According to a new market research report published by Acute Market Reports “Current Measuring Devices Market (By Output (Analog, Digital) By Type (Clamp, Probe, Fork) By Current (AC, DC, Hybrid) By Application (Automotive, Industrial, Energy Management and Smart Grid)) - Growth, Future Prospects and Competitive Landscape, 2020-2028”, current measuring devices market is estimated to grow at a CAGR of 7.1% from 2020 To 2028.
The complete report is available at https://www.acutemarketreports.com/report/current-measuring-devices-market
Market Insights
Current measuring devices refer to measurement equipment used for determining electric current in wiring/electrical load. The overall current measuring devices market is primarily driven by the rising industrial manufacturing and processing sector worldwide. In addition, due to continually growing electricity generation, the demand for related testing and measuring equipment is expected to remain strong throughout the forecast period. Apart from these, the market growth is also driven by the ever-rising construction industry (across commercial as well as residential). Nevertheless, the market growth is remarkably challenged by the growing proliferation of multi-metering devices.
The current measuring devices market majorly depends upon sectors such as industrial manufacturing and processing, power generation and construction. Thus, the market growth can be observed sustainable and faster in regions having strong industrial sector. Subsequently, Asia Pacific has emerged as the largest market for current measuring devices, contributing to over 50% of the total market revenue. The growth here is majorly backed by countries such as China, India, Japan, South Korea and some of the Southeast Asia countries. With the consistently growing industrial manufacturing & processing, power generation and construction sectors here, Asia Pacific is estimated to register the highest growth during the forecast period.
Current measuring devices market is segmented according to output, type, current, application and geography. Current measuring devices according to the output are classified into the analog and digital devices. According to the type, current measuring devices are classified as clamp type, probe type, and fork type. Depending upon the nature of output, the current measuring devices are segmented into AC, DC, and hybrid current measuring devices. According to the application, the current measuring devices as distributed into automotive, industrial, energy management and smart grid, and residential.
Competitive Insights:
The overall current measuring devices market comprises large number of manufacturers making the overall market fragmented in nature. The overall market is less dynamic in nature with limited scope of product development. Strategies such as product development with enhanced measurement capacity, expanding business across different applications, focus on digital meters and multimeters, development of smart meters with advanced features such as measurement storage, enhanced display and connectivity are majorly adopted by the companies to maintain their market position. Major players in the market include Purkey's Fleet Electric, Inc., Beemet Instruments Pvt Ltd.,MetermasterNZ Ltd., Schneider Electric SE., National Instruments Corporation., Goliya Instruments Pvt. Ltd., PCE Instruments., HPL Electric & Power Ltd., KYORITSU ELECTRICAL INSTRUMENTS WORKS, LTD., HIOKI E.E. Corporation, GMC-I PROSYS Ltd., Rayleigh Instruments Limited., Blue Sea Systems, PacerGroup, Electro Industries/GaugeTech, and Brighton Electronics, Inc.
Key Trends:
