Rising electrification and better safety standards are driving up demand for electrical testing services
Globally, the electrical testing services market is expected to grow at a 7.3% CAGR from 2019 to 2027, reaching a market value of approximately US$ 7.65 billion in 2027.Electrical testing services are an electrical assessment that includes inspection, systematic scrutiny, and diagnosis of important heavy-duty electrical devices. These services are critical for ensuring the functionality, performance, and longevity of the systems.These services enable the manufacturing units to run their processes by reducing downtime and work, which results in cost savings and a healthy work environment.
Various factors that are increasing the demand for these services include the increasing demand for safety in plants and manufacturing units, the reduction of downtime, and others. As there is development in the industrial sector, the number of cases due to electrocution and related fires has increased. To maintain the systems and avoid any such issues, various manufacturing plants, power generation organizations, oil refineries, and other industries drive the demand for electrical testing services. However, high initial investment and a lack of financial support in small and emerging sectors are expected to hinder market growth during the forecast period.
Electrical Testing Services with Transmission and Distribution and its End-Use Segment Continue Dominating the Market
In 2018, the transmission and distribution segment led the overall electrical testing services market by contributing over 35% of the total revenue generated globally. With the increasing demand for reliable electricity and power among end users such as manufacturing industries, IT and telecom hubs, individuals, and others, there is a requirement for the transmission and distribution of the power from the place of generation to the end user. To maintain the functionality of the work, electric testing services are required the most.
North America Dominates the Market by Region
The global electrical testing services market is led by North America due to the presence of various heavy metal industries and the electric component manufacturing industry present in the region and is expected to grow with a CAGR of 6.7% during the forecast period. Furthermore, government investments in public transportation, including railways, are driving the market in the region.Additionally, there are various power plants that require regular electrical testing and maintenance services, which also contributes to the growth of the market.
Some of the prominent players operating in the electrical testing services market include Voltech Group, ABB Inc., Quanta Services, Inc., RESA Power, LLC, SD Myers LLC, Siemens AG, Vertiv Co., TÜV SÜD Group, Inel Power System Engineers Pvt. Ltd., Applus Services SA, DNV GL SA, Doble Engineering Company, Eaton Corporation plc, General Electric Company, and Hydro Tasmania Group.
Periods of History and Forecast
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The electrical testing services market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global electrical testing services market based on service, end-use, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the market size of electrical testing services in 2018 and the forecast up to 2027?
Which is the largest regional market for transmission and distribution in end-use?
What are the major trends followed in the electrical testing services market across different regions?
Who are the key electrical testing service companies leading the market?
What are the key strategies adopted by the leading electrical testing service companies in the market?
This report's distinct data points
Statistics on electrical testing service penetration and spending worldwide
Recent trends across different regions in terms of adoption of electrical testing services
Notable developments are going on in the electrical testing services market.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Questions:
The market for Electrical Testing Services Market is expected to reach US$ 7.65 Bn by 2027.
The Electrical Testing Services Market is expected to see significant CAGR growth over the coming years, at 7.3%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
RESA Power, LLC, SD Myers LLC, Siemens AG, Vertiv Co., TÜV SÜD Group, Inel Power System Engineers Pvt. Ltd., Applus Services SA, DNV GL SA, Doble Engineering Company, Eaton Corporation plc, General Electric Company are some of the major players in the global market.
