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Electrical Testing Services Market to represent a significant expansion at CAGR of 4.4% by 2026
Research Report Insights (RRI) has launched the report titled, “Electrical Testing Services Market to represent a significant expansion at CAGR of 4.4% by 2026”
Electrical testing services is a type of examination that involves a thorough inspection, scrutiny and diagnosis of important heavy duty electrical equipment for its working performance and longevity. Electrical equipment is not limited to transformers, rectifiers, circuit breaking, electrical cables, transmission lines and batteries. They are comprehensively tested in order to ensure efficiency and safe working. Improvements in Transmission & Distribution network and growing electrification of railway lines are some of the main factors inducing the growth of the electrical testing services market in India.
The market is anticipated to ascend at a sound CAGR of 4.4% in terms of revenue over the forecast period of 2016 to 2026 chiefly influenced by the growth of end users.
The proper functioning of electrical equipment is critical in ensuring smooth and safe delivery of electrical power wherever required. Hence, electrical equipment installed in large undertakings such as power generation stations, railway network and manufacturing units have to be tested periodically in order to avert life threatening mishaps and interruptions in day to day operations.
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From the perspective of community, India is the second most populated country in the world with an estimated population of 1.33 billion in 2016 with over 50% of the population concentrated in villages. Currently, proper distribution of electricity to each household in the country is done at a rapid pace with an estimation that 85% of the villages have already been electrified,
The railway department of India is moving towards complete conversion of electrical lines ensuring electricity as the main source of power to run the trains. At present, over 40% of the total railway lines of the country have been electrified and it is likely to be completely electrified in the coming years paving a way for the electrical testing services market to improve in terms of revenue generation.
India electrical testing services market is segmented into two segments namely, by service type and by end user.
The service type segment of the market comprises of transformer testing, circuit breaker testing, protection testing and battery testing. The transformer testing segment dominates the Indian market with a market share of 40.6% closely followed by circuit breaker testing, which holds a market share of 30.2% in India Electrical Testing Services Market. In contrast, protection testing in the service type segment is likely to grow the fastest in the market with a CAGR of 5.1% owing to higher preference of the end users to frequently test the protective relays.
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On the basis of end user, the market has been segmented into power generation stations, transmission & distribution stations, steel plants, major refineries and railways. Each segment is sub-segmented into Public Service Undertakings (PSUs) and private sector except for the railways segment. By a large margin, transmission & distribution segment holds a market share of 41.5% overshadowing the second highest market share holder, railways, by over 8%. Railways segment holds a market share of 31.3% in terms of revenue in the India Electrical Testing Services Market.
Electrical Testing Service providers in India are highly fragmented with many players available to provide testing of electrical equipment. A few major dedicated testing service providers identified in the market include Inel Power System Engineers Pvt. Ltd., Technomark Engineers India Pvt. Ltd., Voltech Group, Inser Hitech Engineers Pvt. Ltd., Powertest Asia Pvt. Ltd., Rulka Electricals Pvt. Ltd., Ultra Electric Company India Pvt. Ltd. and JBS Enterprises Pvt. Ltd., among others.
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