By Product Type :

Based on the product type, the market is divided into benchtop and portable. Benchtop voltage calibrator is accounted to generate the largest market share in the year 2022. Also, the segment is expected to grow at the fastest CAGR during the forecast period. 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.

For instance, Time Electronics Ltd. is offering 5075 7.5-digit multimeter, ability to operate remotely with repetitive voltage and current calibration facility.

By End Use :

Based on the end use, the market is segmented into automotive, aerospace and defense, healthcare, semiconductor, IT and telecommunications, and others. The automotive segment accounted for the largest market share of 33.2% in the year 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.

Moreover, power supplies are used to provide power to the vehicle's electronic systems. Voltage calibrators are used to calibrate power supplies to ensure that they provide the correct voltage and current. 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 aforementioned benefits offered by voltage calibrators will provide growth opportunities during the forecast period.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share of USD 71.51 Million in 2022 and is expected to reach USD 111.52 Million by 2031, growing by a CAGR of 5.3%. Also, the market is projected to gain revenue of USD 73.88 million in the year 2023. In addition, in the region, the U.S. accounted for the maximum revenue share of 52.65% in the same year. 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.

Moreover, Asia-Pacific is expected to register the fastest CAGR growth of 5.6% during the forecast period. The voltage calibrator market in the Asia-Pacific region is expected to grow significantly during the forecast period. The growth is attributed to a number of factors, including growing demand for automotives sector, improved healthcare infrastructure including medical, and hospital facilities, broadcasting service, and among others. The Asia Pacific region is urbanizing rapidly, resulting in massive demand for better infrastructure in all aspects thus leading to rising demand for voltage calibrators.