The electrical testing services market is set to be valued at US$ 6.8 Bn in 2021 with a stable long-term projection, according to the latest insights from Future Market Insights (FMI), ESOMAR-certified research and consulting firm. The report forecasts the electrical testing services market to grow at nearly 7.1% CAGR from 2021-to 2031.
Due to the economic impact of COVID-19, the demand for electrical testing services declined in 2020. Nevertheless, as economies get back on track, it will lead to the recovery of operations across various industries. In turn, the demand for electrical testing services will grow.
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Technological advancements in electrical services have resulted in greater complexity in maintenance work and services. Therefore the demand for electrical testing services designed to complement complex industrial networks will rise in the coming years.
Key Takeaways of North America Electrical Testing Services Market Study
- In terms of service type, the demand for transformer testing and circuit breaker testing will remain considerably high through the forecast period.
- The U.S. will emerge as a highly lucrative market, accounting for maximum demand for electrical testing services in North America.
- Industrialization in China will support the expansion of the electrical testing services market in the Asia Pacific.
- Favourable government policies and expansion of power generation stations will continue to support growth in India.
“Surge in the demand for more efficient electrical devices and electrical machinery in various sectors will present attractive scope for sales of electrical testing services. In order to gain competitive strength, the market players are expected to focus on expanding their footprint in emerging markets” says a FMI analyst.
Competitive Landscape
The market is moderately consolidated, with key players accounting for more than half of the market share. These players are likely to provide long-term service guarantees with an annually maintained contracts. Some of the key players in the market are Schneider Electric, Siemens AG, Eaton Corporation plc, General Electric Company, ABB Inc., RESA Power LLC, Voltech Engineers Pvt. Ltd., DNV GL, Dobel Engineering Company, 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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Global Electrical Testing Services Market Projection
The electrical Testing Services market is likely to grow at a moderate pace from 2021-to 2031. As the market has competition intensity due to the offered service rate and durability of service from the recognized service team. Due to the new technological evolvement in the testing equipment, it makes it easier for service/testing person to do it more efficiently. The companies are providing AMC for their products only due to the compatibility of the parts/material used.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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