The U.S. Electrical Contractors Market is Set to Reach $283.4 Billion by 2028; High Adoption of EV Charging Infrastructure Booming the Market Growth - Arizton

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Apr 05, 2023, 14:55 ET

CHICAGO, April 5, 2023 /PRNewswire/ -- According to Arizton's latest research report, the U.S. electrical contractors market will grow at a CAGR of 3.94% from 2022-2028.

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BROWSE IN-DEPTH TOC ON U.S ELECTRICAL CONTRACTORS MARKET

43 - Tables
76 - Charts
188 – Pages

The growth in new construction or remodeling is driving the demand for electrical contractors. The rise in 5G technology, demand from data centers, shift toward clean energy, and demand for EV charging infrastructure contribute to the US electrical contractors market growth. Many vendors are expected to enter the market during the forecast period, making the market highly consolidated, as the US electrical contractors market presents lucrative revenue growth opportunities. Many firms are expected to expand their local stores in other countries, likely leading to a project price war among new and existing vendors. The US electrical contractor services are also expected to increase by 2028 due to the rise in demand from data centers.

U.S. ELECTRICAL CONTRACTORS MARKET REPORT SCOPE

Report Attributes	Details
Market Size (2028)	USD 283.74 Billion
Market Size (2022)	USD 225.0 Billion
CAGR (2022-2028)	3.94 %
Base Year	2022
Forecast Year	2023-2028
Market Segmentation	Services, Application, End-Use, and Geography
Geographic Analysis	U.S. (Midwest, West, Northeast, and South)

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The US is a leader in the electrical contractors market in North America due to its tech-savvy population and awareness of the benefits of the latest technologies and smart services. Therefore, the adoption rate of contractor services is high in the country. The residential and commercial construction, institutional, and other sectors drive the demand for electrical contractors. Improvements in living standards and increased consumer spending on constructing houses with modern and multi-functional sets in the Western US drive the demand for electrical contractors. People's living standards are expected to rise and drive market growth during the forecast period.

In 2022, the electrical segment dominated the market with a 66.86% share. A rise in EV charging infrastructure is expected to boost the market during the forecast period. In addition, increased construction and renovation activities in residential and commercial spaces increase the demand for electrical contractors in the market. Moreover, the electricity demand from the transportation industry is also expected to boost the demand for electrical contractor services.

The demand for electricity from the transportation sector is expected to grow between 2021 and 2024. This is projected to be a major driver for electricity demand in the future. In 2021, electricity consumption began to return, especially in industrial and commercial sectors, where the US retail sales of electricity were around 6.1% and 4.9%, with the economic recovery. Furthermore, the rise in commercial sector electricity is mainly due to workers' return, especially in offices post the COVID-19 pandemic. Between June and August 2022, the US Energy Information Administration recorded an average monthly electricity consumption in the residential sector of about 1,050-kilowatt hours (kWh). Therefore, the demand for electrical contractors to plan and implement services will increase with electricity consumption in both commercial and residential sectors.

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The US is a major market for EVs in terms of production and consumption. Hyundai Motor, Tesla, General Motors, and Ford Motor are among the leading producers of EVs in the US. Tesla leads in EV production and is expected to significantly contribute to the US and global EV market shares by the end of 2030. Moreover, many HDV OEMs, especially Freightliner Western Star, aim to offer only CO2-neutral HDVs by 2039.

The US government enforces regulations to reduce CO2 emissions, and the mandates for ZEVs also augment the demand for EVs in the US. In 2021, the country reported sales of 608,000 units of EVs, an increase of almost 289,202 units from 2020. Thus, the growth outlook for EVs in the US will support the demand for electrical contractors in the upcoming years.

KEY COMPANY PROFILES

Quanta Services
MYR Group
EMCOR Group
MDU Resources Group
IES Holdings
MasTec
Rosendin Electric
Cupertino Electric
M.C. Dean
ArchKey Solutions
American Electrical Contracting
Crete Mechanical Group
New England Electrical Contracting
SunGrid Solutions
Hilscher-Clarke
RESA Power
ABM
Comfort Systems USA
Henkels & McCoy
MMR Group
Five Star Electric
Helix Electric
Faith Technologies
Bergelectric
The Newtron Group
Facility Solutions Group
Redwood Electric Group
Power Design
Cache Valley Electric
E-J Electric Installation

MARKET SEGMENTATION

Services

Electrical
Telecommunications
Fire & Security
Electrical Control
Lighting & Signal
Others

Application

New Construction
Renovation or Maintenance

End-Use

Outside
Inside

Residential
Commercial
Industrial

Integrated Building Systems

Region

The U.S.

Midwest
West
Northeast
South

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TABLE OF CONTENT

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION

4.1.1 INCLUSIONS

4.1.2 EXCLUSIONS

4.1.3 MARKET ESTIMATION CAVEATS

4.2 BASE YEAR

4.3 SCOPE OF THE STUDY

4.3.1 MARKET SEGMENTATION BY SERVICE

4.3.2 MARKET SEGMENTATION BY APPLICATION

4.3.3 MARKET SEGMENTATION BY END-USE

4.3.4 MARKET SEGMENTATION BY INSIDE END-USE

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS

5.2 CURRENCY CONVERSION

5.3 MARKET DERIVATION

6 MARKET AT A GLANCE

7 PREMIUM INSIGHTS

7.1 MARKET DEFINITION

7.2 REPORT OVERVIEW

7.2.1 MARKET SNAPSHOT

7.3 OVERALL ELECTRICAL MARKET

7.4 ANALYSIS OF OPPORTUNITIES & CHALLENGES

7.5 SEGMENT ANALYSIS

7.6 REGIONAL ANALYSIS

7.7 COMPETITIVE LANDSCAPE

7.8 FREQUENTLY ASKED QUESTIONS

8 INTRODUCTION

8.1 OVERVIEW

8.1.1 NATIONAL ELECTRICAL CONTRACTORS ASSOCIATION (NECA)

8.1.2 REGULATIONS

8.1.3 SIGNIFICANT FACTORS THAT IMPACT THE MARKET

8.1.4 RISK FACTORS

8.2 OVERALL ELECTRICAL INDUSTRY

8.3 OVERALL CONSTRUCTION INDUSTRY

8.4 VALUE CHAIN ANALYSIS

9 MARKET OPPORTUNITIES & TRENDS

9.1 ADVENT OF 5G TECHNOLOGY

9.2 DEMAND FROM DATA CENTERS

9.3 SHIFT TOWARD CLEAN ENERGY

9.4 DEMAND FOR ELECTRIC VEHICLE CHARGING INFRASTRUCTURE

10 MARKET GROWTH ENABLERS

10.1 INFRASTRUCTURE DEVELOPMENT

10.2 INCREASED RENOVATION ACTIVITIES

11 MARKET RESTRAINTS

11.1 LACK OF SKILLED LABOR

11.2 VOLATILITY IN RAW MATERIAL PRICES

12 MARKET LANDSCAPE

12.1 MARKET OVERVIEW

12.2 MARKET SIZE & FORECAST

12.3 SERVICE

12.3.1 MARKET SIZE & FORECAST

12.4 APPLICATION

12.4.1 MARKET SIZE & FORECAST

12.5 END-USE

12.5.1 MARKET SIZE & FORECAST

12.6 INSIDE END-USE

12.6.1 MARKET SIZE & FORECAST

12.7 FIVE FORCES ANALYSIS

12.7.1 THREAT OF NEW ENTRANTS

12.7.2 BARGAINING POWER OF SUPPLIERS

12.7.3 BARGAINING POWER OF BUYERS

12.7.4 THREAT OF SUBSTITUTES

12.7.5 COMPETITIVE RIVALRY

13 SERVICE

13.1 MARKET SNAPSHOT & GROWTH ENGINE

13.2 MARKET OVERVIEW

13.3 ELECTRICAL

13.3.1 MARKET OVERVIEW

13.3.2 MARKET SIZE & FORECAST

13.4 TELECOMMUNICATION

13.4.1 MARKET OVERVIEW

13.4.2 MARKET SIZE & FORECAST

13.5 FIRE & SAFETY

13.5.1 MARKET OVERVIEW

13.5.2 MARKET SIZE & FORECAST

13.6 ELECTRICAL CONTROL

13.6.1 MARKET OVERVIEW

13.6.2 MARKET SIZE & FORECAST

13.7 LIGHTING & SIGNAL

13.7.1 MARKET OVERVIEW

13.7.2 MARKET SIZE & FORECAST

13.8 OTHERS

13.8.1 MARKET OVERVIEW

13.8.2 MARKET SIZE & FORECAST

14 APPLICATION

14.1 MARKET SNAPSHOT & GROWTH ENGINE

14.2 MARKET OVERVIEW

14.3 NEW CONSTRUCTION

14.3.1 MARKET OVERVIEW

14.3.2 MARKET SIZE & FORECAST

14.4 RENOVATION OR MAINTENANCE

14.4.1 MARKET OVERVIEW

14.4.2 MARKET SIZE & FORECAST

15 END-USE

15.1 MARKET SNAPSHOT & GROWTH ENGINE

15.2 MARKET OVERVIEW

15.3 OUTSIDE

15.3.1 MARKET OVERVIEW

15.3.2 MARKET SIZE & FORECAST

15.4 INSIDE

15.4.1 MARKET OVERVIEW

15.4.2 MARKET SIZE & FORECAST

15.4.3 RESIDENTIAL: MARKET SIZE & FORECAST

15.4.4 COMMERCIAL: MARKET SIZE & FORECAST

15.4.5 INDUSTRIAL: MARKET SIZE & FORECAST

15.5 INTEGRATED BUILDING SYSTEM

15.5.1 MARKET OVERVIEW

15.5.2 MARKET SIZE & FORECAST

16 REGIONAL OVERVIEW

16.1 MARKET SNAPSHOT & GROWTH ENGINE

16.2 SOUTH

16.2.1 MARKET SIZE & FORECAST

16.3 WEST

16.3.1 MARKET SIZE & FORECAST

16.4 MIDWEST

16.4.1 MARKET SIZE & FORECAST

16.5 NORTHEAST

16.5.1 MARKET SIZE & FORECAST

17 COMPETITIVE LANDSCAPE

17.1 COMPETITION OVERVIEW

18 KEY COMPANY PROFILES

18.1 ABM

18.1.1 BUSINESS OVERVIEW

18.1.2 SERVICE OFFERINGS

18.2 AMERICAN ELECTRICAL CONTRACTING

18.3 ARCHKEY SOLUTIONS

18.4 BERGELECTRIC

18.5 CACHE VALLEY ELECTRIC

18.6 COMFORT SYSTEMS USA

18.7 CRETE MECHANICAL GROUP (CMG)

18.8 CUPERTINO ELECTRIC

18.9 E-J ELECTRIC INSTALLATION

18.10 EMCOR GROUP

18.11 FACILITY SOLUTIONS GROUP

18.12 FAITH TECHNOLOGIES

18.13 FIVE STAR ELECTRIC

18.14 HELIX ELECTRIC

18.15 HENKELS & MCCOY

18.16 HILSCHER-CLARKE

18.17 IES HOLDINGS

18.18 M.C. DEAN

18.19 MASTEC

18.20 MDU RESOURCES GROUP

18.21 MMR GROUP

18.22 MYR GROUP

18.23 NEW ENGLAND ELECTRICAL CONTRACTING

18.24 POWER DESIGN

18.25 QUANTA SERVICES

18.26 REDWOOD ELECTRIC GROUP

18.27 RESA POWER

18.28 ROSENDIN ELECTRIC

18.29 SUNGRID SOLUTIONS

18.30 THE NEWTRON GROUP

19 REPORT SUMMARY

19.1 KEY TAKEAWAYS

19.2 STRATEGIC RECOMMENDATIONS

20 QUANTITATIVE SUMMARY

20.1 REGION

20.2 END-USE

20.3 INSIDE END-USE

20.4 APPLICATION

20.5 SERVICE

21 APPENDIX

21.1 ABBREVIATIONS

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