The North America electrical testing services market is expected to attain a valuation of USD 2.5 billion in 2023 and is projected to reach USD 4.5 billion by 2033. Future Market Insights expects electrical testing services demand in North America at a CAGR of 6% during the forecast period.
The market is driven by various factors, including the rising frequency of power outages, leading to increased need for preventive maintenance. Additionally, the automotive and aerospace industries are placing greater demands on electrical testing services. Growing consumer demand for sustainable energy sources, such as solar and wind power, along with the expansion of the Internet of Things (IoT) and smart grid, and stringent government regulations mandating safety inspections and certifications, further contribute to market growth.
The demand for electrical testing services is expected to rise due to various factors such as increased electrification of railway lines, enhanced steel production, and the need for systematic testing of electrical equipment to prevent breakdowns. These services also play a crucial role in preventing issues like short-circuiting, lubricant leakage, equipment corrosion, and wiring faults. As a result, the global electrical testing services market is expanding. Various end-users, including manufacturing industries and power generation plants, are increasingly relying on these services, further fuelling market growth.
The electric testing services market is expected to witness increased sales, driven by the presence of heavy metal industries and the electric component manufacturing sector. Government investments in public transportation, particularly railways, are also fuelling market growth in the region. Additionally, the demand for regular electrical testing and maintenance services from power plants further contributes to the market's expansion.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 2.5 billion |
| Anticipated Forecast Value (2033) | USD 4.5 billion |
| Projected Growth Rate (2023 to 2033) | CAGR 6% |
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The North America electrical testing services market was worth USD 1.61 billion in 2018. It accumulated a market value of USD 2 billion in 2022 while growing at a CAGR of 5.5% during the historical period. Driven by the rapid industrialization and technological advancements in North America, the electrical testing services market is expected to rise at a 6% CAGR between 2023 and 2033 in the comparison above 5.5% CAGR registered during 2018 to 2022.
Transformer testing and other major service types are currently in high demand across diverse industries as transformer testing is essential for confirming the performance and specification of a transformer. Performing maintenance and testing periodically to maintain the working efficiency of an electrical device is of prime importance. This makes electric testing services highly sought-after in North America.
Increasing focus on personal safety is encouraging customers to invest in advanced electrical testing solutions. As electricity has the potential of fatally injuring a person, unchecked electrical equipment has a greater probability of causing hazard due to instances such as leakage, short-circuiting, faults in wiring, leakage of lubricants, and others. To counter the risk of such incidents, focus on electrical testing services will skyrocket.
FMI has projected the United States to remain one of the most lucrative markets throughout the forecast period. One of the key factors supporting growth is the presence of several end-use industries. According to FMI, the United States electric testing service market is expected to account for 59.2% of sales in North America in 2023.
The power sector and steel plants in the United States will be leading contributors towards electrical testing service market share. According to the report, power generation stations will remain chief end users in the United States. They will be trailed by railways and data centers.
Standards Council of Canada (SCC) has few electrical codes for the testing and service of electrical and electronic devices. The service proving companies m USA.t follow the code issued by the SCC for avoiding fines, penalties, or bans for selling electrical products as well as servicing them. This also creates a conducive environment for the growth of the electrical testing service market.
Canada has a significantly steadier growth perspective due to evolving market in infrastructure and commercial establishments that require electrical devices. The market is expected to register growth at a 6.2% CAGR for the assessment period of 2023 to 2033.
Mexico is expected to register high growth rate in the region due to the rapid industrialization and urbanization witnessed in the last few years. Also, the market will gain traction due to the disinterest of the Government of Mexico from being the only service provider in the country.
After the involvement of private and other service providers, the Mexico market is expected to attain a market share of 22% in 2033 with a 6.5% CAGR.
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The demand for transformer testing and circuit breaker testing is expected to grow in the coming years as they are done to ensure that the winding is all connected the same way, not in an opposite way which can cause short circuit.
The demand from transformer testing is expected to rise with a CAGR of 6.8% during the forecast period. The transformer testing and circuit breaker testing segments together are expected to account for a market share of 40% in 2023.
Power generation station and transmission & distribution station in North America are expected to exhibit high demand with respective CAGRs of 7.1% and 6.7% during the forecast period. Governments of various countries are undertaking efforts to improve and grow the T&D network efficiency by curbing problems associated with it such as pilferage, power thievery, bureaucracy, and replacement of old equipment.
This is paving a way to improve the market of electrical testing service in the region. The power generation and transmission & distribution station are together expected to account for a share of 34% in the market.
Start-ups play a key role in identifying growth opportunities. With their ability to translate inputs into outputs and adapt to volatile market conditions, start-ups contribute significantly to growth of the industry. Some of the startups involved in manufacturing and providing services in North America electrical testing services market are:
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The market for North America electrical testing services 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 North America electrical testing services market are:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 2.5 billion |
| Market Value in 2033 | USD 4.5 billion |
| Growth Rate | CAGR of 6% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | End Use, Service Type, Country |
| Key Countries Profiled | United States of America, Canada |
| 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 |
| Customization & Pricing | Available upon Request |
The market is valued at USD 2.5 billion in 2023.
Prominent players include Schneider Electric, Siemens AG, and Eaton Corporation.
Transformer testing is a key segment, ensuring proper performance and specification of transformers.
Rising power outages, automotive and aerospace demands, IoT expansion, and safety regulations fuel market growth.
Mexico is projected to experience significant growth due to industrialization and urbanization trends.
1. Executive Summary 2. Market Overview 3. Market Background 4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 5.1. Power Generation Stations 5.2. Transmission and Distribution Stations 5.3. Steel Plants 5.4. Major Refineries 5.5. Railways 5.6. Other Industrial (Laboratory, etc) 5.7. Data Centers 5.8. Healthcare and Hospitality 5.9. Commercial Establishments 6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Service Type 6.1. Transformer Testing 6.2. Circuit Breaker Testing 6.3. Protection Testing 6.4. Battery Testing 6.5. Rotating Equipment Vibration Testing 6.6. Motors/Generator Testing 6.7. Thermographic Testing 7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Key Countries Market Analysis 10. Market Structure Analysis 11. Competition Analysis 11.1. Schneider Electric 11.2. Siemens AG 11.3. Eaton Corporation plc 11.4. General Electric Company 11.5. ABB Inc. 11.6. Power Products & Solutions 11.7. American Electrical Testing 11.8. Haugland Group LLC 11.9. Dekra 11.10. TCS Electrical Co. 11.11. Phase One Electric 11.12. Intran 11.13. GEM Electrical Services 11.14. Electric Power Systems 12. Assumptions & Acronyms Used 13. Research Methodology
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North America Electrical Testing Services Market
