U.S. Electrical Services Market Analysis

U.S. Electrical Services Market Analysis

Electrical construction across the U.S. electrical services market is estimated to exceed USD 120 billion by 2027. Rising capital investments across industrial and utility sector along with growing demand for new T&D towers and cable construction will drive the industry scenario. For instance, construction industry added over USD 900 billion to the U.S. economy in the first quarter of 2020, which further opens the market for electrical services providers across the region. Growing integration of renewable powered sources across the grid will further sway the demand for advanced and upgraded electrical equipment.
 

The maintenance & repair across the U.S. electrical services industry in the current regime has gained significance on account of the growing measures associated with electrical supply faults, fire, health, and other operational hazards. Electrical transmission & distribution network experiences stress owing to increasing electricity demand, variable generation sources and wear & tear of conventional networks. Lack of effective electrical infrastructure along with growing inclination toward the enhancement of existing networks has instituted a favourable business scenario.
 

Commercial sector across the U.S. electrical services market is estimated to grow at a rate of over 7% through 2027. Rising renewable integration which includes deployment of solar panels, inverters and solar streetlights across the government buildings, offices & healthcare centers will strengthen the business scenario. In recent years, country observed increase in power generation share from distributed energy sources which further influences the industry growth. Government efforts toward deregulation and liberalization of energy sector enhances the adoption of new, low price and efficient technologies across the existing establishments will augment the demand for electrical services across the market.
 

Upgradation of poles, wires, substations and transformers with advanced materials and technologies to withstand extreme weather conditions, and to improve frequency & voltage control during system emergencies will drive the industry landscape. Moreover, fundamental shifts in the fuel sources as well as structure of electricity generation driven by changing policies, technology & industry dynamics are placing abrupt demands and pressures to upgrade the conventional T&D infrastructure. Furthermore, increasing construction spending by authorities across various states has positively influenced the utility-based U.S. electrical services market forecasts.
 

Government efforts to reconstruct the current transmission lines & towers along with inclined incentives to deploy energy efficient solutions will fuel the business outlook. The industrial and commercial sector in the recent years have been focusing on deployment of advanced monitoring & control solutions across the new and conventional grid infrastructure will sway the industry potential. Major U.S. authorities are inclined to minimize carbon emissions across the electrical grid network which has further enhanced the requirement of grid modernization. Ongoing contractual agreements to cater the rising electrical construction requirements followed by refurbishment and restructuring of traditional transmission networks will augment the U.S. electrical services market demand.
 

The utilities across the country have been inclined toward grid modernization and smart grid deployments. Rising number of construction activities enhance the electrical load across the transmission and distribution structures which increases the demand for advanced power towers, lines and electrical equipment. In the recent scenario, the electrical consumers have been focusing on renewable integration which impedes the demand for service solutions across the grid. Increasing number of contracts to build solar plants, wind farms and energy reliable commercial & industrial establishments will sway the market trends.