Overview and Scope
Electrical contractors and other wiring installation contractors refers to licensed trained professionals responsible for the installation, repair, and maintenance of electrical wiring and equipment in buildings, such as homes, offices, factories, and other structures.
Sizing and Forecast
The electrical contractors and other wiring installation contractors market size has grown strongly in recent years. It will grow from $1176.43 billion in 2023 to $1256.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to construction and infrastructure development, regulatory compliance and safety standards, energy efficiency and sustainable practices, industrial and commercial demand, market competition and industry consolidation.
The electrical contractors and other wiring installation contractors market size is expected to see strong growth in the next few years. It will grow to $1673.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to renewable energy installations, electrification of transportation, focus on energy storage solutions, increased emphasis on cybersecurity, government policies and incentives. Major trends in the forecast period include adoption of advanced manufacturing technologies, digitalization and smart infrastructure, technological advancements in electrical systems, energy storage solutions, retrofitting and upgrading infrastructure.
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Segmentation & Regional Insights
The electrical contractors and other wiring installation contractors market covered in this report is segmented –
1) By Material: Metal, Optic Fiber, Plastic
2) By Installation: Submarine, Underground, Overhead
3) By Voltage: High Voltage, Medium Voltage, Low Voltage
4) By End User: Telecommunication, Energy and Power, Electronics, Construction, Automotive
Asia-Pacific was the fastest growing region in the electrical contractors and other wiring installation contractors market in 2023. The regions covered in the electrical contractors and other wiring installation contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in global electricity consumption is expected to propel the growth of the electrical contractor and other wiring installation contractor’s market. Global electricity consumption has been steadily rising over the past few decades due to a variety of factors, including population growth, urbanization, and industrialization. As more people move into cities and more industries are established, the demand for electricity increases to power homes, businesses, and factories. The rise in global electricity consumption is generating a need for a timely supply of electricity, leading to a rise in the need for an electrical contractor and other wiring installation to help in the installation, and maintenance of the electric systems. For instance, In March 2023, according to the International Energy Agency, the global electricity demand has risen to 23,750 thousand TWh in 2023 from 22,500 thousand TWh in 2021. Therefore, the rise in global electricity consumption is driving the growth of the electrical contractors and other wiring installation contractors’ market.
Key Industry Players
Major companies operating in the electrical contractors and other wiring installation contractors market report are Quanta Services Inc., MYR Group Inc., Mace Group, IES Holdings Inc., MDU Construction Services Group Inc., MMR Group Inc., Helix Electric Inc., Cupertino Electric Inc., Cache Valley Electric Co., Miller Electric Co., Tilbury Douglas Engineering Limited, TClarke plc, Wayne J. Griffin Electric Inc., Motor City Electric Co., MasTec Inc., E-J Electric Installation Co., Carter Synergy Limited, McPhee Electric & Telecommunications Inc., Gratte Brothers Limited, Hunt Electric Corp., Five Star Electric Corp., Clarkson Evans Limited, Haydon Mechanical & Electrical, LJJ Ltd., Gloster MEP Limited, Halsall Electrical Limited, Quartzelec Ltd., Cilantro Engineering UK Ltd., FES Limited, F.P.Hurley & Sons Limited
The electrical contractors and other wiring installation contractors market report table of contents includes:
1. Executive Summary
2. Electrical Contractors And Other Wiring Installation Contractors Market Characteristics
3. Electrical Contractors And Other Wiring Installation Contractors Market Trends And Strategies
4. Electrical Contractors And Other Wiring Installation Contractors Market - Macro Economic Scenario
5. Global Electrical Contractors And Other Wiring Installation Contractors Market Size and Growth
....
32. Global Electrical Contractors And Other Wiring Installation Contractors Market Competitive Benchmarking
33. Global Electrical Contractors And Other Wiring Installation Contractors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electrical Contractors And Other Wiring Installation Contractors Market
35. Electrical Contractors And Other Wiring Installation Contractors Market Future Outlook and Potential Analysis
36. Appendix
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