The North America electrical testing services market is projected to reach an estimated value of USD 4.5 million by 2033, growing from USD 2.5 million in 2023, at a CAGR of 6% during the forecast period.
The market is being driven by several factors, including the rising incidence of power outages, which heightens the need for preventive maintenance. The automotive and aerospace industries are also increasing their demand for electrical testing services. Furthermore, growing consumer interest in sustainable energy sources, such as solar and wind power, along with the expansion of the Internet of Things (IoT) and smart grid technologies, and strict government regulations requiring safety inspections and certifications, are contributing to market growth.
Demand for electrical testing services is anticipated to rise due to the electrification of railway lines, increased steel production, and the necessity for systematic testing of electrical equipment to avoid breakdowns. These services are essential for preventing issues like short circuits, lubricant leaks, equipment corrosion, and wiring faults. Consequently, the global electrical testing services market is expanding, with various end-users, including manufacturing industries and power generation facilities, increasingly relying on these services.
The electrical testing services market is expected to see a boost in sales, driven by the presence of heavy metal industries and the electric component manufacturing sector. Government investments in public transportation, especially railways, are also propelling market growth in the region. Additionally, the ongoing demand for regular electrical testing and maintenance from power plants further supports the market’s expansion.
Key Takeaways from North America Electrical Testing Services Market Study
- The U.S. is estimated to account for 57.1% of the sales in 2021 owing to the increasing development of power generation infrastructure in the country.
- Canada is anticipated to emerge as a highly attractive market, projecting sales at a CAGR of 6.1% between 2021 and 2031.
- Mexico electrical testing services market is forecast to account for 19.1% of the share, expanding at 6.4% CAGR over the assessment period.
- In terms of service type, the thermographic segment is projected to account for a significant share, growing at 6.5% CAGR through 2031.
- Transformer testing is projected to remain highly sought-after service in the market, accounting for 20.9% of the total sales in 2021.
Competitive Landscape
As per FMI, leading players offering testing services in North America are estimated to account for approximately 55% to 65% of the market share in 2021.
Key players in North America electrical testing service market are aiming at expanding their service range for as per the end-use applications. Some of the players are focusing on strategic collaborations, merger, agreement, acquisitions, and partnerships with other players to expand their testing network and service. For instance,
In August 2021, RESA Power, a U.S.-based end-to-end electrical solutions provider announced acquiring an electrical testing company EPIC Energy Solutions, LLC. The acquisition will assist the company to expand its testing capabilities across the Midwest region.
Some of the key players operating in the market profiled by FMI 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
- Others
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:
- The U.S.
- Canada
- Mexico
Report Preview: https://www.futuremarketinsights.com/reports/north-america-electrical-testing-services-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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