The market for electrical testing services in India is projected to reach a value of USD 200.5 million by 2023, with a steady growth rate of 4.4% CAGR from 2023 to 2033. By 2033, the market is expected to be worth USD 308.4 million.
The widespread availability of reliable and affordable electrical power has enabled modern industries to adopt a wide range of machinery with fully automated operations. As automation increases, maintenance costs are reduced, and routine electrical testing ensures systems remain in optimal working condition.
The demand for electrical testing services declined in 2020 due to the economic impact of COVID-19. However, as economies recover, business activities across various industries are expected to pick up, driving the need for electrical testing services.
Electrical testing services involve thorough inspection, evaluation, and diagnosis of essential heavy-duty electrical equipment to ensure performance and longevity. Examples of such equipment include transformers, rectifiers, circuit breakers, electrical cables, transmission lines, and batteries.
Advancements in electrical service technology have increased the complexity of maintenance tasks. As a result, demand for electrical testing services tailored to support intricate industrial networks is expected to grow in the coming years.
Key Takeaways:
In terms of service type, the demand for transformer testing and circuit breaker testing will remain considerably high through the forecast period.
- The U.S. will emerge as a highly lucrative market, accounting for maximum demand for electrical testing services in North America.
- Industrialization in China, will support expansion of the electrical testing services market in Asia Pacific.
- Favorable government policies and expansion of power generation stations will continue supporting growth in India.
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.
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.
India Electrical Testing Services Market by Category
By Service Type:
- Transformer Testing
- Circuit Breaker Testing
- Protection Testing
- Battery Testing
By End User:
- Power Generation Stations
- Transmission and Distribution Stations
- Steel Plants
- Major Refineries
- Railways
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- MEA
Report Preview: https://www.futuremarketinsights.com/reports/india-electrical-testing-services-market
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