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Electrical Contractors And Other Wiring Installation Contractors Market Segments 2024-2033 | Size, Share And Insights
Electrical Contractors And Other Wiring Installation Contractors Market
Electrical Contractors And Other Wiring Installation Contractors Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1673.55 billion In 2028 At A CAGR Of 7.4% :
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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Electrical Contractors And Other Wiring Installation Contractors Market Major 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 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.
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Prominent Trend - 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.
Electrical Contractors And Other Wiring Installation Contractors 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
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Largest And Fastest Growing Region In The Market
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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electrical Contractors And Other Wiring Installation Contractors Market Report Structure
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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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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