The India electrical testing services market is expected to reach a market valuation of USD 200.5 million by the year 2023, accelerating with a CAGR of 4.4% from 2023 to 2033. The electrical testing service market is expected to reach a valuation of USD 308.4 million by 2033.
The widespread availability of reliable and affordable electrical power has allowed the modern industry to adopt a wide range of machines with fully automated operations. While the greater automation of these systems helps keep maintenance costs down, regular electrical testing ensures that all systems are in peak working order.
Future Market Insights reports that the drive for efficiency across industries is driving an increase in the prevalence of automated processes within such industries. The rising worldwide demand for industrial goods necessitates a level of efficiency beyond the reach of conventional manufacturing methods. Electrical testing is the backbone when it comes to automation's reliability in these sectors. Demand for industrial electronics is expected to rise worldwide between 2023 and 2033 as a result of increased levels of automation.
| Attributes | Details |
|---|---|
| India Electrical Testing Services Market Size (2023E) | USD 200.5 million |
| India Electrical Testing Services Market Projected Size (2033F) | USD 308.4 million |
| Value CAGR (2023 to 2033) | 4.4% |
An annual assessment of worldwide worker compensation estimates that USD 2 trillion may be saved by automating 45% of currently paid tasks. The obvious cost reductions and enhanced efficiency bode well for all areas of industry, even those that have not yet been automated. People's interest in learning more about something is piqued, and this situation demands increased automation. Due to its importance in the system's upkeep, the electrical testing services sector stands to gain from this development.
The widespread use of automation in modern manufacturing has spawned a new sector of the economy. The demand for less human participation to boost efficiency and engage human resources in fewer humdrum areas is a major factor driving this development. The market for electrical testing is expected to expand gradually in the next years as it represents a crucial resource for maintenance in such an environment.
During the predicted period, the electrical testing services market in India is anticipated to increase due to the country's steadily expanding steel production industry.
The market is growing primarily because steel production is steadily rising nationwide. In fact, India is responsible for the world's third-highest crude steel output, as the World Steel Association (WSA) reported.
According to the same source, production output has been recorded at a 2.6% annual pace in India. That said, the average yearly production output rate since 2006 has been 6.5%. Thus, the current growth rate is slightly below that. Electric arc reactors are a common manufacturing process for creating steel when using electricity as the power source.
Therefore, the expansion of the Indian electrical testing services market is anticipated to be driven by the country's increasing yearly steel production and expanding power market.
India's central government has taken the initiative to wire rural areas with electricity. The expanded distribution and transmission network should generate more electricity in India. Additionally, the Indian government has plans to electrify more than 55 million homes by 2018, which should increase electricity demand and, consequently, sales. As a result, the rising demand for electrical power in rural areas is anticipated to fuel market expansion soon.
Presently, businesses outsource electrical testing services to concentrate on their core competencies. While this trend is expected to continue, clients must pay more upfront when they hire an outside company to perform testing. Moreover, businesses are developing their testing divisions, complete with the tools and trained professionals they need to conduct their tests.
Because of this, the cost of using an external service to conduct tests is likely to rise, which might slow the expansion of the Indian electrical testing services market.
The monitoring of electrical components, including circuit breakers, transformers, and other devices, calls for a wide range of instruments. Unfortunately, the extreme nature of the technology these tools evaluate makes them quite pricey. These testing instruments must withstand high voltages, current fluctuations, and extreme circumstances.
Because of this, the initial expenditure required to produce these instruments is quite significant. In addition, these instruments can only be used safely and responsibly in the hands of skilled professionals. Because of this, the future growth of the electrical testing service market in India is anticipated to be hampered by the aforementioned factors.
The electrical testing services market in India is predicted to see significant growth due to the country's emphasis on power generation.
Current electricity generation in India is adequate to meet the needs of all residents. However, only about 55% of Indian households are reached by the country's weak distribution and transmission network.
The analysis concludes that, despite the country's expanding population and number of households, there is no pressing need for new power plants in India for at least the next three years if the country's existing fleet of generators is utilized to its fullest capacity. Electrical testing services market expansion is attributed to this factor.
Market participants can anticipate significant growth thanks to certification testing designed to raise the standard of available products.
Equipment utilized in power plants, steel mills, and other heavy industries is notoriously cumbersome and cumbersome due to its size and weight.When this equipment breaks down, replacing it can take months to years, depending on the requirements set forth by international accrediting bodies.
However, this can be enhanced by employing on-demand testing services that are accredited by organizations like the National Electrical Testing Association (NETA), the Electrical Research and Development Association (ERDA), and the Bureau of Indian Standards (BIS). As a result, it's anticipated that leading companies in the market are expected to be presented with promising expansion possibilities.
Increases in product variety and cutting-edge technological advancements in testing services are anticipated to provide favorable market conditions.
Soon, market participants can anticipate significant growth prospects brought about by the introduction of novel items used in the testing and development of cutting-edge technologies. Recent technological developments have led to increased demand for electrical testing services, as various instruments, such as multimeters, Ohmmeters, Ammeters, Signal Tracers, Logic analyzers, and others, are employed.
An additional market development is the electrification of railways and the advent of proactive measures for the T&D Network.
The government of India has launched several initiatives to improve and expand the country's transmission and distribution network. To achieve this goal, we must address issues like power theft, theft, bureaucracy, and the replacement of outdated machinery. Additionally, India's electrification of its railway lines is another massive undertaking that is making steady progress, with more than 40% of the network now electrified.
Transformer testing, circuit breaker testing, protection testing, and battery testing are all a part of the market's service type subsegment. It is common knowledge that transformers are electrical devices employed to transmit electrical current via electromagnetic induction. The transformer's primary purpose is changing the potential difference between two electrical terminals or potentials.
Market share in India's electrical testing services industry is dominated by transformer testing, which accounts for over 40%. This is followed by circuit breaker testing, which accounts for over 30%. Protection testing, on the other hand, is expected to develop at the fastest rate in the market, with a compound annual growth rate (CAGR) of 5.1%, because end users are keener on conducting regular tests of the protective relays.
Electrical testing companies in India are highly fragmented, with many players available to provide testing of electrical equipment. A few key dedicated testing service providers identified in the market include Intel Power System Engineers Pvt. Ltd., Technomark Engineers India Pvt. Ltd., Voltech Group, Inser Hitech Engineers Pvt. Ltd., Powertest Asia Pvt. Ltd., Rulka Electricals Pvt. Ltd., Ultra Electric Company India Pvt. Ltd. and JBS Enterprises Pvt. Ltd., among others.
Electrical testing companies around the world are working to broaden the scope of their offerings to suit the needs of their customers better. To do this, they are boosting their spending on research and development.
Electrical testing service providers focus on end users by offering AMC as a means of maintaining positive relationships with customers. Businesses are concentrating on strategic collaborations and partnerships with electrical and electronic equipment makers to broaden their service and testing network. Here are the top three companies defining the market:
| Attributes | Details |
|---|---|
| EpVi | EpVi was established in 2017 and offers an IoT gadget powered by AI and SaaS to monitor real-time electrical consumption. It employs machine learning technology to detect electricity waste and track consumption in real-time. It allows for scheduling and remote access. The company also provides an app for iOS and Android devices that can control the power in smart homes. |
| Technomark Engineers India Pvt. Ltd. | As a private Indian company, Technomark Engineers specializes in energy management. The business provides EPC (engineering, procurement, and construction), T&D (transmission and distribution), O&M (overhaul and refurbishment), and F&S (fire and safety) services for substations operating at very high voltages. |
| Voltech Group | In the field of electrical engineering, Voltech Group is a leading provider. As an electronics supplier, it offers transformers, switchgear, flameproof gear, and more. As a company, we provide services including control and relay panel division, transformer, and more. |
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and Million. Sq. M. for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa (MEA) |
| Key Countries Covered | The United States, Brazil, Mexico, Germany, The United Kingdom, China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Service Type, End User, Region |
| Key Companies Profiled | Fibrestar, Inc.; CP Kelco USA, Inc.; Ceamsa; Cargill, Incorporated; DuPont de Nemours Inc.; Lucid Colloids Ltd.; Silvateam S.p.a.; Yantai Andre Pectin Co. Ltd.; Herbstreith & Fox Group; Herbafood Ingredients GmbH; Carolina Ingredients; UNIPEKTIN Ingredients AG |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Table 1: Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 2: Market Value (US$ Million) Forecast by Service Type, 2018 to 2033
Table 3: Market Value (US$ Million) Forecast by End User, 2018 to 2033
Figure 1: Market Value (US$ Million) by Service Type, 2023 to 2033
Figure 2: Market Value (US$ Million) by End User, 2023 to 2033
Figure 3: Market Value (US$ Million) by Country, 2023 to 2033
Figure 4: Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 5: Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 6: Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 7: Market Value (US$ Million) Analysis by Service Type, 2018 to 2033
Figure 8: Market Value Share (%) and BPS Analysis by Service Type, 2023 to 2033
Figure 9: Market Y-o-Y Growth (%) Projections by Service Type, 2023 to 2033
Figure 10: Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 11: Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 12: Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 13: Market Attractiveness by Service Type, 2023 to 2033
Figure 14: Market Attractiveness by End User, 2023 to 2033
Figure 15: Market Attractiveness by Country, 2023 to 2033
The market is valued at USD 200.5 million in 2023.
The market rose at a 4.4% CAGR from 2018 to 2022.
Transformer testing remains most preferred.
The market is estimated to reach USD 308.4 million by 2033.
Power System Engineers Pvt. Ltd., Technomark Engineers India Pvt. Ltd., and Voltech Group are the leading industry players.
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India Electrical Testing Services Market
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