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Electrical Contractors And Other Wiring Installation Contractors Market Size, Major Players, Share, Industry Trends And Forecast To 2033
Electrical Contractors And Other Wiring Installation Contractors Market Analysis
The Business Research Company presents an extensive market research report on the Electrical Contractors And Other Wiring Installation Contractors Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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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Key Market 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
Market Drivers:
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.
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https://www.thebusinessresearchcompany.com/report/electrical-contractors-and-other-wiring-installation-contractors-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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