India Electrical Testing Services Market Size 2020: By Keyplayers INEL Power System Engineers Pvt. Ltd., Technomark Engineers India Pvt. Ltd., Voltech Group, Powertest Asia Pvt. Ltd., Rulka Electricals Pvt. Ltd., Inser Hitech Engineers Pvt. Ltd, Ultra Ele
The India electrical testing services market was valued at US$ 162.0 Mn in 2018 and is expected to grow at a CAGR of 4.4% between 2019 and 2027.
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Key players operating in the India electrical testing services market are INEL Power System Engineers Pvt. Ltd., Technomark Engineers India Pvt. Ltd., Voltech Group, Powertest Asia Pvt. Ltd., Rulka Electricals Pvt. Ltd., Inser Hitech Engineers Pvt. Ltd, Ultra Electric Company India Pvt. Ltd., JBS Enterprises Pvt. Ltd., and Laxmi Associates
Market Dynamics- Driver
1. Stable growth of steel production industry is expected to drive growth of India electrical testing services market during the forecast period
Steady increase in production of steel across the country is the major factor driving the market growth. For instance, according World Steel Association (WSA), India accounts for the third-largest production of crude steel in terms of volume. According to the same source, India has witnessed increasing growth in production output at a rate of 2.6%. However, the growth rate is slightly less than average annual production output rate of 6.5% since 2006. Moreover, Electric Arc Reactors are commonly used manufacturing process for the production of steel with electricity as power source. Thus, growing annual production of steel coupled with rising electricity market in India is expected to propel the India electrical testing services market growth.
2. Growing demand and growth of electric power requirements in village is expected to propel the India electrical testing services market growth over the forecast period
India is the second-most populace country with population accounting for 1.31 billion in 2015. The government has taken proactive initiatives to electrify villages. This, in turn, is expected to increase the power generation in India with wider distribution and transmission network across the country. Moreover, the Government of India has planned to electrify over 55 million households by 2018, which is expected to boost the sales of electricity. Thus, increasing demand for electric power in villages is expected to fuel the market growth in the near future.
1. Certification testing to improve the quality of equipment is expected to pose excellent growth opportunities for market players
Various equipment used in industries such as power generation, steel plants, and other are bulky, large in size, and burdensome to handle. When failed, replacement of these equipment takes month or years, depending upon the specification offered by international accreditation authorities. However, this can be improved with timely testing services that provides certifications of InterNational Electrical Testing Association (NETA), Electrical Research & Development Association (ERDA), and Bureau of Indian Standards (BIS). This, in turn, is expected to offer lucrative growth opportunities for key players in the market.
2. Product expansions and innovation of advanced technology in testing services is expected to offer conducive opportunities in the market
Innovation of novel products for testing and development of advanced technology are expected to pose excellent growth opportunities for market players in the near future. Advent of advanced multimeter, Ohmmeter, Ammeter, Signal tracer, logic analyzer, etc. are some of the equipment used in electrical testing services market.
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1. Power generation is expected to be major trend in the India electrical testing services market
The current power generation in India is sufficient to provide electricity to every households.
However, poor distribution and transmission network across the country reaches on 55% of the India households. The report suggests that if current power generation plants are used it their full potential, India would not need any new power plants for next three years, considering increasing population and household growth. This, in turn, is expected to drive the market growth in the near future.
2. Railway electrification and proactive initiatives for T&D Network is another major trend in the market
The Government of India has undertaken several projects to expand and enhance the transmission & distribution network across the country. This is to be done by working on problems such as power thievery, pilferage, bureaucracy, and replacement obsolete and old equipment. Moreover, electrification of railway lines in India is another ambitious project and is growing steadily with currently over 40% network being electrified.
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