Electrical testing services is a type of examination that involves a thorough inspection, scrutiny and diagnosis of important heavy duty electrical equipment for its working performance and longevity. Electrical equipment are not limited to transformers, rectifiers, circuit breaking, electrical cables, transmission lines, batteries, etc.
Electrical testing services are essential in order to ensure the operating standards of a plant which uses electricity. These electrical testing services are either outsourced or done in-house. The frequency of these electrical testing and inspection majorly depends on nature of workplace and the risk associated with electrical equipment. They are comprehensively tested in order to ensure efficiency and safe working. Improvements in Transmission and Distribution network and growing electrification of railway lines are some of the main factors inducing the growth of the electrical testing services market in India.
The market is anticipated to ascend at a sound CAGR of 4.4% in terms of revenue over the forecast period of 2016 to 2026 chiefly influenced by the growth of the end users.
Growing electrification of railway lines is one of the main factors for the growth of the electrical testing services market in India
India is the third largest producer of steel in the world on the basis of volume and the only country to witness a positive growth in 2015 from 2014. As steel is usually produced in Electric Arc Reactors using electricity as the power source, growth in steel production calls for increased use of electrical equipment, which also will positively contribute to the growth of electrical testing services market in India.
From the perspective of community, India is the second highest populated country in the world with an estimated population of 1.33 billion by the end of 2015. Currently, proper distribution of electricity to each household in the country is done at a rapid pace with an estimation that 85% of the villages are already been electrified, and hence widening the transmission and distribution network significantly contribute to the growth of the market in India. Likewise, increased power generation in the power generating plants to accommodate the high demand of electricity will also drive the growth of electrical testing services market.
The railway department of India is moving towards complete conversion of electrical lines ensuring electricity as the main source of power to run the trains. At present, over 40% of the total railway lines of the country have been electrified and is likely to be completely electrified in the forthcoming years paving a way for the electrical testing services market to improve in terms of revenue generation.
The transformer testing segment dominates the India electrical testing services market
The service type segment of the market comprises of transformer testing, circuit breaker testing, protection testing and battery testing. A transformer is an electrical apparatus primarily used for transmission of electric current by electromagnetic induction. The function of the transformer is to vary the voltage between two electric potentials or terminals. The transformer testing segment dominates the Indian market with a market share of more than 40% closely followed by circuit breaker testing, which holds a market share of more than 30% in India electrical testing services market. In contrast, protection testing in the service type segment is likely to grow the fastest in the market with a CAGR of 5.1% owing to higher preference of the end users to frequently test the protective relays.
Key market players operating in the India electrical testing service market
Electrical Testing Service providers in India are highly fragmented with many players available to provide testing of electrical equipment. A few major dedicated testing service providers identified in the market include Inel 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.
Future Market Insights is presenting a report on a 10 year forecast and assessment on India Electrical Testing Services from 2016 to 2026 offering in-depth insights, detailed acumen and latest market trends. The report covers exhaustive qualitative and quantitative elements influencing the growth of the market, probable opportunities for the testing service providers, key trends and improvements shaping the fluctuations and movements of the market with an emphasis on the Indian Market. The market is categorically segmented into two parts namely, Service Type and End User. The End User segment, except for the Railways, is further sub-segmented into Publics Service Undertaking and Private Sector.
India Electrical Testing Services Market Taxonomy
To understand and assess opportunities in the India Electrical Testing Services market, we have divided the report into two sections based on market segmentations as under
By Service Type
By End User
The report is initiated with an overview of the market in India, which is then followed by the definition of the market and its taxonomy. The next section details about the total market size in the base year and subsequent years as per the forecast predicted. The following section provides information about the market value split based on the geographical location of India, i.e. North, South, East and West, value chain and important participants engaged in the market, pricing analysis and cost breakdown of each testing service as well as the prices of the testing equipment. This is followed by an in-depth analysis of the various individual tests performed under each service type, in addition to differentiating them into in-house and outsourced, based on where the testing is usually carried out. Factors affecting the market on a larger scale, important drivers helping the market to move forward, roadblocks associated with it, high potential opportunities and changing trends is detailed in the following section.
The report provides detailed insights into electrical testing services markets’ performance in terms of value. The report also includes Future Market Insights’ analysis on drivers and restraints influencing the market. Key trends in the market are also included in the report to provide clients with specific decision-making insights. The subsequent sections analyse India electrical testing services market on the basis of service type and presents a forecast for the period 2016–2026.
In the final section of the report, we have included India electrical testing services market competitive landscape to provide a dashboard view of key electrical testing service providers functioning in India electrical testing services market. The report also comprises strategic recommendations to capitalise on growth opportunities in the market and provides company profiles of some of the major players in the market. We hope this will enable clients to assess strategies deployed by market leaders and help them develop effective strategies accordingly.
Our research methodology
For the purpose of forecasting the market up to 10 years from 2016, various macroeconomic factors affecting the market, changing trends and other relevant inputs from both the sources of information. Current size of the market, data from the manufacturers of testing apparatus, information from the end users of electric testing services and other dynamics present in the market is also taken into consideration.
As electrical testing services cannot be accounted in terms of volume, only market value of is taken into consideration taking Indian National Rupees into consideration. Market numbers are deduced through extensive secondary research and the data collected from these sources are validated from experts involved in providing electrical testing services to various customers. The average prices charged by the service providers are taken into account for the triangulation of data to arrive at the market number and compared to the inputs deduced from both primary and secondary sources.
As evident from the ever changing nature of the economy, both in global and national level, the market forecasts are not only presented in terms of CAGR or Compound Annual Growth Rate, but also presented with the incorporation of other important parameters and pointers such as year on year growth to interpret market predictions and also to identify correct market opportunities across India Electrical Testing Services. Analysis of various segments of the market are performed, and values are calculated in terms of Basic Points share or BPS, which gives us information and insights about the performance of individual segments for the present year and the changes in its performance in the final forecasted year.
Likewise, BPS provides an understanding of the varying trends of electrical testing services market across India. Another important parameter that is usually overlooked but critical in decision making as well as providing information about the range and extent of market opportunity is Absolute INR Opportunity (Indian National Rupee) of all the segments of the market. Market Attractiveness is another important parameter incorporated in the report that exhibits growth, performance and market opportunities.
There are large number of players in India that are involved in transformer testing services. In India electrical testing services market, the new players are focussing on the circuit breaker testing and protection testing services. The reason behind the shifting preference of the new players towards these testing services is low cost of equipment required in these testing services as compared to transformer testing and the profitability margin of these tests are more than the profitability margin in transformer testing. Moreover, the total tests that are outsourced in circuit breaker testing and protection testing are more as compared to transformer testing.