According to a new research study by Persistence Market Research (PMR), the electrical compliance and certification market is likely to witness a US$ 2 Bn incremental opportunity during 2019 and 2029. Growing focus on certification by commercial end-users is likely to create significant opportunities for vendors during the forecast period, according to the study.
Advancements in quality control and equipment testing technologies have helped radically revolutionize several industry verticals in developing as well as developed economies. Several electrical compliance and certification service providers are making heavy investments in order to fulfill the growing demand for innovative and efficient electrical compliance and certification solutions in East Asia, South Asia, and Middle East & Africa.
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Persistence Market Research has segmented the global electrical compliance and certification market by certificate type, certificate scheme, industry, end-user, and region. Among all the industries procuring electrical compliance and certification services, the construction and engineering industry is projected to offer an opportunity worth nearly US$ 400 Mn in the global electrical compliance and certification marketplace. The construction and engineering industry is estimated to remain the most lucrative industrial segment during the forecast period in the global electrical compliance and certification market.
The commercial end user segment is estimated to offer the most attractive opportunity during the forecast period. High demand for public and employee safety is expected to enable the commercial end user segment to contribute the highest to the revenue growth in the global electrical compliance and certification market by the end of the forecast period. Residential end-users of electrical compliance and certification services are estimated to register the second highest CAGR during the forecast period owing to stringent standards legislated by local and national governments.
Globally, compliant management system certification scheme is estimated to be in high demand during the forecast period. However, among all the certification schemes, occupational health and safety management certification scheme is estimated to record the highest market share throughout the forecast period owing to the high demand for accurate electrical compliance and certification in commercial and industrial sectors.
Electrical installation certificate type is estimated to continue holding the largest market share of the global electrical compliance and certification market throughout the forecast period. However, among all the certificate types, electrical installation condition report type is estimated to record the highest CAGR in the global electrical compliance and certification market.
The electrical compliance and certification market in Southeast Asia is projected to offer the highest incremental opportunity during the forecast period, followed by the Eastern European electrical compliance and certification market. The electrical compliance and certification market in Latin America is projected to record the highest CAGR during the forecast period.
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Global spending on laboratory testing, compliance and R&D is rising every year due to the ever-rising demand for public and labor safety in residential, commercial and industrial sectors. The global electrical compliance and certification market is experiencing a steady growth with the continuous upgrades made to existing electrical standards and regulations by local and national governments.
Some key players in the global electrical compliance and certification market study include Eurofins Scientific; MET Laboratories, Inc.; Bureau Veritas Group; TÜV SÜD; Element Materials Technology; SGS SA; SIS Certifications Pvt. Ltd.; Intertek Group plc; The British Standards Institution; SAI Global Pty Limited; and The Techno Group, among others.
