by Electrical testing services include safety testing and certification of electrical installations, appliances, circuits, components, and systems to detect defects and ensure compliance with standards. These services play a crucial role in risk mitigation through avoiding accidents stemming from electrical faults. Implementing mandatory testing and certification norms across states has augmented market growth.
The India electrical testing services Market is estimated to be valued at US$ 392.72 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the India electrical testing services are Audio Network Limited, Envato Elements Pty Ltd., Epidemic Sound, Pond5 Inc., Shutterstock, Inc., SoundCloud Ltd., Inmagine Lab Pte Ltd, The Music Bed LLC, Music Vine Limited, Storyblocks.com, Soundsnap, Soundstripe Inc., Bensound, Jamendo, and ProductionHUB, Inc. Growing investments in infrastructure development, renewable energy plants, and industrial units have fueled demand for electrical testing services. In addition, stringent regulatory standards have pushed end-use industries towards implementing comprehensive electrical testing and certification programs.
India is emerging as a global outsourcing hub for cost-effective electrical testing services. Leading firms are expanding their presence across small and mid-sized Indian cities. The availability of a skilled workforce and presence of specialized testing labs are enabling companies to meet the growing offshore demand from global clients. Favorable government policies promoting Make in India and boosting foreign investments have accelerated global expansion in the India market.
Market key trends
The increasing deployment of smart grid technologies and rising complexities of electrical systems have prompted utilities to leverage advanced test equipment and expert service capabilities from electrical testing companies. Digital technologies like AI, IoT, and cloud computing are helping firms automate routine tests, carry out predictive maintenance, and ensure safer and more reliable operations. This emerging trend of digitization and smartization presents significant opportunities for testing service providers to expand their portfolios and enhance value propositions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderately high in the India Electrical Testing Services Market Size due to the availability of raw materials and skills required. However, established brands have significant brand image and customer loyalty.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of several established electrical testing service providers in the market. Buyers can negotiate on price and demand additional or customized services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since switching costs are relatively low for suppliers and there are several supplier options available for raw materials and components required.
Threat of new substitutes: The threat of new substitutes is low as electrical testing is mandatory and no close substitute currently exists.
Competitive rivalry: Competition is intense as providers focus on pricing, service portfolio, certifications, and innovation to gain market share.
Geographical Regions
In terms of value, the western region of India accounts for the largest share in the India electrical testing services market. The presence of major industries, manufacturing plants, and projects increases the demand for electrical testing in states like Gujarat and Maharashtra.
The southern region of India is expected to grow the fastest during the forecast period in the India electrical testing services market. This is attributed to rising industrialization, continuous infrastructural development, and increasing investments in the IT & ITES sectors in states like Karnataka, Telangana, and Andhra Pradesh. Rapid urbanization and electricity demand from households are further driving the market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
