Electrical Compliance and Certification Market by Certificate Type (Electrical Installation Certificate, Minor Electrical Works Installation Certificate and Electrical Installation Condition Report)
Industry: IT and Telecommunication
Published Date: February-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 310
Report ID: PMRREP29644
The global market for Electrical Compliance and Certification was estimated to have held a market value of US$ 4,300.2 Million in 2022; this market is further estimated to grow to US$ 5,276.3 Million by the end of 2033. With a CAGR of 24.3%, the market is believed to expand to US$ 46,581.4 Million by the year 2033.
Electrical compliance and certification refer to the process of ensuring that electrical products and systems meet specific safety, performance, and electromagnetic compatibility (EMC) standards. The goal of compliance and certification is to protect users, the public, and the environment from potential hazards associated with electrical products and systems.
The growing concern for safety and the increasing number of regulations and standards for electrical products have led to a higher demand for these services. The number of companies offering electrical compliance and certification services has been growing as well, but the demand still outpaces the supply.
This has resulted in longer wait times and higher costs for companies seeking these services. Additionally, the rise of new technologies and the increasing complexity of electrical products have created a need for specialized electrical compliance and certification services, which can further intensify the demand-supply gap. Overall, the electrical compliance and certification market is expected to continue growing in the coming years, creating opportunities for companies offering these services.
Electrical compliance and certification market accounts for 20% share of the electronic testing market.
According to the regional market of electrical compliance and certification, North American region holds 26.7% market share in the globally in 2023. Also the demand in Europe for electrical compliance and certification is expected to hold a market share of 21.9% in 2023.
|
Electrical Compliance and Certification Market Size (2023) |
US$ 5,276.3 Million |
|
Projected Market Value (2033) |
US$ 46,581.4 Million |
|
Global Market Growth Rate (2023 to 2033) |
24.3% |
|
Electrical Installation Condition report Segment Market Share (2022) |
29.7% |
|
Japan Market Growth Rate (2023 to 2033) |
25.1% |
|
Automotive and Transportation Segment Market Share (2022) |
18.1% |
“Increasing Awareness of Safety and Compliance Among Consumers and Businesses”
Consumers and businesses are placing greater emphasis on products that have been tested and certified for compliance with relevant standards. This trend is driven by a number of factors, including increased regulations and consumer awareness, as well as a greater recognition of the role that compliance plays in reducing liability for businesses.
Also, the globalization of trade and commerce has made it increasingly important for businesses to be able to demonstrate that their products are compliant with a wide range of regulations and standards. As a result, the demand for certified products and services has increased, and the market for electrical compliance and certification testing and certification has grown rapidly. This has spurred innovation in the area of electrical safety and compliance testing and certification, as companies seek to provide the highest level of safety and compliance for their products and customers.
“Stringent Government Regulations for Electrical Safety & Compliance”
The concerns over public safety and the potential hazards associated with electrical products and systems. These regulations are designed to ensure that electrical products and systems meet specific standards for safety, performance, and electromagnetic compatibility (EMC). The regulations can vary from country to country, but the trend has been towards more stringent requirements in many jurisdictions.
Companies that manufacture and sell electrical products must comply with these regulations, and products must be tested and certified by a third-party accredited organization before they can be sold. The increased focus on electrical safety and compliance has driven innovation in the area of testing and certification, and has led to greater awareness among consumers and businesses about the importance of compliance and certification for ensuring the safety and reliability of electrical products and systems.
These factors are providing lucrative opportunity for the adoption of electrical compliance and certification systems in the US region contributing to its significant share of 18.1% in 2022.
“Adoption of technologies in testing methods”
New testing technologies, such as advanced simulation software, specialized testing equipment, and automated testing systems, have allowed electrical compliance and certification companies to more accurately and quickly test and certify electrical products and services. This has led to increased efficiency and speed in the certification process, as well as improved accuracy and reliability in the results.
Also the new testing methods, such as risk-based testing and performance-based testing, have been developed to better reflect the real-world use of electrical products and services. This has allowed electrical compliance and certification companies to more accurately assess the safety and performance of these products and services, ensuring that they meet the necessary standards and regulations.
Overall, the development of new testing technologies and methods in electrical compliance and certification has had a significant impact on the industry, helping to improve the accuracy, efficiency, and reliability of the testing and certification process.
Therefore, these are factors are contributing the growth of the electrical compliance and certification market at a CAGR of 25.1% over the forecast period in Japan.
“Rising demand for electrical products and services”
This is due to several factors, including growing concerns about safety and security, increased regulations and standards, and a growing global economy that is driving demand for electrical products and services in many different markets. Many companies are now investing in electrical compliance and certification services, which can help to ensure that their products and services meet the necessary standards and regulations, and can be sold and used safely and effectively.
This increased demand for electrical compliance and certification services is expected to continue in the coming years, as electrical safety becomes increasingly important and as regulations continue to evolve and tighten.
Why Electrical Installation Condition Report Segment Hold the Major Market Share in The Electrical Compliance and Certification Market?
The purpose of an electrical installation condition report is to ensure that an electrical installation is safe to use and to identify any areas that may need improvement or repair. The report will also provide recommendations for any necessary remedial work to bring the installation up to current safety standards.
Electrical compliance and certification refers to the process of ensuring that an electrical installation complies with relevant electrical safety regulations and standards, and that the installation has been certified as safe to use by a qualified electrician. This may involve regular inspections, testing, and certification of the electrical installation, to ensure that it continues to meet safety requirements over time.
Also electrical installation report is a document that provides an assessment of the condition of an electrical installation, while electrical compliance and certification ensures that the installation meets safety standards and has been certified as safe to use.
These factors are influencing the major share of 29.7% above electrical installation condition report segment in the electrical compliance and certification market.
Why the Electrical Compliance and Certification for Automotive & Transportation Segment Have the Significant Share In 2023?
The demand for electrical compliance and certification in the automotive and transportation industry is increasing due to the growing importance of electrical safety in vehicles, equipment, and systems. The increasing complexity of electrical systems in vehicles and equipment, as well as the growing use of electrification and automation, is driving the demand for electrical compliance and certification services.
Thus, market share of residential application segment in the electrical compliance and certification market is analysed to be 18.1% in 2022.
The electrical compliance and certification has high competition, the players are focused on product innovation, cost-effectiveness, and efficient customer support to gain a competitive advantage. Mergers, acquisitions, and collaborations are some of the strategies being adopted by players to expand their market presence.
Recent developments related to key players providing electrical compliance and certification market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
|
Attribute |
Details |
|
Forecast Period |
2023 to 2033 |
|
Historical Data Available for |
2018 to 2022 |
|
Market Analysis |
US$ Million for Value |
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Pricing |
Available upon Request |
By Certificate Type:
By Certification Scheme:
By Industry:
By End Use:
By Region:
To know more about delivery timeline for this report Contact Sales
In 2023, the market value of electrical compliance and certification was US$ 5,276.3 Mn.
The global electrical compliance and certification market is estimated to advance at a 24.3% CAGR through 2033.
The market for electrical compliance and certification is forecasted to climb to US$ 46,581.4 Mn by 2033 end.
Demand for electrical compliance and certification market in Japan is projected to rise at a CAGR of 25.1% over the forecast period.
In 2022, the North America electrical compliance and certification market held a dominant market share of 26.7%.
