May 21, 2024

India Electrical Testing Services Market To Witness Substantial Growth Due To Rising Digitalization In The Electrical Industry

The India electrical testing services market provides verification of electrical equipment and industrial machinery as per Indian and international regulatory standards. Electrical testing services include inspection, testing, and certification of electrical infrastructure and systems to ensure safety and compliance. Equipment such as air circuit breakers, transformers, switchgear, motors, cables, and other electrical appliances are routinely tested. The market comprises testing of electrical products at manufacturing facilities as well as periodical inspection and maintenance of existing electrical infrastructure.

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.

Key opportunities in the market include the growing focus on upgrading aging infrastructure, ensuring workplace safety through periodic inspections, and implementing digital solutions for remote testing. New technologies such as thermal imaging, corona detection, partial discharge monitoring, and portable testing devices are enabling faster and more accurate electrical equipment inspections.

Market drivers
The key drivers for the India Electrical Testing Services Market Demand include rising investments in infrastructure development and industrialization. The government’s initiatives to modernize distribution infrastructure and focus on renewable energy integration are augmenting demand. Furthermore, implementation of stringent safety regulations and quality standards by regulatory bodies has made electrical testing and certification mandatory for equipment manufacturers and utility providers. This is expected to propel market growth over the forecast period.

Current challenges in the India Electrical Testing Services Market
The India Electrical Testing services market is currently facing challenges associated with the overall slowdown in the Indian economy. Lower private capex due to weak demand has resulted in deferment of projects in key end-use industries like oil & gas, metals and mining, and power transmission & distribution. The market players are also facing price wars due to oversupply situation. Attracting and retaining skilled workforce required for specialized testing is also a major issue in the current market environment.

SWOT Analysis
Strength: Strong in-house R&D capabilities allow market players to develop customized testing solutions as per industry and project requirements. Presence of modern labs with latest equipment enhances service quality.
Weakness: High dependence on few key industries makes the market vulnerable to their capex cycles. Lack of skilled manpower in rural/tier-2/3 areas poses operational challenges.
Opportunity: Growth in renewable energy sector and smart grid infrastructure offers potential for specialized testing service providers. Increasing focus on safety and quality will drive demand for mandatory periodic testing.
Threats: Stiff competition from local unorganized players puts pricing pressure. Delayed clearances and policy uncertainties impact project timelines.

Geographical regions – India
In terms of value, the western region accounts for the largest share of over 30% of the overall India electrical testing services market. This is due to the presence of major industries like petrochemicals, automotives, pharmaceuticals in states like Gujarat. The southern region, led by rapid infrastructure growth in Tamil Nadu and Karnataka, is another major market, accounting for close to 25% share.

Fastest growing region – East and North-East India
The eastern and north-eastern regions of India are expected to witness the fastest growth in the electrical testing services market over the forecast period. This is attributed to governments focus on development of rural infrastructure and expansion of transmission & distribution networks to provide electricity access in remote areas through various schemes.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it