Electrical Compliance And Certification Market
Global Market Study on Electrical Compliance and Certification: ‘Greenlighting New Opportunities’
Electrical Compliance and Certification Market Segmented By Electrical Safety Testing and Certification, Electrical Accessories Testing and Certification, Electrical Safety Testing
Manufacturers offering electrical products come across umpteen challenges when it comes to making their products ‘market-ready’. Effective identification and confirmation to reliability standards in a dynamic regulatory environment, optimizing product development, and monitoring quality throughout the supply chain remain some of the longstanding obstacles affecting their operational processes.
Electric device manufacturers are increasingly investing in electrical compliance and certification services to attest their product integrity, which also helps them to efficiently and effectively enter their target markets.
Adoption of electrical compliance and certification services stems from electrical companies’ pursuit of catering to the increasing demand for compliant & certified electrical appliances. According to studies, multiple fatal accidents attributable to the use of non-compliant electrical devices have been reported over the years, which, in turn, created an alarming need for ensuring product safety and compliance before usage.
Taking into consideration the slew of opportunities emerging in this market, Persistence Market Research (PMR) decided to offer a comprehensive analysis of the key factors at play in this landscape. In its recent business intelligence, PMR has explicated that how growing preferences for reliable electrical devices will shape the electrical compliance and certification market, and thereby, fuel growth aspects of the market.
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- 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
- The Techno Group
Electrical Compliance and Certification Market- Mapping the Evolution
Some of the early initiatives, such as Electricity Safety Act 1998 and Electricity Safety (Installations) Regulations 2009, wherein the issue of ‘Certificate of Electrical Safety (COES)’ was mandated for all electrical installation work, laid a firm foundation for successful penetration of electrical compliance and certification services.
With evolving nature of manufacturing processes in the electrical space, the electrical compliance and certification requirements will continue to see-saw in the coming years. With rapid adoption of electrical compliance and certification services, electrical brands are gaining the advantage of reduced ‘time-to-market’.
The electrical compliance and certification market reached a value of approximately US$ 1,038.0 Mn in 2014, and is likely to reach approximately US$ 1,442.5 Mn in 2018. Different types of electrical compliance and certification, such as Electrical Installation Certificate, Minor Electrical Works Installation Certificate, and Electrical Installation Condition Report have come a long way in the last decade, as a consequence of drastic changes in the electrical devices’ manufacturing paradigms.
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Empowering End Users with Global Market Access- Focal Point of Market Players
Global market access refers to a concept of identifying and penetrating target markets for successful sales performance. Non-harmonized patterns of regulatory standards across various regions is a longstanding challenge for manufacturers in terms of business expansion, which implies that one electrical device may have multiple sets of regulatory considerations based on the intended market of sale.
The standards in Asian markets may considerably differ from the standards followed in Europe or North America and vice versa, posing challenges for device manufacturers to expand their footprint.
Sensing the aforementioned, service providers active in the electrical compliance and certification market are offering testing schemes to help device manufacturers meet the standards of their intended country of sale. This, in turn, is helping the market players to establish rewarding relationships with their clientele for long-term benefits.
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Seminars on Electrical Compliance and Certification Compliment Growth
Various seminars stressing on the need for electrical compliance and certification is one of the key trends pushing the market growth. These seminars are playing a key role in outlining importance of electrical compliance and certification for the device manufacturers to effectively align with the ever-changing domestic and global regulations for electric appliances, which, in turn, is propelling the adoption of electrical compliance and certification services.
These seminars feature special sessions wherein electrical brands are educated on the power of compliance and certification. This trend, in turn, is introducing new revenue-making opportunities for the service providers active in the electrical compliance and certification market during the forecast period.
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Winning Imperatives of the Market Goliaths
Key players operating in the electrical compliance and certification market are focusing on offering end-to-end assistance, which will help their clients to not only get rid of multiple testing sessions but also devise effective ‘go-to-market’ strategies.
Small and medium sized players active in the electrical compliance and certification market are offering accurate reports on electrical installation condition to property owners and leasers, which are relatively affordable as compared to minor electrical works installation certificates and electrical installation certificates. Key players in the electrical compliance and certification market are centering on providing certifications in the shortest possible time, so that their clients get the maximum benefits without comprising on ‘time-to-market.’
Mergers and acquisitions continue to two of the key pillars of the market players’ growth strategies during the forecast period. For instance, in 2019, The CPT (Consumer Products Testing) division of Eurofins Scientific made an official announcement of Certification Management Limited (CML). CML joined the Eurofins’ fast-growing Electrical and Electronics (E&E) business line, offering prompt compliance solutions to electrical industries across the globe.
Electrical Compliance and Certification Market: The Market Structure
The global electrical compliance and certification can be characterized as a moderately-fragmented landscape, with the emerging players holding over 40% of the overall market share. While the leading players command for approximately 25% of the revenue share, the mid-sized players account for nearly 35% of the overall market share.
The market partakers are shifting their focus toward establishment of new testing and certification laboratories across fast-growing economies of Asia Pacific, Eastern Europe, and Latin America, to capture the untapped opportunities brimming in these regions.
Market players operating in the electrical compliance and certification market staff are vying to develop service agility, which would be highly instrumental in keeping them at the forefront of changes in testing methods and safety requirements. Customized and special services remain a key strategic move of the market players, wherein they offer specialized services to effectively meet the quality assurance needs of their clientele.
Fast growing demand for electrical devices are setting higher expectations in terms of quality and reliability check of these devices. For launching multiple products into the market while meeting the safety & compliance requirements, brands manufacturing electrical devices and equipment will continue to heavily rely on electrical compliance and certification services for seamless penetration.
Meanwhile, key players in the electrical compliance and certification landscape will have to raise their bar and ensure quality services to boost long-term customer retention.
Electrical Compliance and Certification: Fulfilling Obligations as per Local Regulations
With public and labor safety seizing priority over other factors, the residential, commercial and industrial end users are focusing on procuring accurate electrical compliance and certification services for their property and electrical equipment.
In order to meet such requirements, electrical compliance and certification providers are offering various certification schemes, such as quality management system certification, environmental management system certification, occupational health and safety management certification, information security management system certification, and compliant management system certification.
Apart from the demand-side revenue generation, large electrical compliance and certification providers are strategically acquiring or merging with other large sized vendors and SMEs, in order to eradicate future competition and expand their presence in the global marketplace. According to the PMR analysis, the global electrical compliance and certification market was valued at approximately US$ 1.3 Bn in 2018, and the market is likely to see a steady upswing through 2029.
Key Trends in the Electrical Compliance and Certification Market
The regulations governing the actions of property owners and electricians vary according to the standards set by different national and state governments. Registered electricians or contractors are required to work closely with the local electrical regulatory agency. Many educational institutions offer electrician courses that focus on regulatory standards set by various national governments, along with the technical aspects of the field.
Thus, such courses also raise awareness among the professionals and the layman population about various regulations and safety related benefits of electrical compliance and certification, in turn, fueling the demand on a global scale. This factor plays a major part in driving the growth of the global electrical compliance and certification market.
The conventional quality and compliance management systems lack the ability to grow with the continuous fluctuations in manufacturing and business requirements. As compared to such conventional systems, modern quality and compliance management systems are scalable, flexible and agile.
Though the initial procurement expenditure is high, the equipment is worth the investments as it offers a sturdy framework which eliminates the requirement of starting from scratch as the business expands or as the quality control procedure evolves over time. With the help of such systems, one can not only capture and accumulate data while on the move in real-time, but can also give access to subsequent reports_bk_01_01_2020 or data to others in the organization. Thus, using such systems, a user can track the electrical certification in real time, drives the demand for electrical compliance and certification across the globe.
Standardization offers necessary benefits to businesses and property owners that includes a strong foundation for them to build or procure new technologies. This foundation offered by standardization of technologies also offers an opportunity to enhance and share existing technical practices. Standardization and certification play a pivotal role in helping governments, regulators, administrators and legal departments as policy, regulation and legislative initiatives are supported by standardization of technologies.
Thus, the initiatives taken by national governments to standardize technologies drive the global quality and compliance management market, which in turn generates high demand for efficient electrical compliance and certification on a global scale.
Electrical Compliance and Certification Market- About the Report
PMR conducted a detailed research study on the electrical compliance and certification market for the forecast period of 2019 to 2029. The research report offers an extensive evaluation of various revenue-making opportunities prevailing in the electrical compliance and certification market, along with key trends shaping the market growth.
Along with compelling insights into the electrical compliance and certification market, the research report also gives a sneak peak into the market dynamics that include drivers, trends, restraints, and opportunities in the global market place. Moreover, the research study on electrical compliance and certification market also elaborates the micro- and macro-economic trends having influence on the global market growth.
Electrical Compliance and Certification Market: Segmentation
The research report on the electrical compliance and certification market offers an in-depth taxonomy of the global market for electrical compliance and certification based on certificate type, certification scheme, industry, end use, and region.
By certificate type, the electrical compliance and certification market is segmented into Electrical Installation Certificate, Minor Electrical Works Installation Certificate, and Electrical Installation Condition Report. By certification scheme, the electrical compliance and certification market has been segmented into Quality Management System Certification, Environmental Management System Certification, Occupational Health and Safety Management Certification, Information Security Management System Certification, and Compliant Management System Certification.
By industry, the electrical compliance and certification market has been segmented into Automotive and Transportation, Energy and Utilities, Manufacturing, Construction and Engineering, Aerospace and Defense, Healthcare and Medical Devices, Telecommunications, Chemicals and Materials, and others. By end use, the electrical compliance and certification market has been segmented into residential, commercial, and industrial.
By region, the electrical compliance and certification market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Southeast Asia, China, Japan, and Middle East & Africa.
Electrical Compliance and Certification Market: Additional Questions Answered
Some of the key questions answered in the electrical compliance and certification market include-
- What are the lucrative regions for the key players of electrical compliance and certification market?
- Who are the key players competing in the electrical compliance and certification market?
- What are some of the key challenges to be addressed by the key players of electrical compliance and certification market?
- What are the prominent trends shaping growth of electrical compliance and certification market?
Electrical Compliance and Certification Market- Taxonomy
The electrical compliance and certification market report talks about in-depth market segmentation and taxonomy wherein key segments of the market have been analyzed in detail. The segmentation of the electrical compliance and certification market has been done on the basis of certificate type, certification scheme, industry, and end-use.
What are the Key Questions Addressed by PMR’s Report on Electrical Compliance and Certification Market?
The report on electrical compliance and certification market answers some of the most important questions associated with the global market growth. The report offers details regarding the factors that are instrumental in shaping growth, along with macro- and micro-economic factors influencing growth of the market.
- What are differential strategies of the market leaders of electrical compliance and certification market?
- Which is the prominent region in the electrical compliance and certification market for key players to invest in?
- Which are the key product developments offering opportunities for electrical compliance and certification market players?
- What will be the Y-O-Y growth of electrical compliance and certification market during the forecast period?
- Which the certification schemes offered by electrical compliance and certification market players that are highly sought-after?
- Which certificate type is likely to gain maximum traction in the electrical compliance and certification market through 2029?
- How does the structure of electrical compliance and certification market look like?