According to FMI, the North America electrical testing services market will be worth $1.8 billion in 2021. The increased installation of power transmission equipment such as transformers in refineries, manufacturing plants, railways, and other locations is driving up demand for electrical testing services.
Between 2016 and 2020, demand for electrical testing services in North America grew at a 0.9% CAGR. However, with increased government initiatives to develop power generation infrastructure across the United States and Canada, the market is expected to exceed US$ 3.28 billion by 2031.
According to the Consumer Energy Alliance, the Trump administration received approval in May 2020 to build the largest power generation project in the United States, the Gemini Solar Project.
It will cover nearly 28 square kilometres of Nevada land and will generate approximately 690 MW of electricity. A slew of such initiatives are expected to create lucrative market opportunities.
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Furthermore, rising concern about workplace safety and the increasing incidence of electricity leakage, wiring faults, short-circuiting, lubricant leakage, and other incidents are driving market demand. As a result, sales of electrical testing services in North America are expected to grow at a 5.9% CAGR between 2021 and 2031.
The transformer testing and circuit breaker testing segments are expected to hold the lion’s share of the market in 2021, accounting for nearly 38.3% of sales. The increasing use of these services to ensure the uniformity of windings in all connections in order to avoid short circuits is driving segment growth.
“A growing government emphasis on renewable energy generation, as well as rapid expansion of the transmission and distribution sector to meet surging energy demand in countries such as the United States, Canada, and Mexico, is augmenting market growth,” says an FMI analyst.
Key Takeaways from North America Electrical Testing Services Market Study
- The U.S. is estimated to account for 57.1% of the sales in 2021 owing to the increasing development of power generation infrastructure in the country.
- Canada is anticipated to emerge as a highly attractive market, projecting sales at a CAGR of 6.1% between 2021 and 2031.
- Mexico electrical testing services market is forecast to account for 19.1% of the share, expanding at 6.4% CAGR over the assessment period.
- In terms of service type, the thermographic segment is projected to account for a significant share, growing at 6.5% CAGR through 2031.
- Transformer testing is projected to remain highly sought-after service in the market, accounting for 20.9% of the total sales in 2021.
Key Drivers
- Increasing investment in developing electrical infrastructure to provide affordable and uninterrupted electricity in Mexico, the U.S, and Canada is facilitating the growth in the market.
- Implementation of stringent regulations mandating the regular check-up of electrical equipment and power distribution lines to avoid hazards is rising the sales of electric testing services in North America.
Key Restraints
- High cost of devices for electrical testing to monitor the functioning of high medium, and low voltage transformers and circuit breakers is hampering the growth in the market.
- Increasing in-house capabilities for regular testing and declining the cost is expected to hinder the sales of electric testing services.
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Competitive Landscape
As per FMI, leading players offering testing services in North America are estimated to account for approximately 55% to 65% of the market share in 2021.
Key players in North America electrical testing service market are aiming at expanding their service range for as per the end-use applications. Some of the players are focusing on strategic collaborations, merger, agreement, acquisitions, and partnerships with other players to expand their testing network and service. For instance,
- In August 2021, RESA Power, a U.S.-based end-to-end electrical solutions provider announced acquiring an electrical testing company EPIC Energy Solutions, LLC. The acquisition will assist the company to expand its testing capabilities across the Midwest region.
Some of the key players operating in the market profiled by FMI are:
- Schneider Electric
- Siemens AG
- Eaton Corporation plc
- General Electric Company
- ABB Inc.
- Power Products & Solutions
- American Electrical Testing
- Haugland Group LLC
- Dekra
- TCS Electrical Co.
- Phase One Electric
- Intran
- GEM Electrical Services
- Electric Power Systems
- Others
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More Valuable Insights on North America Electrical Testing Services Market
The latest report by FMI provides a detailed analysis of the global North America electrical testing services market, providing credible insights into key factor driving the market through 2021 and beyond. The study also disclosed growth projections on in North America electrical testing services market with detailed segmentation:
By End Use:
- Power Generation Stations
- Transmission and Distribution Stations
- Steel Plants
- Major Refineries
- Railways
- 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
By Country:
- The U.S.
- Canada
- Mexico
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Key Questions Covered in the Report
- The report offers insight into North America electrical testing services market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for North America electrical testing services market between 2021 and 2031
- North America electrical testing services market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- North America electrical testing services market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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