The clamp meter market is likely to strengthen its hold in the global market at a moderate CAGR of 8.5% during the forecast period. The global market holds a forecasted revenue of USD 35.8 billion in 2023 and is likely to cross USD 80.9 billion by the end of 2033. The clamp meter market is anticipated to show promising growth prospects during the forecast period, expanding the clamp meter market size.
| Report Attributes | Details |
|---|---|
| CAGR (2023 to 2033) | 8.5% |
| Value (2023) | USD 35.8 billion |
| Value (2033) | USD 80.9 billion |
A clamp meter is an electrical test equipment that mixes a basic digital multimeter and current sensor system, measuring the current around connected cable or wires by clamping this device around. Multiple clamp meters are designed for industry-specific applications.
Some of these applications are on-field services, measurement safety, etc. Its use is also prominent in manufacturing units like electronics, electrics, construction, and automotive, fueling the sales of clamp meter units. Its easy-to-use approach and portability are its USPs and are pushing the sales of clamp meter systems in the forecast period.
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Electronics and Electrical industries are rapidly expanding in regions such as the Asia Pacific and North America. Thus, advanced clamp meters are used to test the electric and other instruments in the manufacturing sector. Advanced clamp meters are used for the verification and certification process. These factors are forecasted to increase the growth of the clamp meter market.
Increasing power generation and construction industries are creating a significant demand for the clamp meter. The various types of wires and electric instruments used in the power generation industry demand clamp meters for maintenance purposes.
Also, clamp meters are used in the construction industry for checking the electrical power in complex wiring. These factors are boosting the growth of the market. The demand for clamp meters is increasing due to the growing automotive industry. Portable clamp meters are used to measure the electric power of components in these industries.
North America and Europe have a significant market share of clamp meters in terms of manufacturing, which is witnessed by the high presence of prominent players in these regions. East Asia dominated the significant market share. The Asia Pacific countries such as China and India have a large market share in terms of manufacturing due to the presence of global and local players. Such as Fluke Corporation and Yokogawa Corporation, increasing the sales of clamp meters.
The Asia Pacific, including Japan and North America regions, is highly dominant in the growth of the market in terms of consumption due to the increasing expansion of end-use industries. The expanding electronics and power generation industries in these regions are forecasted to boost the growth of the clamp meter market.
Also, Europe has a significant market share of clamp meters due to the rapidly growing automotive industry. The United States, China, and India hold a maximum share of the clamp meter market due to their strong distribution channel. MEA has been forecasted as an emerging region for the clamp meter market because of increasing industrialization. This pushes the sales of clamp meters worldwide.
The Clamp Meter Market report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies, pushing the demand for clamp meters worldwide.
The key players in the Clamp meter market are focusing on mergers and collaborations that are fueling the sales of clamp meters.
Key players in the clamp meter market include Fluke Corporation, PCE Instruments, HIOKI E.E.Corporation, Yokogawa Coprporation, Meco Instruments Pvt. Ltd., Extech Instruments, Eltex, Klein Tools, Innova Electronics, Etekcity Corporation, Kaito Electronics Inc, Craftsman, Amprobe, Mastech Digital and Crenova Ampng.
Recent Market Developments:
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 8.5% from 2023 to 2033 |
| Value (2023) | USD 35.8 billion |
| Value (2033) | USD 80.9 billion |
| Base year for estimation | 2022 |
| Historical data | 2018 to 2022 |
| Forecast period | 2023 to 2033 |
| Quantitative units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments covered | Modularity, End User, End User Industry |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key companies profiled | Fluke Corporation, PCE Instruments, HIOKI E.E.Corporation, Yokogawa Coprporation, Meco Instruments Pvt. Ltd., Extech Instruments, Eltex, Klein Tools, Innova Electronics, Etekcity Corporation, Kaito Electronics Inc, Craftsman, Amprobe, Mastech Digital and Crenova Ampng |
| Customization & Pricing | Available upon Request |
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From 2018 to 2022, the clamp meter market registered a CAGR of 7.5%.
The market is estimated to reach USD 80.9 billion by 2033.
Current transformer clamp meters hold high revenue potential.
The United States, Japan, and the United Kingdom dominate the global market.
The market is forecast to register a CAGR of 8.5% through 2033.
| Expected Market Value in 2023 | USD 2.45 billion |
|---|---|
| Projected Market Value in 2033 | USD 5.9 billion |
| CAGR (2023 to 2033) | 9.2% |
| Expected Market Value in 2023 | USD 5.76 billion |
|---|---|
| Projected Market Value in 2033 | USD 11.33 billion |
| CAGR (2023 to 2033) | 7% |
| Market Size (2022E) | USD 205.17 Million |
|---|---|
| Market Projected Size (2032F) | USD 270.42 Million |
| Value CAGR (2022 to 2032) | 2.8% |
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