PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1401881
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1401881
Energy Meter Calibrator Market Forecasts to 2030 - Global Analysis By Product Type (Handheld Calibrators, Benchtop Calibrators, Automated Calibrators, Portable Calibrators and Other Product Types), Type, Application and By Geography
According to Stratistics MRC, the Global Energy Meter Calibrator Market is accounted for $2.4 billion in 2023 and is expected to reach $4.0 billion by 2030 growing at a CAGR of 7.6% during the forecast period. To ensure that energy meters measure electricity consumption accurately and consistently, an energy meter calibrator is a tool that is used to test and calibrate energy meters. These calibrators are vital pieces of equipment in many industries where precise energy measurement is required, such as utilities, commercial buildings, industrial settings, and residential areas. By comparing the readings from energy meters to established standards, energy meter calibrators are used to confirm the accuracy of the meters. This procedure contributes to the accuracy of the electricity usage measurements provided by the meters.
According to "Healthcare Calibration in the Time of COVID-19" published by Tektronix, a novel "virtual onsite" service delivery option was developed, that would allocate a technician's time to hospital service requirements, either by picking up the equipment to transport back to the nearby service center or by maintaining the assets remotely.
Market Dynamics:
Driver:
Increased need for accuracy and precision
Accurate energy monitoring is becoming increasingly important as energy efficiency rises to the top of the priority list across businesses and the accurate calibration of energy meters is essential for reaching and sustaining energy efficiency targets, and energy meter calibrators are a key component of this process. Moreover, the energy efficiency is becoming more and more important, and with it comes the need for calibration technologies that are increasingly complex and advanced. In response to the increasing need for energy-efficient operations, manufacturers concentrate on creating calibrators with improved features, precision, and dependability thus propels the market.
Restraint:
Complexity of calibration processes
Due to the intricacy of calibration procedures, qualified specialists with specific training and understanding in calibration methods are frequently required and this reliance on certain skills may make it difficult to hire and maintain competent staff. Furthermore, lengthy on boarding periods for new technicians might result from rigorous training requirements for calibrating operations and the likelihood of mistakes or inaccuracies in the calibration process may rise with complex calibration techniques. Moreover, the intricacy creates the possibility of human mistake, which might result in erroneous calibrations even with experienced professionals. Errors undermine the dependability of energy meters, affecting both their efficiency and adherence to legal requirements which hampers the market growth.
Opportunity:
Growing market for IoT-enabled calibrators
Remote monitoring and control of calibration procedures are made possible by IoT-enabled calibrators because of this feature; technicians may carry out calibrations remotely, which eliminates the need for them to physically visit the location of the energy meters. When regular calibration tests are needed across many sites or when accessibility is restricted, this capability is quite helpful and instantaneous analysis of this data enables prompt detection of any possible problems or inconsistencies in energy meters. This feature increases the effectiveness of calibration operations and troubleshooting thereby creating wide range of opportunities for the market growth.
Threat:
Limited awareness
Underestimating the value of energy meter calibration in assuring accurate energy measurement might result from ignorance of its importance. Businesses could under appreciated or ignore the necessity of routine calibration, which might jeopardize energy meters' accuracy and reduce their operational effectiveness. Additionally, in businesses where adherence to regulations is essential, a lack of knowledge on calibration standards and procedures may lead to noncompliance impeding the market.
COVID-19 Impact
Global supply chains were thrown off balance by the pandemic, which had an impact on the manufacture and delivery of parts and supplies needed to produce energy meter calibrators. Production constraints or an impact on these devices' availability may have resulted from supply chain delays. It's possible that access issues prevented calibration professionals from doing routine site inspections and calibrations, which might have caused delays or postponed maintenance plans. On the other hand, enterprises providing utilities, healthcare, or other vital services may have maintained or even grown their need for energy meter calibrators.
The handheld calibrators segment is expected to be the largest during the forecast period
The handheld calibrators segment is estimated to have a lucrative growth, because lab, industrial, or field setting, technicians and engineers may carry out calibration operations right at the location of the energy meters thanks to handheld calibrators' portability and small design. The many features that handheld calibrators frequently offer, including the ability to generate voltage and current, frequency, power, and harmonics, enable thorough testing and calibration of energy meters. They provide flexibility and convenience, particularly in situations where it is difficult to transfer energy meters or when regular calibration checks are required thus boosting the growth of the market.
The single-phase segment is expected to have the highest CAGR during the forecast period
The single-phase segment is anticipated to witness the highest CAGR growth during the forecast period, as to precisely test and calibrate single-phase energy meters, single-phase energy meter calibrators usually produce and measure parameters including voltage, current, power, and frequency. They frequently have variable capacities and ranges to accommodate different single-phase meter types and specifications thus ensuring the accuracy and dependability of energy meters are essential for companies that deal with single-phase energy measurement which enhances the market growth.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the significant increases in industrialization, urbanization, and economic expansion in this region, leading to a notable surge in the demand for power. Moreover, accurate energy measurement and calibration are now more important than ever due to this increase in demand. Furthermore, the strict guidelines and standards for energy metering were being implemented by governments and regulatory agencies across several nations. Thus, the need for energy meter calibrators has been driven by the need for precision and adherence to regulations in this region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the need for sophisticated calibrating devices being driven by the need for precise metering and calibration as a result of the shift to renewable energy. More advanced and accurate energy meter calibrators have been developed as a result of ongoing technological breakthroughs. Innovative features have been introduced by manufacturers to cater to the changing demands of the North American market.
Key players in the market:
Some of the key players profiled in the Energy Meter Calibrator Market include Meatest, Calmet, Zeal Manufacturing & Calibration Services, Yenkay Instruments & Controls, Beijing GFUVE Electronics, Kingsine Electric Automation, HV Hipot Electric, HUAZHENG Electric Manufacturing, TUNKIA, Guangzhou GENY Electric, Fluke Corporation, Schneider Electric, Yokogawa Electric Corporation, Megger Group Limited, Kyoritsu Electric Corporation, Circutor SA, Sonel S.A and Elster Group GmbH
Key Developments:
In November 2023, TECO 2030 and Yokogawa Sign Partnership and Investment Agreement for the Utilization of Hydrogen Fuel Cells in Industrial Applications. by way of acquiring treasury shares, and the two companies will collaborate on optimizing hydrogen fuel cell technology and exploring business opportunities
In June 2023, Schneider Electric and ArcelorMittal Nippon Steel India to collaborate on the design of high-tech training facilities and programs in Smart Manufacturing, The partnership will also work to launch programs in the areas of academic and capability development to ensure the delivery of student services.
In December 2022, Schneider Electric launches AltivarTM Soft Starter ATS480 for the Indian market. The system drives the complete lifecycle of a motor from design, build, operate & maintain to achieve sustainability goals in your plant, Machines & Buildings.
Product Types Covered:
- Handheld Calibrators
- Benchtop Calibrators
- Automated Calibrators
- Portable Calibrators
- Other Product Types
Types Covered:
- Single-Phase
- Triphasic
Applications Covered:
- Commercial
- Residential
- Industrial
- Laboratory
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 Application Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Energy Meter Calibrator Market, By Product Type
- 5.1 Introduction
- 5.2 Handheld Calibrators
- 5.3 Benchtop Calibrators
- 5.4 Automated Calibrators
- 5.5 Portable Calibrators
- 5.6 Other Product Types
6 Global Energy Meter Calibrator Market, By Type
- 6.1 Introduction
- 6.2 Single-Phase
- 6.3 Triphasic
7 Global Energy Meter Calibrator Market, By Application
- 7.1 Introduction
- 7.2 Commercial
- 7.3 Residential
- 7.4 Industrial
- 7.5 Laboratory
- 7.6 Other Applications
8 Global Energy Meter Calibrator Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Meatest
- 10.2 Calmet
- 10.3 Zeal Manufacturing & Calibration Services
- 10.4 Yenkay Instruments & Controls
- 10.5 Beijing GFUVE Electronics
- 10.6 Kingsine Electric Automation
- 10.7 HV Hipot Electric
- 10.8 HUAZHENG Electric Manufacturing
- 10.9 TUNKIA
- 10.10 Guangzhou GENY Electric
- 10.11 Fluke Corporation
- 10.12 Schneider Electric
- 10.13 Yokogawa Electric Corporation
- 10.14 Megger Group Limited
- 10.15 Kyoritsu Electric Corporation
- 10.16 Circutor SA
- 10.17 Sonel S.A
- 10.18 Elster Group GmbH
List of Tables
- Table 1 Global Energy Meter Calibrator Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Energy Meter Calibrator Market Outlook, By Product Type (2021-2030) ($MN)
- Table 3 Global Energy Meter Calibrator Market Outlook, By Handheld Calibrators (2021-2030) ($MN)
- Table 4 Global Energy Meter Calibrator Market Outlook, By Benchtop Calibrators (2021-2030) ($MN)
- Table 5 Global Energy Meter Calibrator Market Outlook, By Automated Calibrators (2021-2030) ($MN)
- Table 6 Global Energy Meter Calibrator Market Outlook, By Portable Calibrators (2021-2030) ($MN)
- Table 7 Global Energy Meter Calibrator Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 8 Global Energy Meter Calibrator Market Outlook, By Type (2021-2030) ($MN)
- Table 9 Global Energy Meter Calibrator Market Outlook, By Single-Phase (2021-2030) ($MN)
- Table 10 Global Energy Meter Calibrator Market Outlook, By Triphasic (2021-2030) ($MN)
- Table 11 Global Energy Meter Calibrator Market Outlook, By Application (2021-2030) ($MN)
- Table 12 Global Energy Meter Calibrator Market Outlook, By Commercial (2021-2030) ($MN)
- Table 13 Global Energy Meter Calibrator Market Outlook, By Residential (2021-2030) ($MN)
- Table 14 Global Energy Meter Calibrator Market Outlook, By Industrial (2021-2030) ($MN)
- Table 15 Global Energy Meter Calibrator Market Outlook, By Laboratory (2021-2030) ($MN)
- Table 16 Global Energy Meter Calibrator Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 17 North America Energy Meter Calibrator Market Outlook, By Country (2021-2030) ($MN)
- Table 18 North America Energy Meter Calibrator Market Outlook, By Product Type (2021-2030) ($MN)
- Table 19 North America Energy Meter Calibrator Market Outlook, By Handheld Calibrators (2021-2030) ($MN)
- Table 20 North America Energy Meter Calibrator Market Outlook, By Benchtop Calibrators (2021-2030) ($MN)
- Table 21 North America Energy Meter Calibrator Market Outlook, By Automated Calibrators (2021-2030) ($MN)
- Table 22 North America Energy Meter Calibrator Market Outlook, By Portable Calibrators (2021-2030) ($MN)
- Table 23 North America Energy Meter Calibrator Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 24 North America Energy Meter Calibrator Market Outlook, By Type (2021-2030) ($MN)
- Table 25 North America Energy Meter Calibrator Market Outlook, By Single-Phase (2021-2030) ($MN)
- Table 26 North America Energy Meter Calibrator Market Outlook, By Triphasic (2021-2030) ($MN)
- Table 27 North America Energy Meter Calibrator Market Outlook, By Application (2021-2030) ($MN)
- Table 28 North America Energy Meter Calibrator Market Outlook, By Commercial (2021-2030) ($MN)
- Table 29 North America Energy Meter Calibrator Market Outlook, By Residential (2021-2030) ($MN)
- Table 30 North America Energy Meter Calibrator Market Outlook, By Industrial (2021-2030) ($MN)
- Table 31 North America Energy Meter Calibrator Market Outlook, By Laboratory (2021-2030) ($MN)
- Table 32 North America Energy Meter Calibrator Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 33 Europe Energy Meter Calibrator Market Outlook, By Country (2021-2030) ($MN)
- Table 34 Europe Energy Meter Calibrator Market Outlook, By Product Type (2021-2030) ($MN)
- Table 35 Europe Energy Meter Calibrator Market Outlook, By Handheld Calibrators (2021-2030) ($MN)
- Table 36 Europe Energy Meter Calibrator Market Outlook, By Benchtop Calibrators (2021-2030) ($MN)
- Table 37 Europe Energy Meter Calibrator Market Outlook, By Automated Calibrators (2021-2030) ($MN)
- Table 38 Europe Energy Meter Calibrator Market Outlook, By Portable Calibrators (2021-2030) ($MN)
- Table 39 Europe Energy Meter Calibrator Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 40 Europe Energy Meter Calibrator Market Outlook, By Type (2021-2030) ($MN)
- Table 41 Europe Energy Meter Calibrator Market Outlook, By Single-Phase (2021-2030) ($MN)
- Table 42 Europe Energy Meter Calibrator Market Outlook, By Triphasic (2021-2030) ($MN)
- Table 43 Europe Energy Meter Calibrator Market Outlook, By Application (2021-2030) ($MN)
- Table 44 Europe Energy Meter Calibrator Market Outlook, By Commercial (2021-2030) ($MN)
- Table 45 Europe Energy Meter Calibrator Market Outlook, By Residential (2021-2030) ($MN)
- Table 46 Europe Energy Meter Calibrator Market Outlook, By Industrial (2021-2030) ($MN)
- Table 47 Europe Energy Meter Calibrator Market Outlook, By Laboratory (2021-2030) ($MN)
- Table 48 Europe Energy Meter Calibrator Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 49 Asia Pacific Energy Meter Calibrator Market Outlook, By Country (2021-2030) ($MN)
- Table 50 Asia Pacific Energy Meter Calibrator Market Outlook, By Product Type (2021-2030) ($MN)
- Table 51 Asia Pacific Energy Meter Calibrator Market Outlook, By Handheld Calibrators (2021-2030) ($MN)
- Table 52 Asia Pacific Energy Meter Calibrator Market Outlook, By Benchtop Calibrators (2021-2030) ($MN)
- Table 53 Asia Pacific Energy Meter Calibrator Market Outlook, By Automated Calibrators (2021-2030) ($MN)
- Table 54 Asia Pacific Energy Meter Calibrator Market Outlook, By Portable Calibrators (2021-2030) ($MN)
- Table 55 Asia Pacific Energy Meter Calibrator Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 56 Asia Pacific Energy Meter Calibrator Market Outlook, By Type (2021-2030) ($MN)
- Table 57 Asia Pacific Energy Meter Calibrator Market Outlook, By Single-Phase (2021-2030) ($MN)
- Table 58 Asia Pacific Energy Meter Calibrator Market Outlook, By Triphasic (2021-2030) ($MN)
- Table 59 Asia Pacific Energy Meter Calibrator Market Outlook, By Application (2021-2030) ($MN)
- Table 60 Asia Pacific Energy Meter Calibrator Market Outlook, By Commercial (2021-2030) ($MN)
- Table 61 Asia Pacific Energy Meter Calibrator Market Outlook, By Residential (2021-2030) ($MN)
- Table 62 Asia Pacific Energy Meter Calibrator Market Outlook, By Industrial (2021-2030) ($MN)
- Table 63 Asia Pacific Energy Meter Calibrator Market Outlook, By Laboratory (2021-2030) ($MN)
- Table 64 Asia Pacific Energy Meter Calibrator Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 65 South America Energy Meter Calibrator Market Outlook, By Country (2021-2030) ($MN)
- Table 66 South America Energy Meter Calibrator Market Outlook, By Product Type (2021-2030) ($MN)
- Table 67 South America Energy Meter Calibrator Market Outlook, By Handheld Calibrators (2021-2030) ($MN)
- Table 68 South America Energy Meter Calibrator Market Outlook, By Benchtop Calibrators (2021-2030) ($MN)
- Table 69 South America Energy Meter Calibrator Market Outlook, By Automated Calibrators (2021-2030) ($MN)
- Table 70 South America Energy Meter Calibrator Market Outlook, By Portable Calibrators (2021-2030) ($MN)
- Table 71 South America Energy Meter Calibrator Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 72 South America Energy Meter Calibrator Market Outlook, By Type (2021-2030) ($MN)
- Table 73 South America Energy Meter Calibrator Market Outlook, By Single-Phase (2021-2030) ($MN)
- Table 74 South America Energy Meter Calibrator Market Outlook, By Triphasic (2021-2030) ($MN)
- Table 75 South America Energy Meter Calibrator Market Outlook, By Application (2021-2030) ($MN)
- Table 76 South America Energy Meter Calibrator Market Outlook, By Commercial (2021-2030) ($MN)
- Table 77 South America Energy Meter Calibrator Market Outlook, By Residential (2021-2030) ($MN)
- Table 78 South America Energy Meter Calibrator Market Outlook, By Industrial (2021-2030) ($MN)
- Table 79 South America Energy Meter Calibrator Market Outlook, By Laboratory (2021-2030) ($MN)
- Table 80 South America Energy Meter Calibrator Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 81 Middle East & Africa Energy Meter Calibrator Market Outlook, By Country (2021-2030) ($MN)
- Table 82 Middle East & Africa Energy Meter Calibrator Market Outlook, By Product Type (2021-2030) ($MN)
- Table 83 Middle East & Africa Energy Meter Calibrator Market Outlook, By Handheld Calibrators (2021-2030) ($MN)
- Table 84 Middle East & Africa Energy Meter Calibrator Market Outlook, By Benchtop Calibrators (2021-2030) ($MN)
- Table 85 Middle East & Africa Energy Meter Calibrator Market Outlook, By Automated Calibrators (2021-2030) ($MN)
- Table 86 Middle East & Africa Energy Meter Calibrator Market Outlook, By Portable Calibrators (2021-2030) ($MN)
- Table 87 Middle East & Africa Energy Meter Calibrator Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 88 Middle East & Africa Energy Meter Calibrator Market Outlook, By Type (2021-2030) ($MN)
- Table 89 Middle East & Africa Energy Meter Calibrator Market Outlook, By Single-Phase (2021-2030) ($MN)
- Table 90 Middle East & Africa Energy Meter Calibrator Market Outlook, By Triphasic (2021-2030) ($MN)
- Table 91 Middle East & Africa Energy Meter Calibrator Market Outlook, By Application (2021-2030) ($MN)
- Table 92 Middle East & Africa Energy Meter Calibrator Market Outlook, By Commercial (2021-2030) ($MN)
- Table 93 Middle East & Africa Energy Meter Calibrator Market Outlook, By Residential (2021-2030) ($MN)
- Table 94 Middle East & Africa Energy Meter Calibrator Market Outlook, By Industrial (2021-2030) ($MN)
- Table 95 Middle East & Africa Energy Meter Calibrator Market Outlook, By Laboratory (2021-2030) ($MN)
- Table 96 Middle East & Africa Energy Meter Calibrator Market Outlook, By Other Applications (2021-2030) ($MN)
