Persistence Market Research (PMR) recently publishes a market intelligence study that assesses the growth of the electrical compliance and certification market to estimate its growth parameters between 2019 and 2029. The study has found that the market reached the US$ 1 billion mark in 2014 and increased at a healthy to rate to surpass a valuation of US$ 1.4 billion by 2018. The positive growth of the market was mainly triggered by the ongoing manufacturing activities in the electrical industry and amendment in regulations and standards associated with electrical compliance certifications, finds the PMR study.
In the past decade, the rules and regulations about the electrical compliance and certification process have evolved significantly across various countries, which is expected to contribute to the future growth parameters of the market. The PMR study estimates that the demand for electrical compliance and certification offerings will increase at a rapid pace, resulting in the incremental opportunity of nearly US$ 2 billion for market players between 2019 and 2029. The potential growth prospects of the market are mainly attributed to the recent advancements in technologies for equipment testing and quality control.
The PMR study also finds that the adoption of electrical compliance and certification services remained significantly high in North American countries. In 2018, North America accounted for nearly half the revenue share of the global market for electrical compliance and certification services, and the region is likely to continue to remain the top revenue grosser in the coming years, projects the PMR study.
It also finds that the increasing growth of various industrial areas in developing countries, especially in East Asia and South Asia, is expected to attract the attention of investors. In the coming years, new growth opportunities for will be created for market players in the developing economies in Asia Pacific, triggering a change in the market dynamics of the electrical compliance and certification landscape, opines the study.
Commercial Sector to Trigger High Demand for Electrical Installation Certification Services
The PMR study finds that the demand for certification services remained more among the end users from the commercial sector than the residential and industrial sectors. Growing awareness about the employee and public safety standards is expected to trigger the adoption of electrical compliance and certification services across the commercial sector in the coming years, according to the study.
Leading players in the market are mainly focusing on offering electrical installation certification for the commercial sector, as the demand is significantly higher than other certification offerings such as electrical installation condition reports minor and electrical works installation certificates, mainly due to their low costs.
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Providing foolproof, accurate reports on electrical installation condition at affordable rates to end users from the commercial sectors is emerging as a popular strategy for market players, opines the PMR study. With the increasing competition, due to the mounting number of small players sprouting up in the market, leading players will have to adopt strategies to offer end-to-end services to their clients to maintain a competitive edge in the coming years.