Electrical Testing Services Market Forecasts to 2028 – Global Analysis By Type (Acceptance, Commissioning), Service Type (Transformer Testing, Battery Testing), End User, and By Geography
According to Stratistics MRC, the Global Electrical Testing Services Market is accounted for $6.93 billion in 2021 and is expected to reach $12.75 billion by 2028 growing at a CAGR of 9.1% during the forecast period. Electrical testing is an electrical assessment for parts of heavy electrical machinery. Electrical testing services are assessments that involve a thorough examination, inspection, and diagnosis of major heavy-duty electrical devices in order to ensure their durability and function.
Market Dynamics:
Driver:
Increasing growth of the steel production industry
Steady expansion in the production of steel across the world is the major factor driving the market growth. Additionally, electric arc reactors are a commonly involved manufacturing process for the production of steel with electricity as a power source. Thus, the growing annual production of steel combined with the rising electricity market is likely to propel the electrical testing services market growth.
Restraint:
High cost
Various tools are needed for monitoring electrical equipment including circuit breakers, transformers, etc. These tools are relatively costly, attributable to the extreme nature of the equipment it performs tests on. These test devices need to endure high voltages, current fluctuations, and other critical conditions. This, in turn, has expanded the price of these tools, leading to high capital investment. Moreover, trained professionals are required to operate these tools in safe and controlled manner. Thus, these factors are expected to hinder the electrical testing services market.
Opportunity:
Product expansions and innovation
Product expansions and the development of advanced innovation in testing services are expected to offer ample opportunities in the market. Innovation of novel products for testing and development of advanced technology is likely to pose excellent growth opportunities for market players in the near future. The advent of advanced multimeter, Ohmmeter, Ammeter, Signal tracer, logic analyzer, etc. is some of the equipment utilized in the electrical testing services market.
Threat:
Increasing in-house capabilities
Organizations are outsourcing the electrical testing services, to increase focus on core activities of the organization. Although the trend is likely to continue, outsourcing testing services incur higher initial costs for the clients. Also, organizations are setting up their own testing department equipped with important equipment and skilled experts. This, in turn, is expected to increase the charges for outsourced testing services, thereby likely to act as a challenge to the electrical testing services market growth in the near future.
The transformer testing segment is expected to be the largest during the forecast period
The transformer testing segment is estimated to have a lucrative growth as transformers are important during the process of power distribution since they maintain the optimal levels of voltage between two terminals, and ensure the safe operation of the entire network.
The steel plants segment is expected to have the highest CAGR during the forecast period
The steel plants segment is anticipated to witness the fastest CAGR growth during the forecast period as the production of steel is highly dependent on electric arc reactors that consume electricity to operate. The continually expanding steel production, in turn, is increasing the dead for electric arc reactors and other electric equipment, which need to be tested periodically.
Region with highest share:
North America is projected to hold the largest market share during the forecast period because of an existing industrial infrastructure that already calls for efficient maintenance capabilities. Demands are being placed in this region for electrical testing services as automation is being introduced to this sector.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to growing industrial infrastructure and increasing automation in this sector. Also, as human efficiency is replaced by mechanical automation, this region is set to demand more services from this market.
Key players in the market
Some of the key players profiled in the Electrical Testing Services Market include Voltech Engineers Pvt. Ltd., TCS Electrical Co., Siemens AG, American Electrical Testing, RESA Power, LLC, Power Products & Solutions, DNV GL, Intran, Electric Power Systems, General Electric Company, Haugland Group LLC, Inel Power, Eaton Corporation plc, Dobel Engineering Company, Inser Hitech Engineers Pvt. Ltd., Dekra, Phase One Electric, ABB Inc., Schneider Electric and GEM Electrical Services.
Key Developments:
In September 2021, Dekra extended its cybersecurity service portfolio by adding new testing and certification services according to the ETSI EN 303 645 standard. This cybersecurity standard has been created by the European Standards Organization—ETSI.
Types Covered:
• Acceptance
• Maintenance Testing
• Commissioning
Service Types Covered:
• Transformer Testing
• Rotating Equipment Vibration Testing
• Protection Testing
• Motors/Generator Testing
• Circuit Breaker Testing
• Battery Testing
• Thermographic Testing
End Users Covered:
• Transmission and Distribution Stations
• Steel Plants
• Railways
• Power Generation Stations
• Major Refineries
• Industrial
• Utilities
• Residential
• Infrastructure
• Healthcare and Hospitality
• Data Centers
• Commercial Establishments
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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