A detailed survey by Future Market Insights (FMI) examines key trends prevalent across the North America electrical testing services market. It classifies the market based on end use and service type. The report examines the current market outlook and present an overview of drivers, restrains, and opportunities that will affect the growth trajectory of the market through 2031.
DUBAI , UAE, Dec. 14, 2021 /PRNewswire/ -- 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.
For instance, according to the Consumer Energy Alliance, in May 2020 , the Trump administration announced receiving approval for constructing of the biggest power generation project in the U.S, the Gemini Solar Project.
It will cover nearly 28 sq.km of the landmass in Nevada and is expected to produce around 690 MW of electricity. A slew of such initiatives is estimated to create lucrative opportunities in the market.
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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.
"Growing government emphasis on renewable energy generation and rapid expansion of transmission & distribution sector to meet the surging energy demand in countries such as the U.S., Canada , and Mexico is augmenting the growth in the market," says a 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.
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 .
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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.
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:
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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:
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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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About Future Market Insights (FMI)
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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