The circuit tracer market size was valued at $191.5 million in 2023 and is expected to reach $256.1 million by 2032, at a CAGR of 3.3%.
FORT COLLINS, Colo., April 21, 2024 (Globe Newswire) —
Demand for safe electrical infrastructure to drive industry growth.
of circuit tracer market is experiencing significant growth due to the increasing demand for reliable and safe electrical infrastructure. As urbanization and industrialization expand worldwide, the need for efficient and well-maintained electrical systems becomes more important. Governments and private organizations are investing heavily in developing and strengthening electrical infrastructure to ensure uninterrupted power supply and reduce the risk of electrical failures. According to the World Bank, global investment in infrastructure, including electricity, is expected to reach USD 94 trillion by 2040, highlighting the huge growth potential of the circuit tracer market.
The introduction of smart technology presents huge opportunities for the circuit tracer market. Manufacturers are gradually integrating wireless connectivity, data logging and cloud-based analysis into their circuit tracer products. These advances allow users to access real-time data, perform remote diagnostics, and streamline maintenance procedures. According to a report by Grand View Research, the global smart infrastructure market is expected to reach USD 105.8 billion by 2026, highlighting the huge potential for smart technology implementation in the electrical industry. . As the industry undergoes digital transformation, the demand for smart circuit tracers is expected to surge, driving innovation and driving market expansion.
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Segmentation overview:
The circuit tracer market is segmented into product type, voltage range, end user, and region.
Industrial applications accounted for the major market share.
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Based on market segmentation by end user, the industrial segment accounted for the largest market share in the circuit tracer market. The industrial sector, including manufacturing plants, power generation facilities, and other heavy industries, relies heavily on properly functioning electrical systems to ensure uninterrupted operations and maintain a safe working environment.
The wireline segment held the major market share in 2023.
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Based on market segmentation by type, wired segment held the largest market share in the circuit tracer market. Wired circuit tracers have been the traditional choice for electricians and maintenance professionals due to their reliability, accuracy, and cost-effectiveness. Wide availability and compatibility with a wide range of electrical systems contribute to its dominant position in the market.
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Circuit Tracer Market Report Highlights:
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The Asia-Pacific region leads the world’s industry and is expected to maintain its leading position in the future due to rapid industrialization, urbanization, and infrastructure development in these regions.
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Prominent players in the circuit tracer market report include Fluke Corporation, Ideal Industries, Klein Tools, Greenlee, Triplett, Sperry Instruments, Mastech, Amprobe, Southwire, Extech Instruments, Megger, FLIR Systems, and Hioki.
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