Electrical Testing Services Market to Showcase Healthy Expansion at 4.4% CAGR During 2016 - 2026
According to Future Market Insights, factors positively affecting the growth of the market includes frequent testing of electrical equipment to restrict breakdowns, rapid electrification of the railway lines, improving transmission and distribution network and improving production of steel in the country, demand and growth of electric power requirement in villages. The other factors that are creating robust development in India electrical testing services market, are steady Increase in Steel Production, periodical electrical testing results in long life of the equipment and focus on electrical equipment and personnel safety.
The published report also incorporates and highlights the emerging trends shaping the market, opportunities to further improve the market and macroeconomic factors governing the growth and size of the market from a larger perspective. Improvement in transmission and distribution network of India is one of the primer driver associated with the growth of the market.
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Few restraints are however hampering the growth of the India electrical testing services market. For instance high cost of testing equipment and requirement of qualified personnel, and increase in in-house capabilities are acting as deterrents for electrical testing services market in India.
In India, the protection testing service is expected to exhibit significant growth during the forecast period
Transformer testing service of service type is expected to remain the most attractive market throughout the forecast period due to increasing adoption of outsource services during Site Acceptance Testing (SAT)
By a large margin, transmission and distribution segment on the basis of end user, holds a market share of more than 40% largely overshadowing the second highest market share holder railways.
Railways is expected to gain more than 200 BPS by the end of 2026 and is expected to incline towards high value – high growth during the forecast period due to increasing electrification of the railway network in India
Less frequency of outsourcing electrical testing services coupled with lack of government regulations for testing services in power generation stations is anticipated to affect the growth of electrical testing services market in power generation stations segment by end-user
Market share analysis in India in future
The Western Region of India hold the largest market share in the India electrical testing services market albeit by a small margin from the second highest market share holder, Northern Region. The market is likely to gain traction in the forecast period owing to rising frequency in the number of times an electrical equipment testing is carried out. The breakdown of electrical equipment in particular the equipment used in large infrastructures that are in continuous working mode can severely disrupt the primary operations carried resulting in losses. The India Electrical Testing Services market is anticipated to expand at a CAGR of more than 4% in terms of value for the forecast period of 2016-2026. As a service based industry, prompt availability of the services to the end users and value added diagnosis of the electrical equipment are some of the key strategies employed by the market players to ensure healthy growth of the market.
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Some of the major participants involved in providing electrical testing services to its clients are Rulka Electricals Pvt. Ltd., Voltech Group, Inel Power System Engineers Pvt. Ltd., Inser Hitech Engineers Pvt. Ltd., Technomark Engineers India Pvt. Ltd., Powertest Asia Pvt. Ltd., JBS Enterprises Pvt. Ltd., and Ultra Electric Company India Pvt. Ltd. Transformer testing services are provided by almost all the major market participants while protection testing, circuit breaker testing and battery testing is divided among the players with very few players providing testing services for all the equipment.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
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