The global electrical testing services market has witnessed remarkable year-on-year (YoY) growth, achieving a notable 6.3% increase in 2021. The market’s upward trajectory is set to continue, with a projected Compound Annual Growth Rate (CAGR) of 7.1% from 2021 to 2031. By the conclusion of this assessment period, the market is poised to reach an impressive valuation of US$ 13.4 billion.
Future Market Insights (FMI) presents an insightful comparison and review analysis of the dynamics shaping the Electrical Testing Services market. One of the standout trends driving the market’s growth is the proliferation of automation across various industries, creating an entire automation industry.
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As of 2020, the market represented 15 to 18% of the testing, inspection, and certification market. In the same year, 50 to 55 percent of all sales in the electrical testing services market were made by testing services for transformers, circuit breakers, motors, and generators.
The surge in demand for green energy or renewable energy sources like wind, solar, and hydro is another factor supporting the market’s expansion. Electrical testing services will experience a significant increase in demand in the near future along with the rise in demand for green energy.
The market for electrical testing services is being advanced by the electrification efforts of emerging economies. Aiming to provide dependable and affordable electricity to various locations around the world, the countries’ electricity infrastructure is developing at a rapid rate. This necessitates the installation of transformers and other power transmission equipment, which will directly affect the market for electrical testing services.
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 under the installation processes provide a better scope for 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 the access to electricity live in Sub-Saharan Africa, a majority of them in the 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 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.
Competitive Landscape:
Companies operating in global electrical testing service market are aiming at expanding their service range for precise end use. To achieve this, they are investing increasingly in R&D activities.
Electrical testing service providers are targeting end users by providing AMC for good consumer relationships. Companies are focusing on strategic collaborations and partnerships with electrical and electronic device manufacturers to expand their service and testing network.
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, Electric Power Systems, DNV GL, Dobel Engineering Company, Inel Power, Inser Hitech Engineers Pvt. Ltd., RESA Power LLLC, Voltech Engineers Pvt. Ltd.
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Key Segments Covered:
By End Use:
- Power Generation Stations
- Transmission and Distribution Stations
- Steel Plants
- Major Refineries
- Railways
- Other Industrial (Laboratory, etc.)
- Data Centers
- Healthcare and Hospitality
- Commercial Establishments
By Service Type:
- Transformer Testing
- Circuit Breaker Testing
- Protection Testing
- Battery Testing
- Rotating Equipment Vibration Testing
- Motors/Generator Testing
- Thermographic Testing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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