Electrical Safety Analyzers Market – Industry Analysis and Forecast (2022-2027)

Electrical Safety Analyzers Market size was valued at US$ 215 Mn. in 2021 and the total revenue is expected to grow at 6.75% through 2022 to 2027, reaching nearly US$ 318 Mn.
Electrical Safety Analyzers Market Overview:
An electrical safety analyzer is a device dedicated to a various range of electrical safety tests in order to check that the device under test is in compliance with electrical safety requirements. Electrical safety analyzers are critical instruments used to ensure the safety of products that use or are powered by electricity. These electrical instruments not only allow you to check the protection against electrical shock, but they also allow you to evaluate the safety and quality of a variety of electrical components.



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Electrical Safety Analyzers Market Dynamics:
• The market's growth can be attributed to rising demand for Portable Electrical Safety Analyzers used in the Electrical Component Industry, Construction Industry, Medical Industry, and Automotive Industry applications globally.
• Growing government emphasis at strengthening the electricity distribution network, as well as rising demand for shockproof equipment across a variety of industries, are driving up global sales of electrical safety analyzers.
• The demand for electrical safety equipment is increasing rapidly as more electrical and insulation attributes of electrical products are validated. Furthermore, the increasing use of electrical safety analyzers in testing and determining compliance of products with electrical safety standards across industries such as automotive, healthcare, construction, and power distribution is driving up demand.
• Electrical safety analyzers such as dielectrimeters, megohmmeters, and hipot testers are finding widespread use in the validation of electric current insulation in various products such as transformers, circuit boards, and wire & cable assemblies. As a result, rising global demand for such products is expected to fuel lucrative growth opportunities in the electrical safety analyzer market during the forecasted period.
• Furthermore, leading manufacturers in the market are increasing their focus on research and development activities in order to introduce novel high-performance products with innovative multifunctional features, which is expected to boost market growth in the coming years. Vitrek, leading manufacturer of electrical safety compliance testing products, recently announced the introduction of its new 95X Series hipot testers, which are integrated with novel DSP technology. A slew of such product launches is expected to boost sales of electrical safety analyzers in North America.

Electrical Safety Analyzers Market Drivers:

• Electrical safety analyzers have grown in popularity in recent years all over the world. The number of construction activities is steadily increasing, particularly in developing economies such as China, India, Australia, South Korea, and others. In addition, with a growing emphasis on urbanising rural areas, governments in several countries are launching a slew of initiatives to boost rural infrastructure development, resulting in a surge in demand for electrical safety equipment.
• As per, the India Brand Equity Foundation, the Government of India has sanctioned nearly US$ 1.89 billion under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) to support initiatives such as the Smart Cities Mission and Housing for All in 2021.
• Because electrical safety analyzers and testers are widely used during building and construction activities to validate electrical standards in wire & cable assemblies, circuits, and other applications, the increase in construction activities is expected to drive demand in the global market during the forecasted period.
• In addition to this, implementation of several standards and norms by regulatory organizations to increase the safety of electrical products and curb growing incidence of electric related accidents is projected to further propel the demand for electrical safety analyzers in the market duringt the forecasted period.
• Furthermore, according to an International Energy Agency study, electric vehicle sales in Europe will more than double to 1.4 million in 2020, with France and Germany accounting for nearly 185,000 and 395,000 units, respectively. Because electrical safety analyzers are widely used to validate various electrical standards such as insulation resistance, increased sales of Evs (electric vehicles) are expected to boost market growth in Europe.

Electrical Safety Analyzers Market Challenges:

• The high cost of products, as well as the need for different instruments for specific applications, are impeding growth in the global market.
• Furthermore, the short life of these instruments as a result of working with high voltages, as well as the need for professionals to operate and assess readings of these equipments, are impeding market sales of electrical safety analyzers.
Electrical Safety Analyzers Market Segment Analysis:
On the basis of application, the market is segmented into the electrical component industry, construction industry, medical industry, automotive industry.

Electrical Component Industry: The electrical component industry is a major end-use of Market. The increasing use of electronic products such as smartphones, tablets, laptops, televisions, and computers will drive the market for this segment in the forecasted years (2022-2027).
Construction Industry: The use of electrical safety analyzers in the construction industry is on an increasing trend. The need for compliance with standards such as IEC61508 (Industrial), IS0140026-2012 (HVAC), and IS0141011-2014(Railway) among others, ensures that the market has immense growth potential.
Medical Industry: The medical industry is one of the fastest-growing sectors for electrical safety analyzers in terms of CAGR. The increasing use of medical devices such as X-ray machines, CT scanners, and MRI machines will drive the demand for these analyzers in this sector during the forecasted period.
Automotive Industry: Increasing focus on quality, reliability, and durability of automotive components is estimated to drive the demand for electrical safety analyzers in this industry. Further the increase in consumer adoption of electrical vehicles will boost demand. In order to ensure high-quality products with improved performance, the manufacturers are using state-of-the-art technologies such as testing machines that help them meet stringent regulatory standards.


Electrical Safety Analyzers Market Regional Insights:
North America - North America is estimated to remain the leading regional market for electrical safety analyzers during the forecast period (2022-2027). Growing investments in infrastructure development, Reseach & Development, increasing disposable income levels of consumers, and rising demand for advanced products are driving the growth of this segment.
South America - South American countries such as Brazil, Mexico, and Argentina will witness significant gains by 2027 owing to growing construction activities across these regions.
Europe - The European market is expected to grow at a moderate pace during the forecast period (2022-2027). The market growth in the region can be attributed to the increasing number of regulations related to electrical safety and the growing demand for advanced products. Germany, France, and the UK are some of the key markets.
Asia Pacific - The Asia Pacific is projected to be the fastest-growing regional market for electrical safety analyzers during the forecast period (2022-2027). The region offers immense potential due to its large population base and rapidly expanding economy. China and India are two of the most lucrative markets for electrical safety analyzers in the Asia Pacific. Japan holds a significant share of the market owing to its well-established automotive industry.
Middle East & Africa - During the forecast period (2022-2027), the Middle East and Africa region is expected to grow at a moderate rate. The increasing demand for electrical safety analyzers from the construction and automotive industries is driving market growth in this region. Saudi Arabia, the United Arab Emirates, and Qatar are some of the region's most important markets for electrical safety analyzers.

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Global Electrical Safety Analyzers Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2027


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 215 Mn.


Forecast Period 2022 to 2027 CAGR:
6.75 %
Market Size in 2027:
US $ 318 Mn.


 Segments Covered:
by Product
• Hipot Testers
• Dielectrimeters
• Megohmmeters


by Application
• Electrical Component Industry
• Construction Industry
• Medical Industry
• Automotive Industry



Electrical Safety Analyzers Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Electrical Safety Analyzers Market Key Players
• Fluke Biomedical (USA)
• Sefelec Eaton
• Datrend Systems (USA)
• Vitrek (USA)
• Chroma ATE (Taiwan)
• HIOKI (Japan)
• Seaward Group (UK)
• SONEL (Poland)
• GW Instek (Taiwan)

Frequently Asked Questions:

1. What is the forecast period considered for the  market report?
Ans. The forecast period for the market is 2022-2027.

2. Which key factors are hindering the growth of the Electrical Safety Analyzers market?
Ans. The high cost of products, as well as the need for different instruments for specific applications, are impeding growth in the global market.

3. What is the compound annual growth rate (CAGR) of the Electrical Safety Analyzers market for the forecast period?
Ans. The market is estimated to grow at CAGR of 6.75% through the forecasted period (2022-2027).

4. What are the key factors driving the growth of the Electrical Safety Analyzers market?
Ans. The market's expansion can be attributed to rising demand for Portable Electrical Safety Analyzers used in the Electrical Component Industry, Construction Industry, Medical Industry, and Automotive Industry applications globally.