Instruments for Measuring Electrical Quantities Market

The global market for instruments measuring electrical quantities is on the rise, with a projected CAGR of +1.5% in volume and +4.3% in value from 2022 to 2030. In 2022, consumption of these instruments reached 469M units worldwide, with China, the United States, and India leading in consumption. Production and imports of these instruments have also seen growth trends, with China being the largest producer and the United States being the major importer. Exports of instruments for measuring electrical quantities have been increasing, with China as the top exporter. The market is expected to see further growth in the coming years.

Market Forecast

Driven by increasing demand for instruments for measuring electrical quantities worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 529M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market value to $9.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Instruments for Measuring Electrical Quantities

In 2022, the amount of instruments for measuring electrical quantities consumed worldwide expanded markedly to 469M units, growing by 5.7% on the year before. The total consumption volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Over the period under review, global consumption hit record highs in 2022 and is expected to retain growth in the near future.

The size of the market for instruments for measuring electrical quantities worldwide stood at $6.8B in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $7.7B. From 2014 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (108M units), the United States (85M units) and India (36M units), together accounting for 49% of global consumption. Spain, Russia, Japan, Indonesia, South Korea, Turkey, Mexico, Poland, the UK and Italy lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +19.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($2.1B) led the market, alone. The second position in the ranking was taken by the United States ($863M). It was followed by India.

From 2012 to 2022, the average annual growth rate of value in China stood at +2.4%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+4.4% per year) and India (+2.0% per year).

The countries with the highest levels of instruments for measuring electrical quantities per capita consumption in 2022 were Spain (420 units per 1000 persons), the United States (252 units per 1000 persons) and Poland (227 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +19.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Instruments for Measuring Electrical Quantities

In 2022, approx. 361M units of instruments for measuring electrical quantities were produced worldwide; with an increase of 6.7% on the year before. The total output volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 26%. Over the period under review, global production attained the maximum volume at 421M units in 2014; however, from 2015 to 2022, production remained at a lower figure.

In value terms, instruments for measuring electrical quantities production stood at $7.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 23%. Over the period under review, global production hit record highs at $8B in 2014; however, from 2015 to 2022, production failed to regain momentum.

Production By Country

China (162M units) remains the largest instruments for measuring electrical quantities producing country worldwide, comprising approx. 45% of total volume. Moreover, instruments for measuring electrical quantities production in China exceeded the figures recorded by the second-largest producer, India (36M units), fivefold. The third position in this ranking was taken by Spain (15M units), with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +9.9%. The remaining producing countries recorded the following average annual rates of production growth: India (+2.0% per year) and Spain (+53.3% per year).

Imports

World Imports of Instruments for Measuring Electrical Quantities

In 2022, purchases abroad of instruments for measuring electrical quantities increased by 12% to 363M units, rising for the third year in a row after two years of decline. In general, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 24%. Global imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, instruments for measuring electrical quantities imports rose sharply to $3.6B in 2022. The total import value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 17% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (93M units) was the major importer of instruments for measuring electrical quantities, comprising 26% of total imports. China (31M units) ranks second in terms of the total imports with an 8.5% share, followed by Germany (7.7%). Indonesia (14M units), Spain (12M units), Italy (11M units), France (11M units), the UK (9.2M units), Russia (9M units), Taiwan (Chinese) (8.4M units), the Netherlands (7.9M units), South Korea (7.1M units) and Japan (7M units) followed a long way behind the leaders.

The United States was also the fastest-growing in terms of the instruments for measuring electrical quantities imports, with a CAGR of +16.9% from 2012 to 2022. At the same time, South Korea (+14.3%), China (+9.6%), Taiwan (Chinese) (+8.4%), Italy (+8.0%), Germany (+6.5%), the UK (+5.1%), the Netherlands (+4.3%) and Indonesia (+4.3%) displayed positive paces of growth. By contrast, France (-2.4%), Russia (-3.1%), Japan (-3.7%) and Spain (-3.8%) illustrated a downward trend over the same period. The United States (+17 p.p.) and China (+2.8 p.p.) significantly strengthened its position in terms of the global imports, while Japan, Russia, France and Spain saw its share reduced by -2.9%, -3.3%, -3.6% and -4.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($592M), China ($402M) and Germany ($325M) were the countries with the highest levels of imports in 2022, together accounting for 36% of global imports. The Netherlands, the UK, France, South Korea, Japan, Italy, Spain, Taiwan (Chinese), Russia and Indonesia lagged somewhat behind, together accounting for a further 21%.

South Korea, with a CAGR of +10.3%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for instruments for measuring electrical quantities amounted to $10 per unit, waning by -5.7% against the previous year. Over the period under review, the import price showed a slight descent. The most prominent rate of growth was recorded in 2018 when the average import price increased by 8.2% against the previous year. Global import price peaked at $13 per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($14 per unit), while Indonesia ($1.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Instruments for Measuring Electrical Quantities

In 2022, overseas shipments of instruments for measuring electrical quantities increased by 17% to 254M units, rising for the second year in a row after two years of decline. Overall, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +43.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 23%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, instruments for measuring electrical quantities exports rose markedly to $3.4B in 2022. The total export value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 16% against the previous year. The global exports peaked in 2022 and are likely to continue growth in years to come.

Exports By Country

In 2022, China (85M units) represented the largest exporter of instruments for measuring electrical quantities, achieving 34% of total exports. Germany (26M units) took the second position in the ranking, followed by Taiwan (Chinese) (17M units), the United States (17M units), Romania (15M units) and the UK (14M units). All these countries together took near 35% share of total exports. Spain (6.6M units), the Netherlands (6.5M units), France (5.3M units), Italy (5M units), South Korea (4.8M units), Japan (4.5M units) and Hungary (4.1M units) held a minor share of total exports.

China was also the fastest-growing in terms of the instruments for measuring electrical quantities exports, with a CAGR of +34.0% from 2012 to 2022. At the same time, Hungary (+28.5%), the Netherlands (+12.1%), Spain (+11.9%), Taiwan (Chinese) (+8.1%), Romania (+7.2%), the UK (+3.0%) and Germany (+2.6%) displayed positive paces of growth. Italy and Japan experienced a relatively flat trend pattern. By contrast, South Korea (-2.4%), the United States (-3.7%) and France (-7.4%) illustrated a downward trend over the same period. China (+30 p.p.) significantly strengthened its position in terms of the global exports, while Italy, Japan, the UK, South Korea, Germany, France and the United States saw its share reduced by -1.6%, -1.7%, -2.1%, -2.5%, -4.3%, -6.2% and -11% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($633M), Germany ($597M) and the United States ($473M) appeared to be the countries with the highest levels of exports in 2022, together accounting for 49% of global exports. The UK, Romania, Taiwan (Chinese), France, the Netherlands, Japan, Hungary, South Korea, Italy and Spain lagged somewhat behind, together comprising a further 27%.

Among the main exporting countries, Hungary, with a CAGR of +30.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average export price for instruments for measuring electrical quantities amounted to $14 per unit, declining by -10.1% against the previous year. Over the period under review, the export price saw a mild descent. The pace of growth appeared the most rapid in 2018 an increase of 5.3% against the previous year. The global export price peaked at $16 per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($29 per unit), while Spain ($4.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+10.3%), while the other global leaders experienced more modest paces of growth.