According to a recent market forecast by Future Market Insights, the global electrical testing services market is expected to reach a market value of over US$ 7,800 Mn by the end of 2028, witnessing a robust growth rate of over 6.9% during the forecast period 2018-2028. The growth of the market is also reinforced by the outburst in demand for green energy or renewable energy sources such as wind, solar and hydro. With the increase in demand for green energy, the market will also witness a significant rise in demand for the electrical testing services market in the near future.
Electrification efforts of emerging economies are providing a progressive platform to the electrical testing services market. The developments in electricity infrastructure of the countries is thriving at a rapid pace, and the move is intended to provide affordable and uninterrupted electricity to different parts across the globe. This also demands the installation of power transmission equipment such as transformers, which will have a direct impact on the demand for electrical testing services market.
Rapid Urbanization to Help MEA Mark Highest Growth Rate in Coming Years
With greater scope for development, MEA stands out to be the fastest-growing region in the global electrical testing services market. Growing industrialization and urbanization will support the growth of electrical testing services in the global market over the forecast period. Thus, emerging regions that are still going through the installation processes provide a better scope for the electrical testing services market. According to the International Energy Agency (IEA), by the end of 2030, 600 million out of the total 674 million people without the access to electricity live in Sub-Saharan Africa, a majority of them in rural areas. Attributing to this, Africa provides immense opportunities for service providers to augment their business capabilities in the region. India stands out in terms of growth in the electrification rate across the country. According to IEA, half a billion people have gained electricity since 2000. In India, the electrification rate is nearly about 82% and with ongoing government initiatives, India will achieve universal access to electricity by 2020s. This is expected to open up new horizons for the augmentation of the electrical testing market in India.
Certification by Testing Services Bolsters Market Presence of Companies in the Global Market
Regular testing of the huge electric equipment becomes necessary as steel plants, and other heavy industrial equipments are particularly large in size and cumbersome to handle with. Replacement of this equipment on the account of failure usually takes months or sometimes years based on the original specifications, whereas regular testing helps avoid failures. The testing services work in accordance with the testing standards laid down by reputed national and international accreditation bodies. The testing service providers can significantly improve its service quality and leapfrog other players in market recognition if it complies and provide certifications of InterNational Electrical Testing Association (NETA), Bureau of Indian Standards (BIS), and Electrical Research & Development Association (ERDA).
Some recent trends such as the growth of transmission and distribution networks are also capable of bringing in revolutionary growth of the global electric testing services market. The coming years will give a clear picture of many such influencers of the electrification and electrical testing services market.
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Companies operating in the 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 networks.
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Global Electrical Testing Services Market by Category
By End Use:
- Power Generation Stations
- Transmission and Distribution Stations
- Steel Plants
- Major Refineries
- 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
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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