Electrical Testing Services Market to Reach $3.28Bn by 2031
As per FMI, North America electrical testing services market is estimated to total US$ 1.8 Bn in 2021. Increasing installation of power transmission equipment such as transformers across refineries, manufacturing plants, railways, and others are fueling the demand for electrical testing services.
Historically, demand for electrical testing services in North America grew at 0.9% CAGR between 2016 and 2020. However, with increasing government initiatives to develop power generation infrastructure across the U.S. and Canada, the market is anticipated to top US$ 3.28 Bn by 2031.
Further, increasing concern regarding the workplace safety and rising incidence of electricity leakage, faults in wiring, short-circuiting, leakage of lubricants, and others are propelling the demand in the market. On account of this, sales of electrical testing services in North America are projected to rise at 5.9% CAGR over the forecast period 2021-2031.
Based on service type, the transformer testing and circuit breaker testing segments are anticipated to collectively hold the lion’s share in the market, accounting for nearly 38.3% of sales in 2021. Increasing use of these services to ensure the uniformity of windings in all the connection to avoid short circuits is driving the growth in segments.
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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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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, and has delivery centers in the UK, 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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