Transformer Testing Channels Majority of Revenue to Electrical Testing Services Market, Says Future market Insights

Future Market Insights, Dubai: According to a new market study by Future Market Insights (FMI), the global electrical testing services market is projected to behold remarkable growth in terms of value between 2018 and 2028.

The growth of the market is majorly attributed to the development of electrical infrastructure and increasing electrification efforts in the low and mid-income nations. As the electrical demands across the world continue to rise, the installation of power transmission equipment such as transformers is witnessing a sharp rise, which in turn, is fuelling the sales of electrical testing services.

Furthermore, increasing emphasis on the safety of personnel in risky cases such as current leakage, short-circuiting, faults in wiring, leakage of lubricants, transformer oil has mandated proper electrical testing services. On the other hand, growing inclination towards green or renewable energy sources such as wind, solar, and hydro has emerged as a lucrative trend driving the demand for electrical testing services.

"Market players are focusing on directing their efforts towards the Middle East & Africa (MEA) to capitalize on the rapid industrialization, electrification, and the subsequent demand for electrical testing equipment," remarks FMI analyst.

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Electrical Testing Services Market – Key Takeaways

The global electrical testing services market is forecasted to progress at an impressive CAGR of 6.9% through the assessment period and surge past valuation of over US$ 7.8 Bn by the end of 2028.
By service type, the transformer testing segment is expected to attain a valuation of US$ 3.2 Bn by 2028, growing at 7.3% value CAGR.
The protection testing segment is also anticipated to hold remarkable shares through the forecast period.
Based on end-use, power generation stations, and transmission & distribution stations are forecasted to collectively hold a prominent share in the global market value through the assessment period.

Electrical Testing Services Market – Key Trends

Growing electrification activities across MEA, especially in Sub-Saharan Africa is projected to boost the demand during the forecast period.
Testing standards implemented by national and international regulatory bodies are mandating testing across steel and other heavy industrial equipment manufacturing plants, thereby boosting the market growth.

Electrical Testing Services Market – Regional Analysis

North America and Europe will collectively account for a prominent share in market value owing to the presence of numerous manufacturing industries that require timely electrical testing.
Asia Pacific and MEA are projected to register substantial growth during the assessment period on the back of an increasing number of electrification activities and the emergence of industries in these regions.

Electrical Testing Services Market – Competitive Landscape

Major players operating in the global electrical testing services are Technomark Engineers India, Inel Power System Engineers, InserHitech Engineers, Voltech Group, Rulka Electricals, Powertest Asia, JBS Enterprises, and Ultra Electric Company India, among others. Market players are focusing on Asia Pacific and MEA to leverage the growing demand for electrical testing services in these regions.

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Electrical Testing Services Market – Taxonomy

Service Type

Transformer Testing
Circuit Breaker Testing
Protection Testing
Battery Testing

End User

Power Generation Stations
Transmission & Distribution Stations
Steel Plants
Major Refineries
Railways

Region:

North America
Latin America
Western Europe
Eastern Europe
SEA and Other Pacific
China
India
Japan
MEA

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Get Valuable Insights into Electrical Testing Services Market

Future Market Insights, in its new offering, provides an unbiased analysis of the global electrical testing services market, presenting historical demand data and forecast statistics for the period from 2018-2028. The study divulges compelling insights on the electrical testing services market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Mr. Abhishek Budholiya
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates

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SOURCE: Future Market Insights

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