U.S. Electrical Services Market size to exceed $170bn by 2027
Published Date: March 22, 2021 Authors: Ankit Gupta, Riya Gupta
U.S. Electrical Services Market size is projected to surpass USD 170 Billion by 2027, as reported in the latest study by Global Market Insights Inc.
U.S. electrical services industry share is projected to observe substantial growth on account of grid modernization followed by development of decentralized grid networks. Regulatory norms and mandates toward deployment of energy efficient electrical structure followed by ongoing renewable integration will fuel the industry dynamics. Rising demand for refurbishment & replacement of electrical grid networks coupled with ongoing construction activities across the utility, commercial and industrial sector will stimulate the business landscape.
Ongoing construction activities to fulfill the ongoing commercialization and industrialization will drive the industry dynamics
Installation of real-time based equipment to overcome grid failures along with development and construction of microgrid networks will augment the U.S. electrical services market demand. Ongoing capital expenditure to develop establishments across the commercial and industrial sectors will sway the industry landscape. For instance, in 2020, MYR Group Inc. signed a construction agreement, in collaboration with LS Power Grid New York corporation. LS Power's affiliate for providing the Marcy to New Scotland Upgrade Project procurement and construction services in New York. Increasing construction activities to fulfill the ongoing commercialization and industrialization will foster the industry potential.
Browse key industry insights spread across 150 pages with 13 market data tables & 35 figures & charts from the report, “U.S. Electrical Services Market Forecasts By Service Type (Electrical Construction, Instrument & Technical Services, Maintenance & Repair), Application (Commercial, Industrial, Utility), Industry Analysis Report, Country Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Expansion of industrial sector along with integration of advanced monitoring and control equipment will sway the service demand.
Industrial segment of U.S. electrical services market will witness significant growth on account of expansion of existing manufacturing plants followed by development of new production facilities across the region. For instance, in 2020, Mazda Toyota Manufacturing a joint venture between Mazda and Toyota automobile announced the expansion of its automobile manufacturing plants by investing USD 830 million to enhance the production capacity. In addition, major manufacturers are focusing on the integration of renewable resources across the facilities owing to stringent efficiency norms and targets by the respective authorities.
Ongoing joint ventures along with strategic collaborations among the players will stimulate the industry dynamics
Despite of pandemic impact, major sustainable powered projects were installed as per the defined timeline and have not observed any delay. In 2020, New York state authority introduced a guideline stating operational and maintenance work across existing power generation, & construction activities associated to existing, developing grid or other important infrastructure are considered under vital business activities allowed to function without any hinderance.
Leading participants are focused on new contractual agreements, collaboration and JVs for improved inorganic growth. For instance, EMCOR Group in 2019, acquired Batchelor & Kimball, a service provider of electrical construction & maintenance services. Furthermore, strong project pipeline along with large scale grid modernization will complement the business scenario.
Leading participants in the U.S. electrical services market includes MYRGROUPINC, The Newtron Group, MMR Group, Facility Solution Group, Redwood Electric Group, Cupertino Electric, Bergelectric, M.C. Dean, Walker Engineering, Power Design, IES Commercial and Industrial, HUNT Electric, Henkels and McCoy Group, EMCOR Group, BrandSafway, MasTec, Rosendin Electric, Quanta Services, Helix Electric, APi Group Inc., Artera Services, Comfort Systems USA., Primoris Services Corporation, MDU Construction Services Group, Centuri Group.