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lectrical Testing Services Market
Electrification Efforts Proliferating the Demand for Electrical Testing Services, Concludes FMI
JUMEIRAH LAKES TOWERS, DUBAI, UNITED ARAB EMIRATES, January 21, 2022 /EINPresswire.com / -- An exhaustive study by FMI on the electrical testing services market highlights key factor affecting the trajectory of the growth in the market. It uncovers hidden growth prospects across various segments on the basis of end use and service type. It also provide in-depth insights into micro and macro-economic indicators favoring the demand prospects in the next ten years.
As per the recent survey by FMI, the global electrical testing services market is estimated to top US$ 13.4 Bn by 2031. Growing incidence of work-related accidents and implementation of regulations regarding work safety is creating a conducive environment for growth in the electrical testing services market.
Increasing installation of power transmission equipment such as transformers across various industries such as refineries, railways, industrial, and others is propelling the demand for testing services such as transformer testing and circuit breaker testing. On account of this, the market is projected to expand at a 7.1% CAGR over the forecast period between 2021 and 2031.
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With rapid industrialization, government of several countries is emphasizing on strengthening their electricity infrastructure to meet the growing demand for electricity. For instance, the Indian Government announced investing US$ 5 Bn to upgrade the transmission line to 175 GW by 2022.
As electrical testing plays a significant role in examining the electrical operations and preventing short circuits, these services are extensively being during the development of electricity infrastructure. Hence, a slew of such developments has assisted the market to expand by 6.3% year-over-year growth in 2021.
In terms of testing type, the motor/generator segment is anticipated to register steady growth, accounting for nearly 17.5% of the overall sales in 2021. Increasing use of motors and generators for converting electrical power into another form across diverse industries is the primary factor favoring the growth in the segment.
“Increasing number of government initiatives to increase the production of green energy from sources such as wind, solar and hydro across China, the U.S., Japan, and India is expected to accelerate the growth in the market,” says a FMI analyst.
Key Takeaways from Electrical Testing Services Market Study
•The U.S. is projected to account for the largest share market in North America, owing to the presence of a large number of electrical and electronics companies.
•The U.K. is expected to emerge as the most remunerative market in Europe, creating an incremental opportunity of US$ 223.2 Mn in 2021.
•China is estimated to exhibit steady growth in the East Asia market, on the back of growing government emphasis on developing power generation infrastructure.
•India is forecast to account for the maximum share in South Asia and Pacific market, expanding at 7.7% CAGR over the assessment period.
•Among end use, the data center segment is anticipated to register a swift growth in the market, accounting for sales of total US$ 810.6 Mn between 2021 and 2031.
Key Drivers
•Implementation of strict regulations mandating the regular check-up of electrical equipment and power distribution lines across the U.S., China, and the U.K, to prevent accidents is rising the sales of electric testing services.
•Increasing size and need for timely maintenance of data centers on monthly and quarterly basis for better performance is propelling the demand for electric testing services in the data center segment.
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Key Restraints
•Extravagant cost of devices required for electrical testing such as plug-in circuit analyzers, continuity tester, insulation resistance tester, and others is hampering the growth in the market.
•Growing customer preference towards purchasing this electrical testing equipment for regular maintenance and testing for declining the cost is hindering the sales of electric testing services.
Competitive Landscape
Leading companies in the global electrical testing service market are focusing on expanding their service range for as per the end-use applications. Some of the players are aiming at entering into strategic collaborations, agreement, merger, acquisition and partnerships with other players to expand their testing network and service.
For instance,
•In August 2021, RESA Power, a U.S.-based end-to-end provider of electrical solutions announced acquisition of EPIC Energy Solutions, LLC, a market leader in power systems electrical testing, transformer services, and life extension solutions. The strategy will assist the company to strengthens is testing capabilities and customer base across the Midwest region.
Some of the key players operating in the market profiled by FMI are:
•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
•Dobel Engineering Company
•Inel Power
•Inser Hitech Engineers Pvt. Ltd.
•RESA Power LLLC
•Voltech Engineers Pvt. Ltd.
•Others
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More Valuable Insights on Electrical Testing Services Market
The latest report by FMI provides a detailed analysis of the global electrical testing services market, providing exclusive insights into key factor driving the market between 2021 and 2031. The study also discloses sales projections on in electrical testing services market with detailed segmentation:
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
Key Questions Covered in the Report
•The report offers insight into electrical testing services market demand outlook for the forecast period 2021-2031
•The market study also highlights projected sales growth for electrical testing services market between 2021 and 2031
•Electrical testing services market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
•Electrical testing services market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Electrical Testing Services Market to Expand by 2x as Quest to Strengthen Electricity Infrastructure Worldwide Grows News Provided By FMI January 21, 2022, 15:08 GMT Share This Article Distribution channels: Business & Economy , Manufacturing
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