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Electrical Contractors And Other Wiring Installation Contractors: A Leading Driver Behind Surging Global Electricity Consumption Ignites Growth In Electrical Contractors And Other Wiring Installation Contractors Market Market Expansion in 2025
Electrical Contractors And Other Wiring Installation Contractors Market
Electrical Contractors And Other Wiring Installation Contractors Market Size Growth Forecast: What to Expect by 2025?
The market size for electrical contractors and other wiring installation contractors has seen robust growth over the past few years. The industry is projected to expand from a worth of $1320.37 billion in 2024 to $1411.16 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%. The remarkable growth during the historic period is due to elements like infrastructure and construction development, adherence to safety regulations and standards, emphasis on energy efficiency and sustainability, demand from industrial and commercial sectors, and competitive dynamics and industry consolidation.
How Will the Electrical Contractors And Other Wiring Installation Contractors Market Size Evolve and Grow by 2029?
It is anticipated that the market for electrical contractors and other wiring installation contractors will experience substantial growth in the upcoming years. This sector is projected to increase to a market size of $1798.67 billion by 2029, with a compound annual growth rate (CAGR) of 6.3%. This growth within the predicted period can be traced back to developments such as renewable energy installations, electrified transportation, focus on energy storage solutions, heightened awareness of cybersecurity, and governmental policies and incentives. Key trends anticipated during this forecast period encompass the utilization of advanced manufacturing technologies, digitalization, and smart infrastructure, technological innovations in electrical systems, energy storage solutions, and infrastructure retrofitting and upgrading.
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What Drivers Are Propelling the Growth of Electrical Contractors And Other Wiring Installation Contractors Market Forward?
The global upsurge in electricity usage is seen as a significant factor fueling the expansion of the market for electrical contractors and other wiring installation services. The growth in international electricity consumption over the past several decades is attributed to several factors, such as population increase, urban growth, and industrialization. With the ongoing trend of urban migration and burgeoning industrial sectors, the appetite for electricity is also surging to power homes, enterprises, and manufacturing units. This, in turn, spurs the demand for timely electricity supply, thus resulting in an increased requirement for electrical contractors and wiring installation services for the installation and upkeep of electrical systems. For example, the International Energy Agency has reported a jump in global electricity needs from 22,500 thousand TWh in 2021 to 23,750 thousand TWh in March 2023. Consequently, the increased consumption of electricity worldwide is essentially driving the market growth for electrical contractors and other wiring installation services.
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Which Emerging Trends Are Transforming the Electrical Contractors And Other Wiring Installation Contractors Market in 2025?
Prominent firms in the electrical and other wiring installation contractor market are concentrating on devising multifunctional solutions like cable tracers to elevate their competitive position in the industry. A cable tracer is a tool used to identify, trace, and locate conductors in electrical wiring, which assists in tasks like fault detection and circuit mapping. For example, Megger Group, a manufacturing company from the UK, unveiled the MCT105 cable tracer in October 2023. This versatile device is crafted for electrical contractors to effectively track conductors, locate cable failures, identify short circuits, detect protective devices, and discover hidden metallic pipes in both live and defunct circuits. The MCT105, made up of a transmitter and a receiver, uses coded signals to trace accurately, with various routes traceable at the same time using different codes. The portable units are equipped with liquid crystal displays, dispensing crucial details such as warnings, voltage indications, code numbers, and signal strength, enabling quick, reliable, and easy cable investigations, especially in instances where comprehensive records are missing.
What Are the Key Segments in the Electrical Contractors And Other Wiring Installation Contractors Market?
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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Who Are the Key Players Shaping the Electrical Contractors And Other Wiring Installation Contractors Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Electrical Contractors And Other Wiring Installation Contractors Market?
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.
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