Press release
Surging Global Electricity Consumption Ignites Growth In Electrical Contractors And Other Wiring Installation Contractors Market: A Key Factor Shaping the Future of the Electrical Contractors And Other Wiring Installation Contractors Market in 2025
Electrical Contractors And Other Wiring Installation Contractors
The increase in worldwide power usage is predicted to drive the expansion of the electrical contractor and other wiring installation services market. Several factors such as population growth, urbanization, and industrialization have led to a steady increase in global electricity usage over several years. The transition of more people into urban areas and the establishment of more industries have heightened the demand for electricity to power residences, businesses, and manufacturing units. This growing worldwide electricity usage necessitates a prompt supply of electricity, subsequently increasing the requirement for electrical contractors and wiring installation services for the setting up and upkeep of electrical systems. For instance, the global electricity demand was recorded as 23,750 thousand TWh In March 2023, presenting an increase from 22,500 thousand TWh in 2021, as per the International Energy Agency. Therefore, the increasing global electricity consumption is propelling the expansion of the electrical contractors and other wiring installation services market.
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What is the future CAGR of the electrical contractors and other wiring installation contractors market, and how will it impact industry expansion?
The market magnitude for electrical contractors and other wiring installation contractors has seen considerable growth in the past years. There's an expected rise from $1320.37 billion in 2024 to $1411.16 billion in 2025 with a compound annual growth rate (CAGR) of 6.9%. The past growth is due to factors like infrastructure development and construction, adherence to regulatory compliance and safety norms, practices of energy efficiency and sustainability, commercial and industrial demands, marketplace competition, and industry consolidation.
The market size of electrical contractors and other wiring installation contractors is set to experience a significant upturn in the coming years. The market is predicted to expand to $1798.67 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.3%. The growth in the projected period comes from factors like renewable energy installations, the electrification of transport, a heightened focus on energy storage solutions, an amplified emphasis on cybersecurity, and government policies and incentives. The forecast period will see some key trends, including the adoption of advanced manufacturing technologies, digitalization and smart infrastructure, advances in electrical systems technology, energy storage solutions, and retrofitting and upgrading of infrastructure.
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What are the most significant trends transforming the electrical contractors and other wiring installation contractors market today?
Leading firms in the electrical contractors and other wiring installation contractors market are concentrating on creating versatile tools, including products like cable tracers, to give them an advantage. A cable tracer is a tool that assists in locating, identifying, and tracing the path of conductors in electrical wiring, aiding in fault detection and circuit mapping activities. For example, in October 2023, Megger Group, a UK-based manufacturer, introduced the MCT105 cable tracer. This multipurpose device is developed for electrical contractors to effectively trace conductors, locate cable faults, identify short circuits, ascertain protective devices, and search for buried metallic pipes in both energized and de-energized circuits. The MCT105, which includes a transmitter and receiver, uses coded signals for precise tracing and can trace multiple routes simultaneously using distinct codes. The portable units have liquid crystal displays that show essential details such as warnings, voltage indications, code numbers, and signal strength. This aids in fast, reliable, and convenient cable examinations, especially in situations where detailed records are not available.
Which key market segments comprise the electrical contractors and other wiring installation contractors market and drive its revenue growth?
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
Subsegments:
1) By Metal: Copper Wiring, Aluminum Wiring, Steel Conduit
2) By Optic Fiber: Single-Mode Fiber, Multi-Mode Fiber
3) By Plastic: PVC (Polyvinyl Chloride) Cables, PE (Polyethylene) Cables, FRP (Fiber Reinforced Plastic) Conduit
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What regions are at the forefront of electrical contractors and other wiring installation contractors market expansion?
Asia-Pacific was the fastest growing region in the electrical contractors and other wiring installation contractors market in 2024. 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.
Who are the leading players fueling growth in the electrical contractors and other wiring installation contractors market?
Major companies operating in the electrical contractors and other wiring installation contractors market include Quanta Services Inc., MYR Group Inc., 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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What Is Covered In The Electrical Contractors And Other Wiring Installation Contractors Global Market Report?
•Market Size Forecast: Examine the electrical contractors and other wiring installation contractors market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electrical contractors and other wiring installation contractors market for a structured understanding.
•Key Players Overview: Analyze major players in the electrical contractors and other wiring installation contractors market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electrical contractors and other wiring installation contractors market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electrical contractors and other wiring installation contractors market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electrical contractors and other wiring installation contractors market.
•Industry Challenges: Identify potential risks and obstacles affecting the electrical contractors and other wiring installation contractors market.
•Competitive Landscape: Review strategic developments in the electrical contractors and other wiring installation contractors market, including expansions, agreements, and new product launches.
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