Voltage Calibrator Market Size & Industry Share - Growth Trends & Forecasts (2023 - 2031)

Based on the Product Type :

Based on the product type, the market is divided into benchtop and portable. In 2022, the Benchtop segment accounted for the highest voltage calibrator market share. Also, the segment is expected to grow at the fastest CAGR during the forecast period. Analysis of market trends concludes that the key factors attributing to the growth of the segment is due to the advantage offered by benchtop calibrators including accuracy, power, stability, range of voltages, and others. Benchtop 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 calibrator is widely in use for calibration of medical devices, aerospace instruments, and industrial instruments. They are conveniently compact in form factor to be used when placed on a workbench, naf thus eradicate the need of sending electrical equipment out of house for calibration. They also give a wide range of voltage output and permit the user to calibrate instruments of different kinds that have distinct voltage requirements. They are a widely used cost effective solution that can save money spent in outsourcing the calibration tasks. They also are designed with a user friendly interface and can be used be used by novice technicians to easily carry out tasks.

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

Based on the 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 the 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. The calibrators help automotive manufacturers to conduct precise measurements during the entire manufacturing process. They also make sure that testing equipment like mustimeters are operating error-free and aid in making quality automotive products. They are also being increasingly used for diagnostics and troubleshooting procedures performed on electrical vehicles, as they aid in finding out voltage malfunctions occurring in sensors and other electronic components. Moreover, the calibrators also facilitate accurate calibration on modern automotive electronic systems that have complex and specific calibration requirements. By enabling the maintenance of the automotive tools and systems the calibrators provide contribution in enforcing quality and safety standards in the automotive industry. Analysis of market trends concludes that the growing preference for electric and hybrid vehicles will further propel the voltage calibrator market growth during the forecast period.

Moreover, power supplies are used to provide power to the vehicle's electronic systems. The calibrators are used to calibrate power supplies to ensure that they provide the correct voltage and current. In addition, they are used to calibrate test equipment used to test electronic components and systems in vehicles. Accordingly, they ensure that the test equipment provides accurate readings, which is essential for the quality assurance of the vehicle. Analysis of market trends concludes that the aforementioned benefits offered by them will provide growth opportunities during the forecast period.

Based on the 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. Analysis of voltage calibrator market trends concludes that the adoption of the calibrators 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 the calibrators. The existing infrastructure is readily suitable for upgrading to accommodate the 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 the calibrators to ensure the safety and reliability of devices tends to be driving the market proliferation.

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 voltage calibrator market analysis concluded that the expansion is attributed to a number of factors, including growing demand for automotive 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 increasing requirement for the calibrators.