Electrical Testing Services Market Size, Share & Forecast to 2031: Sales Revenue, Development Status, and Industry Expansion Strategies
In 2021, the market for electrical testing services size experienced year-over-year growth of 6.3%. Between 2021 and 2031, it is anticipated to grow at a CAGR of 7.1%, reaching US$ 13.4 Bn at the conclusion of the assessment period.
The U.K. market will exhibit growth at a steady pace backed
by the presence of several key players in country. Also stringent safety
standards implemented across industries will position the U.K. as an attractive
pocket for sales of electrical testing services. The overall U.K. market will
create incremental opportunity of US$ 223.2Mn.
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.
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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.
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.
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.
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.
Global Electrical Testing Services Market by Category
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
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