According to the report, the North America electrical testing services market will grow at a 5.9% CAGR between 2021 and 2031. The economic impact of COVID-19 reduced demand for electrical testing services in 2020. With various end-use sectors already returning to normal operations, the market for electrical testing services in North America will expand.
The North America electrical testing services market is expected to grow 4.8% year on year (YoY) to US$ 1.8 Billion in 2021. According to a study conducted by Future Market Insights (FMI), demand for electrical testing services in North America will rise at a 5.9% CAGR between 2021 and 2031.
Because of the high pace of population expansion and urbanization in the United States and Canada, the power generation and transmission industries are expected to increase steadily. Rapid growth in the residential sector in urban as well as semi-urban areas in this region will contribute significantly to the market growth.
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North America Electrical Testing Services Market Outlook Compared to 2016-2020
Driven by the rapid industrialization and technological advancements in North America, the electrical testing services market will rise at 5.9% CAGR between 2021 and 2031 in the comparison above 0.9% CAGR registered during 2016-2020.
Transformer testing and other major service types are currently in high demand across diverse industries as transformer testing is essential for confirming the performance and specification of a transformer. Performing maintenance and testing periodically to maintain the working efficiency of an electrical device is of prime importance. This makes electric testing services highly sought-after in North America.
Increasing focus on personal safety is encouraging customers to invest in advanced electrical testing solutions. As electricity has the potential of fatally injuring a person, unchecked electrical equipment has a greater probability of causing hazard due to instances such as leakage, short-circuiting, faults in wiring, leakage of lubricants, and others. To counter the risk of such incidents, focus on electrical testing services will skyrocket.
Key Takeaways of North America Electrical Testing Services Market Study
- The U.S. will lead the North America electrical testing services market, accounting for over half of sales through 2031.
- The demand for electrical testing services in Canada will grow by 6.1% CAGR between 2021 and 2031.
- During the projected period, transformer testing and circuit breaker testing segments are expected to lead in terms of market share and growth rate. Because of their simple operational versatility and high load capabilities, the category is predicted to account for nearly half of the market value share through the forecast period.
- The increasing demand for rotating equipment vibration testing and motors/generators testing will continue driving growth in the market.
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Competitive Landscape
The market is moderately consolidated, with key players accounting for more than half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market 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 and Electric Power Systems.
North America Electrical Testing Services Market by CategoryBy 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
About Us:
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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