"Rising Electrification and Improving Safety Standards are increasing the Demand for Electrical Testing Services Market"
Globally, the electrical testing services market is expected to grow with a CAGR of 7.3% during the forecast period from 2019 to 2027, and is expected to reach a market value of around US$ 7.65 Bn in 2027. Electrical testing services are an electrical assessment, which includes inspection, systematic scrutiny, and diagnosis of important heavy-duty electrical devices. These services are an essential process for checking the systems functioning, performance and working longevity. These services enable the manufacturing units to run their process by reducing the downtime and work, which results in cost saving and healthy work environment.
Various factors which are increasing the demand for these services include increasing demand for safety in plants and manufacturing units, reduction of downtime and others. As there is development in the industrial sector, the number of cases due to electrocution and related fire 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 lack of financial support in small and emerging sectors are expected to hinder the market growth during the forecast period.
Market Synopsis
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"Electrical Testing Services with Transmission and Distribution its End-Use Segment Continue Dominating the Market"
In 2018, the transmission and distribution segment led the overall electrical testing services market by contributing to over 35% of the total revenue generated globally. The increasing demand for reliable electricity and power among the end users such as manufacturing industries, IT & Telecom hubs, individuals, and others, there is requirement of transmission and distribution of the power from place of generation of the power to the end user, to maintain the functionality of the work electric testing services for these are required the most.
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"North America Dominates the Market by Region"
The global electrical testing services market is led by North America due to presence of various heavy metal industries, electric component manufacturing industry present in the region and is expected to grow with a CAGR of 6.7% during the forecast period. Additionally government investing highly in public transport including railways is some of the factors, which are driving the market in the region. Additionally, there are various power plants which require regular electrical testing and maintenance services that also contributes in the growth of the market.
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Some of the prominent players operating in the electrical testing services market includes 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
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment 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 global electrical testing services market based on Service, end-use, and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Service Segment (2017–2027; US$ Bn)
• Transformer testing
• Circuit Breaker testing
• Protection Testing
• Battery testing
|
|
End-User Segment (2017–2027; US$ Bn)
• Power Generation Stations
• Transmission and Distribution
• Steel Plants
• Major Refineries
• Railways
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of electrical testing services in 2018 and forecast up to 2027?
- Which is the largest regional market transmission and distribution in end-use?
- What are the major trends followed in electrical testing services market across different regions?
- Who are the key electrical testing services companies leading the market?
- What are the key strategies adopted by the leading electrical testing services companies in market
Unique data points of this report
- Statistics on electrical testing services penetration and spending worldwide
- Recent trends across different regions in terms of adoption of electrical testing services.
- Notable developments going on in electrical testing services market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
