U.S. Electrical Contractors Market Forecast 2022-2023 – Green Technology to Uplift the Market Demand – Arizton

Arizton publishes the latest research report on the U.S. electrical contractors market. The reports provide detailed information on industry trends, drivers, opportunities, competitive outlook, market size, sales, and growth forecast for 2023-2028. 

The U.S. electrical contractors market to reach USD 283.74 billion by 2028, growing at a CAGR of 3.94%. Rising 5G technologies, growing demand from data centers, the increasing shift towards clean energy, and rising demand for EV charging infrastructure are significant trends in the U.S. electrical contractors industry.

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The growth in new construction or remodeling drives 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 growth of the US electrical contractors market. The service segment dominates the market, where the significance of electrical services will be high during the forecast period. The adoption of 5G technology requires services by electrical contractors. Electrical contractors mainly focus on the upgradation of existing cell towers and bring in new levels of connectivity to transportation, construction sites, workplaces, and cities.

Shift Towards Green Technology Booming the Market Growth

The shift toward solar and wind energies increases the demand for the necessary design, materials, tools, machinery, and equipment. This drives the demand for electrical contractors in the energy market. The growth in the US electricity capacity is expected to come nearly entirely from renewable sources, with solar PV accounting for more than half, by the end of 2028. In 2021, renewables accounted for almost 27% shares of the total US utility-scale electricity generating capacity by primary energy sources, according to the US Energy Information Administration (EIA).

By the end of 2021, the US had more than 1.14 billion kW of total utility-scale electricity generating capacity and around 32,972 MW of small-scale solar photovoltaic electricity generating capacity. A new record for installations was established in 2021 due to the increase in global capacity to create electricity from solar cells, wind turbines, and other renewable technologies, according to the IEA. The industry has many opportunities for contractors in the energy and electrical sectors due to the rapid growth of the green installation market. Moreover, this trend is also expected to increase the demand for electricians with diverse skills. Usually, eight out of 10 electricians in the US are employed with electrical contractors. Hence, the number of solar installation jobs at utilities is expected to grow by around 108.4% over the forecast period. Thus, electricians will have new opportunities. Furthermore, in 2021 the US government requested proposals for large-scale solar energy projects to reach around 55% of its annual green power needs. Hence, the US government plans to replace existing renewable energy contracts with new solar plans. This will create opportunities for electrical contractors to handle clean energy projects.

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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 in the market. The use or consumption of electrical services is projected to increase in the US. Thus, many contractors focus on new recruitment to fulfill the demand for services in the commercial sector. Power supply in the US is mainly from a diversified mix of fuels. Huge construction networks of highways, railroads, processing plants, & others support the delivery of resources to generate services depending on electrical power and electricity. Hence, contractors play a major role in the processing and planning of electricity generation.

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

Key Questions Answered in the Report  

• How big is the U.S. electrical contractors market?
• What is the growth rate of the U.S. electrical contractors market?
•  Which service segment dominates the U.S. electrical contractor market share?
• What are the significant trends in the U.S. electrical contractors market?
•  What are the growth enablers in the U.S. electrical contractors market?

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