According to a new market research report published by Credence Research “Global Electrical Testing Services Market (Service (Linear Transformer testing, Circuit Breaker testing, Protection Testing, Battery testing) End-Use (Power Generation Stations, Transmission and Distribution, Steel Plants, Major Refineries, Railways)) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”, the overall electrical testing services market worldwide is expected to reach at a value of US$ 7.65 Bn in 2027 and is set to grow with a CAGR of 7.3% during the forecast period.
The global electrical testing services market is highly driven by increasing urbanization and development globally. The demand for high electricity and power is increasing from various industries such as manufacturing, power generation units, refineries and others which is contributing in the growth of the market. Additionally, various governments in the different region are also focusing on the electrical testing services to increase the safety of the workers and to increase the life of the systems, device and the components. The increasing steel production, and electrification in railways also plays an important role for the market growth.
Based on services type, the electrical testing services market has been segmented as transformer testing, circuit breaker tests, protection testing, and battery testing. The transformer testing service accounts the largest market share by services in 2018, with more than 30% of the market share. The segment is driven due to increasing requirement of electricity by consumers, industries and others. Additionally, the segment is expected to dominate the market in near future due to development of electrification in railways.
Asia-Pacific is expected to be the fastest growing market due presence increasing number of manufacturing units, steel plants, power generation plants and other. The region is expected to grow with a CAGR of 8.3% during the forecast period. Additionally, development in infrastructure and government initiative for development of new railways in the region also contributes in the growth of the market. Moreover, rising number of local vendor for providing services in various developed and under developing countries are also contributing in the growth of the market.
Some of the prominent players operating in the electrical testing services market include Voltech Group, ABB Inc., Applus Services SA, DNV GL SA, Doble Engineering Company, Eaton Corporation plc, General Electric Company, Quanta Services, Inc., RESA Power, LLC, SD Myers LLC, Siemens AG, Vertiv Co., TÜV SÜD Group, Inel Power System Engineers Pvt. Ltd., and Hydro Tasmania Group
Our Blog: Home – Target Market Size