March 30, 2020
Electrical Testing Services

Electrical Testing Services Market is projected to register the highest CAGR according to market forecasts

The global market for electrical testing services is projected to reach a value of US$ 7.65 billion in 2027 and is set to grow with a CAGR of 7.3 per cent over the forecast period.

The global market for electrical testing services is strongly driven by increasing global urbanization and development. Demand for high electricity and electricity is rising from various industries, such as manufacturing, power generation, refineries and others, which are contributing to the growth of the market. In addition, various governments in the different regions are also focusing on electrical testing services to improve the safety of workers and increase the life of systems, equipment and components. Increasing steel production and electrification in the rail sector also play an important role in the growth of the market.

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Based on the type of service, the market for electrical testing services has been segmented as transformer testing, circuit breaker testing, protection testing, and battery testing. The Transformer Testing Service has the largest market share of services in 2018, accounting for more than 30% of the market share. The segment is driven by an increasing demand for electricity from consumers, industries and others. In addition, the segment is expected to dominate the market in the near future due to the development of electrification in the rail sector.

Asia-Pacific is expected to be the fastest-growing market due to an increasing number of manufacturing units, steel plants, power plants and others. The region is projected to grow with a CAGR of 8.3 per cent over the forecast period. In addition, the development of infrastructure and the government initiative to develop new rail services in the region also contribute to the growth of the market. In addition, an increasing number of local service providers in the various developed and developing countries are also contributing to the growth of the market.

Key questions answered in this report

  • What was the market size of electrical testing services in 2018 and forecast up to 2027?
  • Which is the largest regional market transmission and distribution in end-use?
  • What are the major trends followed in electrical testing services market across different regions?
  • Who are the key electrical testing services companies leading the market?
  • What are the key strategies adopted by the leading electrical testing services companies in market

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