Electrical Services Market Size By Service Between 2021 and 2027: U.S. electrical services market size was valued at over USD 100 billion in 2020 and is set to register over 6% CAGR between 2021 and 2027. Electrical services are provided by contractors and manufacturers which includes construction, installation, operation & maintenance of high, medium, and low voltage T&D infrastructure and electrical equipment. The ongoing expansion of smart grid networks coupled with modernization & up-gradation of current grid networks will augment the industry scenario.
Ongoing construction activities across the commercial, industrial, and utility sectors will drive the market trends
Electrical construction across the U.S. electrical services market is estimated to exceed USD 120 billion by 2027. Rising capital investments across the industrial and utility sectors along with growing demand for new T&D towers and cable construction will drive the industry scenario. For instance, the construction industry added over USD 900 billion to the U.S. economy in the first quarter of 2020, which further opens the market for electrical services providers across the region. The growing integration of renewable-powered sources across the grid will further sway the demand for advanced and upgraded electrical equipment.
|Market Size in 2020:||108.5 Billion (USD)|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||7%|
|2027 Value Projection:||177.8 Billion (USD)|
|Historical Data for:||2017 to 2020|
|No. of Pages:||150|
|Tables, Charts & Figures:||48|
|Segments covered:||Service Type, Application|
|Pitfalls & Challenges:||
The maintenance & repair across the U.S. electrical services industry in the current regime has gained significance on account of the growing measures associated with electrical supply faults, fire, health, and other operational hazards. Electrical transmission & distribution network experiences stress owing to increasing electricity demand, variable generation sources, and wear & tear of conventional networks. Lack of effective electrical infrastructure along with a growing inclination toward the enhancement of existing networks has instituted a favorable business scenario.
Government efforts toward deregulation and liberalization of the energy sector will increase the deployment of advanced electrical solutions across the grid network
The commercial sector across the U.S. electrical services market is estimated to grow at a rate of over 7% through 2027. Rising renewable integration which includes deployment of solar panels, inverters, and solar streetlights across the government buildings, offices & healthcare centers will strengthen the business scenario. In recent years, the country observed an increase in power generation share from distributed energy sources which further influences the industry growth. Government efforts toward deregulation and liberalization of the energy sector enhance the adoption of new, low price and efficient technologies across the existing establishments will augment the demand for electrical services across the market.
Upgradation of poles, wires, substations, and transformers with advanced materials and technologies to withstand extreme weather conditions, and to improve frequency & voltage control during system emergencies will drive the industry landscape. Moreover, fundamental shifts in the fuel sources, as well as the structure of electricity generation driven by changing policies, technology & industry dynamics, are placing abrupt demands and pressures to upgrade the conventional T&D infrastructure. Furthermore, increasing construction spending by authorities across various states has positively influenced the utility-based U.S. electrical services market forecasts.
Government focus toward reconstruction of transmission and distribution lines across the existing infrastructure will positively sway the business trends
Government efforts to reconstruct the current transmission lines & towers along with inclined incentives to deploy energy-efficient solutions will fuel the business outlook. The industrial and commercial sector in recent years have been focusing on the deployment of advanced monitoring & control solutions across the new and conventional grid infrastructure will sway the industry potential. Major U.S. authorities are inclined to minimize carbon emissions across the electrical grid network which has further enhanced the requirement of grid modernization. Ongoing contractual agreements to cater to the rising electrical construction requirements followed by refurbishment and restructuring of traditional transmission networks will augment the U.S. electrical services market demand.
U.S. electrical services industry is estimated to surge owing to rising decentralization of grid coupled with an extension of micro-grid networks
The utilities across the country have been inclined toward grid modernization and smart grid deployments. The rising number of construction activities enhances the electrical load across the transmission and distribution structures which increases the demand for advanced power towers, lines, and electrical equipment. In the recent scenario, the electrical consumers have been focusing on renewable integration which impedes the demand for service solutions across the grid. An increasing number of contracts to build solar plants, wind farms, and energy reliable commercial & industrial establishments will sway the market trends.
Ongoing strategic partnerships and contractual agreements will improve the industry presence of the players
Despite the pandemic impact, the majority of renewable-powered projects were deployed as per the schedule and have not witnessed any delay. For instance, in September 2020, the New York state government introduced a guideline stating that operational & maintenance work with respect to existing power generation, and construction activities related to existing or developing grid or other critical infrastructure are considered under essential business activities which were allowed to operate without any hindrance.
Eminent players functioning across the U.S. electrical services market includes MYRGROUPINC, MMR Group, Quanta Services, Helix Electric, The Newtron Group, Redwood Electric Group, Facility Solution Group, Bergelectric, M.C. Dean, Cupertino Electric Inc., Power Design, Walker Engineering, HUNT Electric Corporation, Henkels and McCoy Group, IES Commercial and Industrial, EMCOR Group, MasTec, BrandSafway, Rosendin Electric, API Group, Artera Services, Primoris Services Corporation, Comfort Systems USA, MDU Construction Services Group and Centuri Group.
U.S. electrical services market research report includes in-depth coverage of the industry with estimates & forecasts in terms of ‘USD’ from 2017 to 2027, for the following segments:
By Service Type
- Electrical Construction
- Instrument & Technical Services
- Maintenance & Repair