Global Electrical Testing Services Market Grows 6.3% YoY in 2021, Poised for 7.1% CAGR to Reach US$ 13.4 Billion by 2031

The global electrical testing services market experienced a 6.3% YoY growth in 2021 and is anticipated to achieve a 7.1% CAGR between 2021 and 2031, ultimately reaching a valuation of US$ 13.4 billion by the end of the assessment period. In 2020, it constituted 15-18% of the overall testing, inspection, and certification market, with transformer, circuit breaker, and motor/generator testing services contributing 50-55% of total sales within the electrical testing services sector.

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$ 223.2 Million.

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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.

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.

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.

- 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.

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- Key Segments Covered:

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

By Region:
North America
Latin America
Europe
East Asia
South Asia and Pacific
Middle East and Africa

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This release was published on openPR.