less than the bench type voltage calibrator. These can be easily carried to the field of work and also be used in the research laboratories.
Between the component segments, the product segment is expected to have a greater market size than the services segment. The cost of the voltage calibrator device is high, thus this segment is large. The services segment is expected to grow at a higher CAGR as the need for after sales services and maintenance services is expected to grow in the future.
Key Players
The key players in the Voltage calibrator market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are— Time Electronics Ltd. (UK), Extech Instruments (US), PCE Holding GmbH (Germany), REED Instruments (US), AOIP (France), Yokogawa Test & Measurement Corporation (Japan), Valhalla Scientific Inc. (US), Calibrators Inc. (US), Practical Instrument Electronics, Inc.(US), Nagman (India), Fluke Corporation (US), General Electric Company (US), Schweitzer Engineering Laboratories, Inc. (US), Powerpoint Engineering Ltd (Ireland), and ENGIE LABORELEC (Belgium). Majority of these companies are based in US and Europe.
Segmentation
The global voltage calibrator market is segmented into type, component, end user, vertical and region/country.
By type, the global voltage calibrator market is segmented into handheld and bench type.
By component, the global voltage calibrator market is segmented into product and services.
By end user, the global voltage calibrator market is segmented into research and field.
By vertical, the global voltage calibrator market is segmented into telecommunication and IT; semiconductor; healthcare and pharmaceutical; aerospace and defense; utilities; and others.
By region, the global Voltage calibrator market is segmented into North America, Europe, Asia-Pacific, and rest of the world.
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Regional analysis
The global market for voltage calibrator is expected to grow at a CAGR of 6.49% during the forecast period. The geographical analysis of voltage calibrator market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).
Among the regions mentioned, North America is anticipated to have the largest market share during the forecast period. The US occupies nearly 80%-85% share in the region as most of the leading vendors are headquartered here with strong customer base. These include companies such as REED Instruments, Extech Instruments, Valhalla Scientific Inc., Practical Instrument Electronics, Inc., Calibrators Inc., Fluke Corporation, General Electric Company, and Schweitzer Engineering Laboratories, Inc. Furthermore, North America has a higher adoption of voltage calibrators due to continuously rising electronic manufacturing and semiconductor industry across the region. The market size of APAC is estimated to grow at the highest CAGR from 2018-2023, followed by Europe.
Intended Audience
- Government Agencies
- Voltage calibrator device providers
- System Integrators
- Research Institutes and Organizations
- Technology Standards Organizations
- Venture capitalist/angel investors
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