The North America Electrical Testing Services Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the North America Electrical Testing Services market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for North America Electrical Testing Services. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.
The North America Electrical Testing Services Market is experiencing a substantial surge in demand, driven by the growing emphasis on regulatory compliance and safety in plants and manufacturing units. With stringent regulations in place to prevent penalties for negligence and non-compliance, businesses are increasingly turning to electrical testing services to ensure their work environments are hazard-free and meet industry standards. Additionally, the need to reduce downtime and maintain uninterrupted operations further fuels the demand for these services.
The North America electrical testing services market in North America is anticipated to attain a valuation of US$ 2.5 billion in 2023 and is expected to reach US$ 4.5 billion by 2033, expected to rise at a CAGR of 6% from 2023 to 2033.
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Electrical testing services ensure regulatory compliance, preventing penalties for negligence, non-compliance, and hazardous work environments. As a result, there is a global increase in demand for these services. The growing emphasis on safety in plants and manufacturing units and the reduction of downtime further drives the demand for electrical testing services.
Consequently, the electrical testing services market is projected to experience significant growth in the coming years. The electrical testing services market is driven by factors such as increasing railway electrification, improved steel production, and systematic equipment testing to prevent breakdowns.
These services play a crucial role in preventing issues like short circuits, lubricant leakage, corrosion, and wiring faults. As a result, the global electrical testing services market is expanding, driven by various end-users including manufacturing industries and power generation plants relying on testing their electrical equipment.
The demand for electric testing services is anticipated to rise due to increased investment in developing electrical infrastructure to ensure affordable and uninterrupted electricity in Mexico, the United States, and Canada.
The sales of electric testing services in North America are expected to rise due to the implementation of stringent regulations that require regular check-ups of electrical equipment and power distribution lines to prevent hazards.
Key Takeaways
- Canada’s electrical testing services industry is projected to grow with a CAGR of 6.2% during the forecast period.
- The demand for electrical testing services in Mexico is expected to grow with a significant CAGR of 6.5% during the forecast period.
- By service type, the transformer testing segment is projected to grow with a CAGR of 6.8% during the forecast period.
- By end-user, the power generation station segment is projected to grow with a CAGR of 7.1% during the forecast period.
“Increasing investments to develop electrical infrastructure is expected to drive market growth during the forecast period,” comments an FMI analyst.
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Competitive Landscape
The North American electrical testing services market is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players 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, Electric Power Systems.
Some recent developments in the North American electrical testing services market are:
- In June 2023, ABB Inc. declared the acquisition of Munich-based smart home products leader, Eve Systems GmbH, with operations in Europe and the United States.
- In June 2023, Siemens Digital Industries Software integrated Supplyframe™ Design-to-Source Intelligence platform with Siemens Xcelerator portfolio enhancing real-time supply chain intelligence for comprehensive digital twin technology.
- In August 2021, RESA Power, a U.S.-based electrical solutions provider, announced the acquisition of EPIC Energy Solutions, LLC, an electrical testing company. This acquisition enables RESA Power to enhance its testing capabilities in the Midwest region.
- Siemens Mobility acquired Optrail in June 2023 to broaden its Train Planning System capabilities.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global North America electrical testing services market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the North American electrical testing services market, the report is segmented on the basis of end-use (power generation stations, transmission and distribution stations, steel plants, major refineries, railways, other industrial (laboratory, etc.), data centers, healthcare and hospitality, and commercial establishments) and service type (transformer testing, circuit breaker testing, protection testing, battery testing, rotating equipment vibration testing, motors/generator testing, and thermographic testing) across two major countries (United States and Canada).
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Key Segments Profiled in the North America Electrical Testing Services Industry Survey
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 Country:
- United States
- Canada
Author By:
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.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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