Electrical Compliance And Certification Market
An additional US$ 2 Bn in opportunity is anticipated in the electrical compliance and certification market by 2029, according to a recent research report by Persistence Market Research. The increased importance of certification among commercial end users would provide vendors with considerable economic prospects during the projection period, according to the poll.
Thanks to advancements in quality control and equipment testing technology, a wide range of industrial verticals in both established and developing countries have undergone a significant transition. A number of electrical compliance and certification service providers are making significant investments in their companies to address the growing need for innovative and successful electrical compliance and certification solutions across East Asia, South Asia, the Middle East, and 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.
Key Segments
Certificate Type
Electrical Installation Certificate
Minor Electrical Works Installation Certificate
Electrical Installation Condition Report
Certification Scheme
Quality Management System Certification
Environmental Management System Certification
Occupational Health and Safety Management Certification
Information Security Management System Certification
Compliant Management System Certification
Industry
Automotive and Transportation
Energy and Utilities
Manufacturing
Construction and Engineering
Aerospace and Defense
Healthcare and Medical Devices
Telecommunications
Chemicals and Materials
Other Industries
End-Use
Residential
Commercial
Industrial
Region
North America
Latin America
Westren Europe
Eastern Europe
South east Asia
China
Japan
Middle East & Africa
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