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India Electrical Testing Services Market Exhibiting 7.1% CAGR through 2031
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India's electrical testing services market is projected to grow at a 7.1% CAGR through 2031, driven by railway electrification and industrial demand.
India Electrical testing services market is set to be valued at US$ 6.8 Bn in 2021 with a stable long-term projection, according to latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. The report forecasts the electrical testing services market to grow at nearly 7.1% CAGR during 2021-2031.
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.
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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.
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.
Due to the economic impact of COVID-19, the demand for electrical testing services declined in 2020. Nevertheless, as economies get back on track, it will lead to recovery of operations across various industries. In turn the demand for electrical testing services will grow.
Technological advancements in electrical services have resulted in greater complexity in maintenance work and services. Therefore the demand for electrical testing services designed to complement complex industrial network will rise in the coming years.
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“Surge in the demand for more efficient electrical devices and electrical machinery in various sectors will present attractive scope for sales of electrical testing services. In order to gain competitive strength, the market players are expected to focus on expanding their footprint in emerging markets” says a FMI analyst.
Key Takeaways of North America Electrical Testing Services Market Study
Competitive Landscape
The market is moderately consolidated, with key players accounting for more than half of the market share. These players are likely provide long-term service guarantee with annually maintaining contract. Some of the key players in the market are Schneider Electric, Siemens AG, Eaton Corporation plc, General Electric Company, ABB Inc., RESA Power LLC, Voltech Engineers Pvt. Ltd., DNV GL, Dobel Engineering Company, Power Products & Solutions, American Electrical Testing, Haugland Group LLC, Dekra, TCS Electrical Co., Phase One Electric, Intran, GEM Electrical Services and Electric Power Systems.
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Global Electrical Testing Services Market Projection
Electrical Testing Services market is likely to grow at a moderate pace during 2021-2031. As the market have competition intensity due to the offered service rate and durability of service from recognized service team. Due to the new technological evolvement in the testing equipment it makes easier for service/testing person to do it more efficiently. The companies are providing AMC for their products only due to compatibility of the parts/material used.
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The article discusses the growth of India's electrical testing services market, projected to grow at a 7.1% CAGR through 2031.
Railway electrification in India boosts demand for electrical testing services as more lines convert to electric power.
Growth is driven by railway electrification, increased steel production, and technological advancements in electrical services.
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