Electrical Testing Growth in North America
According to the global Automotive Test Equipment Market, the electrical testing market in North America is expected to steadily increase by a compound annual growth rate (CAGR) of 5.9% between 2021 and 2031. This growth rate comes even after electrical testing services decreased significantly in 2020 due to the COVID-19 pandemic, and is actually significantly higher than the rate between 2016 and 2020 (0.9% CAGR).
Numerous factors influence the increase of demand within the North American electrical testing world, some of which include:
Particularly in the automotive industry, which is ever-growing in the United States, the consumer-led focus on personal safety has led to higher demands for electrical testing solutions. Vehicles and other modes of transportation are evolving to incorporate self-driving components, anti-crash technology, etc. The result is that there now exists more electrical modules that must be thoroughly tested and approved before they can be functional for customers.
Due to urban development across North America, it is estimated that as power generation and transmission industries face increases in demand, so will the electrical testing industry. As urbanization and population expansion contribute to a higher demand for residential power systems, electrical testing suppliers will simultaneously be expected to provide testing solutions to ensure that generators and other pieces of technology are properly functioning to provide energy and power to residential homes.
Public transport is a global ideal that many countries have embraced more quickly than North America, but countries such as the U.S. are steadily relying more heavily on public transportation, particularly in larger cities. Buses, trains, and subways all require electrical testing to maintain their functionality, thus providing a growing market for suppliers. Because public transportation is often more heavily used than individual vehicles, there is a higher risk associated with leakage, short-circuiting, faulty wires, etc. Thus, electrical testing solutions are required to be efficient and completely reliable.
Electrical testing is an industry that, while impacted by global events such as the COVID-19 pandemic, is continuously growing and evolving as technology advances worldwide. The anticipated growth rate in North America based on automotive, urban, and transportative advances shows that electrical testing is an ever-present need. Having access to an experienced and customizable electrical testing supplier such as Test Products, Inc. is a clear asset as the electrical testing market demand increases over the next ten years.