North America electrical testing services market will total US$ 1.85 Bn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights, an ESOMAR-certified research and consulting firm.
The report has forecast the North America electrical testing services market to grow at nearly 5.9% during 2021-2031. Due to the economic impact of COVID-19, demand for electrical testing services decreased in 2020. With various end-use sectors already resuming daily operations, scope for sales of electrical testing services will grow in North America.
Because of the high pace of population expansion and urbanization in the United States and Canada, the power generation and transmission industries are expected to increase steadily. Rapid growth in the residential sector in urban as well as semi-urban areas in this region will contribute significantly to the market growth.
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Key Takeaways of North America Electrical Testing Services Market Study
- The U.S. will lead the North America electrical testing services market, accounting for over half of sales through 2031.
- The demand for electrical testing services in Canada will grow by 6.1% CAGR between 2021 and 2031.
- During the projected period, transformer testing and circuit breaker testing segments are expected to lead in terms of market share and growth rate. Because of their simple operational versatility and high load capabilities, the category is predicted to account for nearly half of the market value share through the forecast period.
- The increasing demand for rotating equipment vibration testing and motors/generators testing will continue driving growth in the market.
Competitive Landscape
The market is moderately consolidated, with key players accounting for more than half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are Schneider Electric, Siemens AG, Eaton Corporation plc, General Electric Company, ABB Inc., Power Products & Solutions, American Electrical Testing, Haugland Group LLC, Dekra, TCS Electrical Co., Phase One Electric, Intran, GEM Electrical Services and Electric Power Systems.
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