The global Electrical Testing Services Market witnessed year-on-year (YoY) growth of 6.3% in 2021. It is projected to grow at a CAGR of 7.1% between 2021 and 2031, reaching USD 13.4 Billion by the end of the assessment period.
As of 2020, the market held nearly 15 to 18% of overall testing, inspection and certification market. During the same year, transformer, circuit breaker and motor / generator testing services accounted between 50 and 55% of the overall sales in the electrical testing services market.
| Attribute | Details |
|---|---|
| Electrical Testing Service Market Value in 2021 | USD 6.8 Billion |
| Electrical Testing Services Market Estimated Value (2031) | USD 13.4 Billion |
| Value Based CAGR (2021 to 2031) | 7.1% |
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 7.0% |
| H1,2022 Projected (P) | 7.2% |
| H1,2022 Outlook (O) | 7.2% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (+) 20 ↑ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (-) 2 ↓ |
Future Market Insights presents a comparison and review analysis of the dynamics of the Electrical Testing Services, one of the key trends propelling the growth of the Electrical Testing Services market is the automation seen in current industries that have created an automation industry in itself.
The desire for less human participation in the same to boost efficiency and use human resources in less humdrum areas are major drivers of this movement. In such a situation, electrical testing serves as a crucial maintenance resource, and it is predicted that this industry will continue to expand over the coming years.
As per FMI analysis, the difference between the BPS values identified in the Electrical Testing Services in H1, 2022 - Outlook over H1, 2022 Projected shows a growth of 20 units. Notably, compared to H1, 2021, the market is estimated to lose -2 BPS in H1 -2022.
The key reason for this change in growth rate is the steady increase in the production of steel across the key countries. Also, developments by the market players for the testing and development of cutting-edge technology are likely to pose excellent growth opportunities in the years to come.
Companies that provide electrical testing services globally attempt to diversify their offering for targeted end use. They are expanding their R&D spending to do this. By offering AMC strong customer connections, electrical testing service providers are focusing on end customers.
To increase their service and testing network, businesses are concentrating on strategic partnerships and cooperation with producers of electrical and electronic devices.
Driven 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.
Principal Consultant
FMI has projected the USA electrical testing services market to remain highly lucrative through the forecast period. One of the key factors supporting growth in the USA is the expansion of various end-use industries in the country.
As the USA is home to a high number electrical and electronics companies, the demand for electrical testing services is increasing in the country. Driven by these factors, the USA North America.
Electrical and electronics equipment manufactured and imported in the country must follow certain regulations for safety of the product. Demand for electrical testing services is high in India, especially since the country is home to several industries. Besides this, the heavy usage of electrical devices will enable the India electrical testing service market to register a CAGR of 7.7% through 2031.
The UK 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 UK as an attractive pocket for sales of electrical testing services. The overall UK market will create incremental opportunity of USD 223.2 Million.
Motors and generators are solely used for converting the electrical power into another form. This is done by converting frequency, voltage or phase of power used in various applications such as; power supply and other type of power generation and distribution.
The demand for motors/generator testing will increase within organizations across various sectors. The motors/generator testing segment is expected to account for 17.5% of sales in 2021.
Data centers are broadly used for various application such as telecommunication and storage, which require timely maintenance for better performance. Most of the data centers are too huge and require periodic/monthly maintenance, which will allow them to create incremental opportunity of USD 810.6 Million in the electrical testing services market during the forecasted period.
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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.
| Attribute | Details |
|---|---|
| Forecast Period | 2021 to 2031 |
| Historical Data Available for | 2016 to 2020 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific and Middle East and Africa. |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, Italy France, UK, Spain, BENELUX, Russia, Nordics, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC Countries, Turkey, South Africa, Northern Africa. |
| Key Segments Covered | By End Use, By Service Type, By Region |
| Key Companies Profiled | 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. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Electrical Testing Services Market Demand (USD Million) Analysis 2016 to 2020 and Forecast, 2021 to 2031 6. Market Background 7. Global Electrical Testing Services Market Analysis 2016 to 2020 and Forecast 2021 to 2031, By Service Type 7.1. Transformer Testing 7.2. Circuit Breaker Testing 7.3. Protection Testing 7.4. Battery Testing 7.5. Rotating Equipment and Vibration Testing 7.6. Motors/Generator Testing 7.7. Thermographic Testing 8. Global Electrical Testing Services Market Analysis 2016 to 2020 and Forecast 2021 to 2031, By End-Use 8.1. Power Generation Stations 8.2. Transmission and Distribution Stations 8.3. Steel Plants 8.4. Major Refineries 8.5. Railways 8.6. Others (Laboratories, etc.) 8.7. Data Centers 8.8. Healthcare and Hospitality 8.9. Commercial Establishments 9. Global Electrical Testing Services Market Analysis 2016 to 2020 and Forecast 2021 to 2031, by Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. East Asia 9.5. South Asia Pacific 9.6. Middle East & Africa 10. North America Electrical Testing Services Market Analysis 2016 to 2020 and Forecast 2021 to 2031 11. Latin America Electrical Testing Services Market Analysis 2016 to 2020 and Forecast 2021 to 2031 12. Europe Electrical Testing Services Market Analysis 2016 to 2020 and Forecast 2021 to 2031 13. East Asia Electrical Testing Services Market Analysis 2016 to 2020 and Forecast 2021 to 2031 14. South Asia Pacific Electrical Testing Services Market Analysis 2016 to 2020 and Forecast 2021 to 2031 15. Middle East and Africa Electrical Testing Services Market Analysis 2016 to 2020 and Forecast 2021 to 2031 16. Key and Emerging Countries for Electrical Testing Services Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Schneider Electric 18.2. Siemens AG 18.3. Eaton Corporation PLC 18.4. General Electric 18.5. ABB Inc. 18.6. Power Products & Solutions 18.7. American Electrical Testing 18.8. Haugland Group LLC 18.9. Dekra 18.10. TCS Electrical Co. 18.11. Phase One Electric 18.12. Intran 18.13. GEM Electrical Services 18.14. Electric Power Systems 18.15. RESA Power LLC 18.16. DNV GL 18.17. Dobel Engineering Company 19. Assumptions and Acronyms Used 20. Research Methodology
Industrial Automation
June 2023
REP-GB-14222
167 pages
Explore Industrial Automation Insights
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Electrical Testing Services Market
