Electrification efforts of emerging economies are providing a progressive platform to electrical testing services market. The developments in electricity infrastructure of the countries is thriving at rapid pace, and the move is intended to provide affordable and uninterrupted electricity to different parts across the globe. This also demands installation of power transmission equipment such as transformers, which will have a direct impact on the demand for electrical testing services market.
According to a recent market forecast by Future Market Insights, the global electrical testing services market is expected to reach a market value of over US$ 7,800 Mn by the end of 2028, witnessing a robust growth rate of over 6.9% during the forecast period 2018-2028. The growth of market is also reinforced by the outburst in demand for green energy or renewable energy sources such as wind, solar and hydro. With the increase in demand for the green energy, the market will also witness a significant rise in demand for electrical testing services market in the near future.
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2021-2031 Global Electrical Testing Services Market Outlook Compared to 2016-2020Driven by the rapid industrialization and technological advancements globally, the electrical testing services market will rise at 7.1% CAGR between 2021 and 2031 in the comparison above 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 an electrical equipment is necessary as it is associated with other works which cab affect the performance of various machines and other related things.
Personal safety is the key priority for any customer or organization when they are using any kind of electrical and electronic device. The risk of encountering failure and unprecedented accidents is high if maintenance and testing is neglected.
To avoid such unforeseen challenges, most industries are willingly investing in electrical testing services. This is expected to help the market exhibit strong growth in the coming years.
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 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.
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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 equipment are particularly large in size and cumbersome to handle with. Replacement of these equipment on the account of failure usually takes months or sometimes years based on the original specifications, whereas regular testing helps avoiding failures. The testing services work in accordance with the testing standards laid down by reputed national and international accreditation bodies. The testing service providers can significantly improve its service quality and leapfrog other players in market recognition if it complies and provide certifications of InterNational Electrical Testing Association (NETA), Bureau of Indian Standards (BIS), and Electrical Research & Development Association (ERDA).
Some recent trends such as growth of transmission and distribution network are also capable of bringing in revolutionary growth of global electric testing services market. The coming years will give a clear picture of many such influencers of electrification and electrical testing services market.
Global Electrical Testing Services Market by CategoryBy 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