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[333 pages Report] The global electrical testing services market witnessed year-on-year (YoY) growth of 6.3% in 2021. It is projected to grow at a CAGR of 7.1% between 2021 and 2031, reaching US$ 13.4 Bn by the end of the assessment period.
As of 2020, the market held nearly 15 to 18% of overall testing, inspection and certification market. During the same year, transformer, circuit breaker and motor / generator testing services accounted between 50 and 55% of the overall sales in the electrical testing services market.
Attribute | Details |
---|---|
Electrical Testing Service Market Value in 2021 | US$ 6.8 Bn |
Electrical Testing Services Market Estimated Value (2031) | US$ 13.4 Bn |
Value Based CAGR (2021-2031) | 7.1% |
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Market Statistics | Details |
---|---|
H1,2021 (A) | 7.0% |
H1,2022 Projected (P) | 7.2% |
H1,2022 Outlook (O) | 7.2% |
BPS Change : H1,2022 (O) - H1,2022 (P) | (+) 20 ↑ |
BPS Change : H1,2022 (O) - H1,2021 (A) | (-) 2 ↓ |
Future Market Insights presents a comparison and review analysis of the dynamics of the Electrical Testing Services, one of the key trends propelling the growth of the Electrical Testing Services market is the automation seen in current industries that have created an automation industry in itself.
The desire for less human participation in the same to boost efficiency and use human resources in less humdrum areas are major drivers of this movement. In such a situation, electrical testing serves as a crucial maintenance resource, and it is predicted that this industry will continue to expand over the coming years.
As per FMI analysis, the difference between the BPS values identified in the Electrical Testing Services in H1, 2022 - Outlook over H1, 2022 Projected shows a growth of 20 units. Notably, compared to H1, 2021, the market is estimated to lose -2 BPS in H1 -2022.
The key reason for this change in growth rate is the steady increase in the production of steel across the key countries. Also, developments by the market players for the testing and development of cutting-edge technology are likely to pose excellent growth opportunities in the years to come.
Companies that provide electrical testing services globally attempt to diversify their offering for targeted end use. They are expanding their R&D spending to do this. By offering AMC strong customer connections, electrical testing service providers are focusing on end customers. To increase their service and testing network, businesses are concentrating on strategic partnerships and cooperation with producers of electrical and electronic devices.
Driven by the rapid industrialization and technological advancements globally, the electrical testing services market will rise at 7.1% CAGR between 2021 and 2031 in the comparison above 2.1% CAGR registered during 2016-2020.
Demand for services such as transformer testing, circuit breaker testing, and battery testing is on the rise, which is a key factor enabling growth in the market. Testing an electrical equipment is necessary as it is associated with other works which cab affect the performance of various machines and other related things.
Personal safety is the key priority for any customer or organization when they are using any kind of electrical and electronic device. The risk of encountering failure and unprecedented accidents is high if maintenance and testing is neglected.
To avoid such unforeseen challenges, most industries are willingly investing in electrical testing services. This is expected to help the market exhibit strong growth in the coming years.
The COVID-19 outbreak has resulted in a huge reduction in electricity usage. To limit the threat of coronavirus, governments all over the world were forced to reduce commercial activities.
Lifestyle of consumers also had altered as a result of COVID-19, with people preferring to stay at home and work from home whenever possible. As a result, home load demand has increased significantly, whereas commercial and industrial load demand has decreased.
This circumstance has created new obstacles in technical and financial activities within the power sector, thus most utilities around the world have implemented a disaster management strategy to deal with it.
Furthermore, in recent years, regulatory standards governing a product's health, environment, quality, and safety have gotten stricter, prompting producers to become more concerned about product safety and seek third-party certifications. These factors are projected to have a significant impact on the electrical inspection service market globally due to amid COVID-19 crisis.
FMI has projected the U.S. electrical testing services market to remain highly lucrative through the forecast period. One of the key factors supporting growth in the U.S. is the expansion of various end-use industries in the country.
As the U.S. is home to a high number electrical and electronics companies, the demand for electrical testing services is increasing in the country. Driven by these factors, the U.S. North America.
Electrical and electronics equipment manufactured and imported in the country must follow certain regulations for safety of the product. Demand for electrical testing services is high in India, especially since the country is home to several industries. Besides this, the heavy usage of electrical devices will enable the India electrical testing service market to register a CAGR of 7.7% through 2031.
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$ 223.2Mn.
Motors and generators are solely used for converting the electrical power into another form. This is done by converting frequency, voltage or phase of power used in various applications such as; power supply and other type of power generation and distribution. The demand for motors/generator testing will increase within organizations across various sectors. The motors/generator testing segment is expected to account for 17.5% of sales in 2021.
Data centers are broadly used for various application such as telecommunication and storage, which require timely maintenance for better performance. Most of the data centers are too huge and require periodic/monthly maintenance, which will allow them to create incremental opportunity of US$ 810.6 Mn in the electrical testing services market during the forecasted period.
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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.
Attribute | Details |
---|---|
Forecast Period | 2021-2031 |
Historical Data Available for | 2016-2020 |
Market Analysis | USD Million for Value |
Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia & Pacific and Middle East and Africa. |
Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, Italy France, UK, Spain, BENELUX, Russia, Nordics, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC Countries, Turkey, South Africa, Northern Africa. |
Key Segments Covered | By End Use, By Service Type, By Region |
Key Companies Profiled |
|
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization & Pricing | Available upon Request |
By End Use:
By Service Type:
By Region:
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Key Market Trends 3.1. Key Trends Impacting the Market 3.2. Product Innovation / Development Trends 4. Key Success Factors 4.1. Product Adoption / Usage Analysis 4.2. Product USPs / Features 4.3. Strategic Promotional Strategies 5. Global Electrical Testing Services Market Demand (US$ Mn) Analysis 2016-2020 and Forecast, 2021-2031 5.1. Historical Market Value (US$ Mn) Analysis, 2016-2020 5.2. Current and Future Market Value (US$ Mn) Projections, 2021-2031 5.2.1. Y-o-Y Growth Trend Analysis 5.2.2. Absolute $ Opportunity Analysis 6. Market Background 6.1. Macro-Economic Factors 6.1.1. Global Electricity Consumption Overview 6.1.2. Global Urbanization Overview 6.1.3. European Commission 6.1.4. Parent Market Overview 6.2. Forecast Factors - Relevance & Impact 6.2.1. Competitive Intensity 6.2.2. Retail Sector Development Overview 6.2.3. Growth Rate of Commercial Installation 6.2.4. Urbanization and Energy Consumption 6.2.5. Growth of Industrialization 6.3. Value Chain Analysis 6.4. List of Distributors/Local Players 6.5. Covid-19 Crisis – Impact Assessment 6.5.1. Introduction 6.5.2. World Economy/Cluster Projections 6.5.3. Potential Impact by Taxonomy 6.5.4. Impact on Market Size 6.5.5. Recovery Scenario 6.6. Market Dynamics 6.6.1. Drivers 6.6.2. Restraints 6.6.3. Opportunity Analysis 7. Global Electrical Testing Services Market Analysis 2016–2020 and Forecast 2021–2031, By Service Type 7.1. Introduction / Key Findings 7.2. Historical Market Size (US$ Mn) and Volume Analysis By Service Type, 2016–2020 7.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Service Type, 2021–2031 7.3.1. Transformer Testing 7.3.2. Circuit Breaker Testing 7.3.3. Protection Testing 7.3.4. Battery Testing 7.3.5. Rotating Equipment and Vibration Testing 7.3.6. Motors/Generator Testing 7.3.7. Thermographic Testing 7.4. Market Attractiveness Analysis By Type 8. Global Electrical Testing Services Market Analysis 2016–2020 and Forecast 2021–2031, By End-Use 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ Mn) and Volume Analysis By End-Use, 2016–2020 8.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By End-Use, 2021–2031 8.3.1. Power Generation Stations 8.3.2. Transmission and Distribution Stations 8.3.3. Steel Plants 8.3.4. Major Refineries 8.3.5. Railways 8.3.6. Others (Laboratories, etc.) 8.3.7. Data Centers 8.3.8. Healthcare and Hospitality 8.3.9. Commercial Establishments 8.4. Market Attractiveness Analysis By End-Use 9. Global Electrical Testing Services Market Analysis 2016–2020 and Forecast 2021–2031, by Region 9.1. Introduction 9.2. Historical Market Size (US$ Mn) and Volume Analysis By Region, 2016–2020 9.3. Current Market Size (US$ Mn) and Volume Analysis and Forecast By Region, 2021–2031 9.3.1. North America 9.3.2. Latin America 9.3.3. Europe 9.3.4. East Asia 9.3.5. South Asia Pacific 9.3.6. Middle East & Africa 9.4. Market Attractiveness Analysis By Region 10. North America Electrical Testing Services Market Analysis 2016–2020 and Forecast 2021–2031 10.1. Introduction 10.2. Pricing Analysis 10.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2016–2020 10.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2021–2031 10.4.1. By Country 10.4.1.1. U.S. 10.4.1.2. Canada 10.4.2. By Service Type 10.4.3. By End-Use 10.5. Market Attractiveness Analysis 10.5.1. By Country 10.5.2. By Service Type 10.5.3. By End-Use 10.6. Market Trends 10.7. Drivers and Restraints - Impact Analysis 10.8. Key Market Participants - Intensity Mapping 11. Latin America Electrical Testing Services Market Analysis 2011–2020 and Forecast 2021–2031 11.1. Introduction 11.2. Pricing Analysis 11.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2011–2020 11.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2021–2031 11.4.1. By Country 11.4.1.1. Brazil 11.4.1.2. Mexico 11.4.1.3. Rest of LATAM 11.4.2. By Service Type 11.4.3. By End-Use 11.5. Market Attractiveness Analysis 11.5.1. By Country 11.5.2. By Service Type 11.5.3. By End-Use 11.6. Market Trends 11.7. Drivers and Restraints - Impact Analysis 11.8. Key Market Participants - Intensity Mapping 12. Europe Electrical Testing Services Market Analysis 2016–2020 and Forecast 2021–2031 12.1. Introduction 12.2. Pricing Analysis 12.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2016–2020 12.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2021–2031 12.4.1. By Country 12.4.1.1. Germany 12.4.1.2. Italy 12.4.1.3. France 12.4.1.4. U.K. 12.4.1.5. Spain 12.4.1.6. BENELUX 12.4.1.7. Russia 12.4.1.8. NORICS 12.4.1.9. Rest of Europe 12.4.2. By Service Type 12.4.3. By End-Use 12.5. Market Attractiveness Analysis 12.5.1. By Country 12.5.2. By Service Type 12.5.3. By End-Use 12.6. Market Trends 12.7. Drivers and Restraints - Impact Analysis 12.8. Key Market Participants - Intensity Mapping 13. East Asia Electrical Testing Services Market Analysis 2016–2020 and Forecast 2021–2031 13.1. Introduction 13.2. Pricing Analysis 13.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2016–2020 13.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2021–2031 13.4.1. By Country 13.4.1.1. China 13.4.1.2. Japan 13.4.1.3. South Korea 13.4.2. By Service Type 13.4.3. By End-Use 13.5. Market Attractiveness Analysis 13.5.1. By Country 13.5.2. By Service Type 13.5.3. By End-Use 13.6. Market Trends 13.7. Drivers and Restraints - Impact Analysis 13.8. Key Market Participants - Intensity Mapping 14. South Asia Pacific Electrical Testing Services Market Analysis 2016–2020 and Forecast 2021–2031 14.1. Introduction 14.2. Pricing Analysis 14.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2016–2020 14.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2021–2031 14.4.1. By Country 14.4.1.1. India 14.4.1.2. ASEAN 14.4.1.3. ANZ 14.4.1.4. Rest of SAP 14.4.2. By Service Type 14.4.3. By End-Use 14.5. Market Attractiveness Analysis 14.5.1. By Country 14.5.2. By Service Type 14.5.3. By End-Use 14.6. Market Trends 14.7. Drivers and Restraints - Impact Analysis 14.8. Key Market Participants - Intensity Mapping 15. Middle East and Africa Electrical Testing Services Market Analysis 1516–1515 and Forecast 1521–1531 15.1. Introduction 15.2. Pricing Analysis 15.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 1516–1515 15.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 1521–1531 15.4.1. By Country 15.4.1.1. GCC Countries 15.4.1.2. Turkey 15.4.1.3. South Africa 15.4.1.4. Rest of MEA 15.4.2. By Service Type 15.4.3. By End-Use 15.5. Market Attractiveness Analysis 15.5.1. By Country 15.5.2. By Service Type 15.5.3. By End-Use 15.6. Market Trends 15.7. Drivers and Restraints - Impact Analysis 15.8. Key Market Participants - Intensity Mapping 16. Key and Emerging Countries for Electrical Testing Services Market Analysis 16.1. Introduction 16.1.1. Market Value Proportion Analysis, By Key Countries 16.1.2. Global Vs. Country Growth Comparison 16.2. U.S. Electrical Testing Services Market Analysis 16.2.1. By Type 16.2.2. By End-Use 16.3. Canada Electrical Testing Services Market Analysis 16.3.1. By Type 16.3.2. By End-Use 16.4. Mexico Electrical Testing Services Market Analysis 16.4.1. By Type 16.4.2. By End-Use 16.5. Brazil Electrical Testing Services Market Analysis 16.5.1. By Type 16.5.2. By End-Use 16.6. Germany Electrical Testing Services Market Analysis 16.6.1. By Type 16.6.2. By End-Use 16.7. Italy Electrical Testing Services Market Analysis 16.7.1. By Type 16.7.2. By End-Use 16.8. France Electrical Testing Services Market Analysis 16.8.1. By Type 16.8.2. By End-Use 16.9. U.K. Electrical Testing Services Market Analysis 16.9.1. By Type 16.9.2. By End-Use 16.10. Spain Electrical Testing Services Market Analysis 16.10.1. By Type 16.10.2. By End-Use 16.11. BENELUX Electrical Testing Services Market Analysis 16.11.1. By Type 16.11.2. By End-Use 16.12. Russia Electrical Testing Services Market Analysis 16.12.1. By Type 16.12.2. By End-Use 16.13. NORDICS Electrical Testing Services Market Analysis 16.13.1. By Type 16.13.2. By End-Use 16.14. China Electrical Testing Services Market Analysis 16.14.1. By Type 16.14.2. By End-Use 16.15. Japan Electrical Testing Services Market Analysis 16.15.1. By Type 16.15.2. By End-Use 16.16. South Korea Electrical Testing Services Market Analysis 16.16.1. By Type 16.16.2. By End-Use 16.17. India Electrical Testing Services Market Analysis 16.17.1. By Type 16.17.2. By End-Use 16.18. ASEAN Electrical Testing Services Market Analysis 16.18.1. By Type 16.18.2. By End-Use 16.19. Australia and New Zealand Electrical Testing Services Market Analysis 16.19.1. By Type 16.19.2. By End-Use 16.20. GCC Countries Electrical Testing Services Market Analysis 16.20.1. By Type 16.20.2. By End-Use 16.21. Turkey Electrical Testing Services Market Analysis 16.21.1. By Type 16.21.2. By End-Use 16.22. South Africa Electrical Testing Services Market Analysis 16.22.1. By Type 16.22.2. By End-Use 17. Market Structure Analysis 17.1. Market Analysis by Tier of Companies (Electrical Testing Services) 17.2. Market Concentration 17.3. Market Share Analysis of Top Players 17.4. Market Presence Analysis 17.4.1. Regional Footprint of Players 17.4.2. Product Footprint by Players 18. Competition Analysis 18.1. Competition Dashboard 18.2. Competition Benchmarking 18.3. Competition Depp Dive 18.3.1. Schneider Electric 18.3.1.1. Overview 18.3.1.2. Product Portfolio 18.3.1.3. Sales Footprint 18.3.1.4. Strategy Overview 18.3.2. Siemens AG 18.3.3. Eaton Corporation PLC 18.3.4. General Electric 18.3.5. ABB Inc. 18.3.6. Power Products & Solutions 18.3.7. American Electrical Testing 18.3.8. Haugland Group LLC 18.3.9. Dekra 18.3.10. TCS Electrical Co. 18.3.11. Phase One Electric 18.3.12. Intran 18.3.13. GEM Electrical Services 18.3.14. Electric Power Systems 18.3.15. RESA Power LLC 18.3.16. DNV GL 18.3.17. Dobel Engineering Company 19. Assumptions and Acronyms Used 20. Research Methodology
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