The global electrical testing services market witnessed a year-on-year (YoY) growth of 6.3% in 2021. It is projected to grow at a CAGR of 7.1% between 2021 and 2031, reaching US$ 13.4 Bn by the end of the assessment period.
As of 2020, the market held nearly 15 to 18% of the overall testing, inspection and certification market. During the same year, transformer, circuit breaker and motor/generator testing services accounted for between 50 and 55% of the overall sales in the electrical testing services market.
| Attribute | Details |
| Electrical Testing Service Market Value in 2021 | US$ 6.8 Bn |
| Electrical Testing Services Market Estimated Value (2031) | US$ 13.4 Bn |
| Value-Based CAGR (2021-2031) | 7.1% |
Electrification efforts of emerging economies are providing a progressive platform for the electrical testing services market. The developments in electricity infrastructure of the countries are thriving at a rapid pace, and the move is intended to provide affordable and uninterrupted electricity to different parts of the globe. This also demands the installation of power transmission equipment such as transformers, which will have a direct impact on the demand for electrical testing services market.
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Rapid Urbanization to Help MEA Mark Highest Growth Rate in Coming Years
With greater scope for development, MEA stands out to be the fastest-growing region in the global electrical testing services market. Growing industrialization and urbanization will support the growth of electrical testing services in the global market over the forecast period. Thus, emerging regions that are still going through the installation processes provide a better scope for the electrical testing services market. According to the International Energy Agency (IEA), by the end of 2030, 600 million out of the total 674 million people without access to electricity live in Sub-Saharan Africa, a majority of them in rural areas. Attributing to this, Africa provides immense opportunities for service providers to augment their business capabilities in the region. India stands out in terms of growth in the electrification rate across the country. According to IEA, half a billion people have gained electricity since 2000. In India, the electrification rate is nearly about 82% and with ongoing government initiatives, India will achieve universal access to electricity by 2020s. This is expected to open up new horizons for the augmentation of the electrical testing market in India.
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Electrical Testing Services Market Taxonomy
By Service Type
Transformer Testing Circuit Breaker Testing Protection Testing Battery Testing
By End-User
Power Generation Stations Transmission & Distribution Stations Steel Plants Major Refineries Railways
Region
North America Latin America Western Europe Eastern Europe SEA and Other Pacific China India Japan MEA
Personnel safety stands out to be the foremost factor that maintains the prevalence of the electrical testing market
Unchecked electrical equipment has a greater probability of causing dangerous situations such as current leakage, short-circuiting, faults in wiring, leakage of lubricants, transformer oil and equipment par corrosion. A significant number of deaths in industries are caused by faulty electrical equipment such as transformers, gas circuit breakers and rectifiers.
This faulty equipment poses the hazard of causing both electrocutions as well as generation & propagation of fire. The growing dependency of large institutes such as power generation plants, manufacturing industries, and oil refineries on testing the electrical equipment will continue to boost the electrical testing services market. Some other advantages include the improved life of the equipment.
Certification by Testing Services Bolsters Market Presence of Companies in the Global Market
Regular testing of the huge electric equipment becomes necessary as steel plants, and other heavy industrial equipments are particularly large in size and cumbersome to handle. Replacement of this equipment on the account of failure usually takes months or sometimes years based on the original specifications, whereas regular testing helps avoid failures. The testing services work by the testing standards laid down by reputed national and international accreditation bodies. The testing service providers can significantly improve their service quality and leapfrog other players in market recognition if it complies and provide certifications by the InterNational Electrical Testing Association (NETA), Bureau of Indian Standards (BIS), and Electrical Research & Development Association (ERDA).
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Some recent trends such as the growth of transmission and distribution networks are also capable of bringing revolutionary growth to the global electric testing services market. The coming years will give a clear picture of many such influencers in the electrification and electrical testing services market.
2021-2031 Global Electrical Testing Services Market Outlook Compared to 2016-2020
Driven by the rapid industrialization and technological advancements globally, the electrical testing services market will rise at 7.1% CAGR between 2021 and 2031 in comparison to 2.1% CAGR registered during 2016-2020.
Demand for services such as transformer testing, circuit breaker testing, and battery testing is on the rise, which is a key factor enabling growth in the market. Testing electrical equipment is necessary as it is associated with other works which cab affect the performance of various machines and other related things.
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