Press release
Electrical Contractors And Other Wiring Installation Contractors Market Report, Size, Growth Drivers, Key Players And Forest 2033
Electrical Contractors And Other Wiring Installation Contractors Market
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.
Market Overview -
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.
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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
Technological Advancements In The Electrical Contractors Market
Major companies in the electrical contractors and other wiring installation contractors market is focused on developing versatile solutions, such as cable tracer, for electrical contractors and gaining a competitive edge in the market. A cable tracer is a device used to identify, locate, and trace the routes of conductors in electrical wiring, aiding in tasks such as fault finding and circuit mapping. For instance, in October 2023, Megger Group, a UK-based manufacturing company, launched the MCT105 cable tracer, a versatile device designed for electrical contractors to efficiently trace conductors, locate cable breaks, identify short circuits, determine protective devices, and find buried metallic pipework on both live and dead circuits. Consisting of a transmitter and receiver, the MCT105 utilizes coded signals for accurate tracing, with multiple routes traceable simultaneously using different codes. The handheld units feature liquid crystal displays, providing essential information such as warnings, voltage indications, code numbers, and signal strength, facilitating quick, reliable, and convenient cable investigations in situations where detailed records are lacking.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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