Press release
Electrical Contractors And Other Wiring Installation Contractors Global Market Report 2024 - By Report, Growth, Size, Share, Forecast To 2033
Electrical Contractors And Other Wiring Installation Contractors
The Business Research Company offers in-depth market insights through Electrical Contractors And Other Wiring Installation Contractors Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Surging Global Electricity Consumption Ignites Growth In Electrical Contractors And Other Wiring Installation Contractors Market
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.
Competitive Landscape:
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
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Top Trend - Innovative Devices To Meet The High-End Wiring Requirements
Major companies in the electrical contractors and other wiring installation contractors market is focused on developing advanced devices, such as wiring devices, to meet the high-end wiring requirements and gain a competitive edge in the market. Wiring devices refer to electrical components such as outlets, switches, and sockets used for connecting and controlling electrical circuits in buildings. For instance, in March 2023, Honeywell, a US-based engineering and technology company, launched the Blenze Pro, a premium range of wiring devices, catering to the high-end wiring needs of residential, commercial, and hospitality buildings. The range features front plates made of high-quality materials, offering a sophisticated look, silent-and-soft switch operation, perfect illumination, and fast charging solutions for mobile devices. Blenze Pro devices stand out for ease of installation, requiring no additional wiring, and antibacterial white-color SKUs, ensuring hygiene standards.
The Table Of Content For The Market Report Include:
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. Electrical Contractors And Other Wiring Installation Contractors Market Size And Growth
…..
27. Electrical Contractors And Other Wiring Installation Contractors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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