Electrical Compliance And Certification Market is likely to witness a US$ 2 Bn incremental opportunity during 2019 and 2029

According to a new research study from Persistence Market Research (PMR), the electrical compliance and certification market is likely to see an incremental opportunity of $ 2 billion in 2019 and 2029. Increasing attention to certification is likely to be some commercial end users create significant opportunities for suppliers during the forecast period, according to the study.

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Advances in quality control and equipment testing technologies have helped fundamentally revolutionize several verticals of industry in the developing world and in developed economies. Several electrical certification and compliance service providers are investing heavily to meet the growing demand for innovative and efficient electrical certification and compliance solutions in East Asia, South Asia, the Middle East and Africa.

Persistence market research has segmented the global electrical compliance and certification market by certificate type, certificate scheme, industry, end user, and region. Of all the industries that provide electrical compliance and certification services, the construction and engineering industry is expected to offer an opportunity worth nearly $ 400 million in the global electrical compliance and certification market. The construction and engineering sector is estimated to remain the most profitable industry segment during the forecast period in the global electrical compliance and certification market.

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The commercial end user segment is estimated to offer the most attractive opportunity during the forecast period. The high demand for public and employee safety is expected to enable the commercial end user segment to contribute more to revenue growth in the global electrical compliance and certification market by the end of the forecast period. Residential end users of electrical certification and compliance services are estimated to record the second highest CAGR during the forecast period due to the stringent standards legislated by local and national governments.

Globally, the compliant management system certification scheme is estimated to be in high demand during the forecast period. However, of all certification schemes, it is estimated that the Occupational Health and Safety Management Certification Scheme will record the highest market share throughout the forecast period due to the strong demand for accurate electrical compliance and certification. in the commercial and industrial sectors.

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The type of electrical installation certificate is estimated to continue to hold the largest market share of the global electrical compliance and certification market throughout the forecast period. However, of all types of certificates, it is estimated that the type of electrical installation condition report will record the highest CAGR in the global electrical compliance and certification market.

The electrical compliance and certification market in Southeast Asia is expected to offer the highest incremental opportunity during the forecast period, followed by the Eastern European electrical compliance and certification market. The electrical compliance and certification market in Latin America is expected to record the highest CAGR during the forecast period.

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Global spending on laboratory testing, compliance, and research and development increases every year due to the ever-increasing demand for public safety and employment in the residential, commercial and industrial sectors. The global electrical compliance and certification market is experiencing constant growth with continuous updates made to existing electrical standards and regulations by local and national governments.

Some key players in the global electrical compliance and certification market study include Eurofins Scientific; MET Laboratories, Inc .; Bureau Veritas Group; TÜV SÜD; Element material technology; SGS SA; SIS Pvt. Srl certifications; Intertek plc Group; The Institute for British Standards; SAI Global Pty Limited; and The Techno Group, among others.

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