Electrical Services Market
Electrical Services Market Forecasts to 2030 - Global Analysis By Component (Hardware, Solutions and Consulting), Service Type (Instrument & Technical Services, Electrical Construction and Maintenance & Repair), Application, End User and By Geography
According to Stratistics MRC, the Global Electrical Services Market is accounted for $132.44 billion in 2024 and is expected to reach $214.88 billion by 2030 growing at a CAGR of 8.4% during the forecast period. Electrical services encompass a wide range of tasks related to the installation, maintenance, and repair of electrical systems in residential, commercial, and industrial settings. These services include the wiring of buildings, the installation of electrical panels, circuit breakers, and outlets, as well as the setup of lighting, heating, and cooling systems. Electrical services also extend to troubleshooting and repairing electrical faults, such as short circuits, power surges, or malfunctioning appliances. Certified electricians ensure that all work complies with safety codes and regulations to prevent hazards such as fires or electrical shock.
Market Dynamics:
Driver:
Urbanization and infrastructure development
Urbanization and infrastructure development are significantly enhancing electrical services by driving the demand for reliable, efficient, and scalable power systems. As cities grow, the need for advanced electrical infrastructure, including power generation, transmission, and distribution networks, becomes more critical to meet the increasing consumption of electricity. Urban areas require sophisticated grids capable of handling higher loads, integrating renewable energy sources, and supporting smart technologies. Innovations like smart meters, energy storage systems, and automation in electrical distribution are improving the efficiency and reliability of power supply.
Restraint:
Price sensitivity
Price sensitivity in the electrical services industry is a significant challenge as customers often prioritize cost over quality, leading to heightened competition among service providers. As more consumers compare prices across multiple contractors, businesses are pressured to lower their rates to attract clients, which can erode profit margins. In a sector where skilled labor, high-quality materials, and adherence to safety regulations come at a premium, this price-driven approach can result in compromised service quality or even the use of subpar materials to meet lower price points. These elements are hampering the market growth.
Opportunity:
Rising demand for skilled workforce
The rising demand for skilled workers in the electrical services industry is largely driven by advancements in technology, urbanization, and increasing reliance on complex electrical systems. As infrastructure projects grow and industries adopt smart technologies, there is a need for highly trained professionals who can install, maintain, and repair intricate electrical systems. This includes work in areas like renewable energy, smart grids, automation, and electric vehicles, all of which require specialized expertise. Additionally, the growing focus on safety standards and energy efficiency has further amplified the need for certified electricians who can ensure that systems meet regulatory requirements.
Threat:
Economic fluctuations
Economic fluctuations have a significant impact on the electrical services industry, creating both challenges and uncertainties. During periods of economic downturn, demand for electrical services tends to decrease as businesses cut back on expansions or upgrades, and consumers reduce spending on home improvements or energy-efficient systems. This slowdown in demand can lead to reduced revenue for electrical contractors and service providers, causing layoffs, project cancellations, and financial strain. During periods of economic growth, while demand for services increases, rising material costs, labor shortages, and supply chain disruptions can inflate operating expenses.
Covid-19 Impact:
The COVID-19 pandemic had a significant impact on the electrical services industry, disrupting both supply chains and workforce availability. With lockdowns and social distancing measures in place, many electrical contractors faced delays in procuring essential materials, as factories and distributors were either closed or operating at limited capacity. This led to project delays, particularly in construction and infrastructure projects that required electrical installations. On the operational side, many businesses had to adapt to remote work, leading to an increased demand for residential electrical services, especially with home office setups, upgraded power systems, and home appliance repairs. Despite these challenges, the industry demonstrated resilience, embracing safety protocols and leveraging technology for remote consultations and virtual inspections, allowing essential services to continue amid the pandemic's constraints.
The Hardware segment is expected to be the largest during the forecast period
Hardware segment is expected to dominate the largest share over the estimated period. With the integration of smart technologies, such as IoT-enabled devices and sensors, hardware now allows for real-time monitoring and automated control of electrical systems, reducing energy consumption and minimizing downtime. The development of more efficient circuit breakers, transformers, and power distribution units is ensuring better load management and fault detection, leading to enhanced operational performance. Additionally, innovations like energy storage systems and renewable energy integration hardware are helping to modernize electrical grids, supporting the transition to greener energy solutions.
The Healthcare segment is expected to have the highest CAGR during the forecast period
Healthcare segment is estimated to grow at a rapid pace during the forecast period as it meet the growing demands of modern medical facilities. With the rise of advanced medical equipment, digital health technologies, and the need for 24/7 operational reliability, healthcare institutions require highly specialized electrical systems. These systems must ensure continuous power, even in emergencies, with backup solutions like generators and uninterruptible power supplies (UPS). Furthermore, the integration of smart technologies is improving energy efficiency and monitoring, optimizing both operational costs and patient care.
Region with largest share:
North America region is poised to hold the largest share of the market throughout the extrapolated period. As more consumers and businesses transition to EVs, there is an increasing demand for the installation of EV charging infrastructure, including home chargers, public charging stations, and fast-charging networks. This surge in demand is spurring innovation and expansion in electrical services, with utilities and contractors working to upgrade grids, integrate renewable energy sources, and ensure reliable power distribution to meet EV charging needs. Additionally, the need for smart grid technologies, battery storage solutions, and vehicle-to-grid (V2G) systems is growing, as these help optimize energy use and enhance grid stability. These elements are boosting the regional growth.
Region with highest CAGR:
Europe region is estimated to witness the highest CAGR during the projected time frame, by promoting sustainability, safety and innovation. The European Union has implemented a range of directives and standards, such as the European Green Deal and the Clean Energy for All Europeans package, aimed at reducing carbon emissions and transitioning to renewable energy sources. These regulations encourage the adoption of energy-efficient technologies, smart grids, and the use of renewable energy in electrical services. Moreover, stringent safety and quality standards, such as those outlined by the International Electrotechnical Commission (IEC), ensure that electrical installations and systems are reliable, safe, and meet high-performance benchmarks across the region.
Key players in the market
Some of the key players in Electrical Services market include ABB Ltd, Eaton Corporation, Emerson Electric Co, Fluke Corporation, General Electric, Honeywell International Inc, Jacobs Engineering Group, Mitsubishi Electric Corporation, Schneider Electric, Siemens AG and Toshiba Corporation.
Key Developments:
In May 2024, U.S. Electrical Services finalized the acquisition of Askco Electric Supply, serving residential, commercial, and industrial markets. Askco will merge into USESI's Electrical Wholesalers and HZ Electric Supply region while retaining its existing operational identity.
In November 2023, General Electric and ONE entered into a term sheet aimed at advancing the U.S. energy transition through the utilization of locally produced battery technology. This agreement focuses on supplying U.S.-manufactured LFP battery modules and cells for GE Vernova's Solar & Storage Solutions initiatives in the United States.
Components Covered:
• Hardware
• Solutions
• Consulting
Service Types Covered:
• Instrument & Technical Services
• Electrical Construction
• Maintenance & Repair
Applications Covered:
• Industrial
• Commercial
• Residential
End Users Covered:
• Healthcare
• Government
• Transportation
• Farming Business
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Electrical Services Market, By Component
5.1 Introduction
5.2 Hardware
5.3 Solutions
5.4 Consulting
6 Global Electrical Services Market, By Service Type
6.1 Introduction
6.2 Instrument & Technical Services
6.3 Electrical Construction
6.4 Maintenance & Repair
7 Global Electrical Services Market, By Application
7.1 Introduction
7.2 Industrial
7.3 Commercial
7.4 Residential
8 Global Electrical Services Market, By End User
8.1 Introduction
8.2 Healthcare
8.3 Government
8.4 Transportation
8.5 Farming Business
8.6 Other End Users
9 Global Electrical Services Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 ABB Ltd
11.2 Eaton Corporation
11.3 Emerson Electric Co
11.4 Fluke Corporation
11.5 General Electric
11.6 Honeywell International Inc
11.7 Jacobs Engineering Group
11.8 Mitsubishi Electric Corporation
11.9 Schneider Electric
11.10 Siemens AG
11.11 Toshiba Corporation
List of Tables
1 Global Electrical Services Market Outlook, By Region (2022-2030) ($MN)
2 Global Electrical Services Market Outlook, By Component (2022-2030) ($MN)
3 Global Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
4 Global Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
5 Global Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
6 Global Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
7 Global Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
8 Global Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
9 Global Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
10 Global Electrical Services Market Outlook, By Application (2022-2030) ($MN)
11 Global Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
12 Global Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
13 Global Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
14 Global Electrical Services Market Outlook, By End User (2022-2030) ($MN)
15 Global Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
16 Global Electrical Services Market Outlook, By Government (2022-2030) ($MN)
17 Global Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
18 Global Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
19 Global Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
20 North America Electrical Services Market Outlook, By Country (2022-2030) ($MN)
21 North America Electrical Services Market Outlook, By Component (2022-2030) ($MN)
22 North America Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
23 North America Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
24 North America Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
25 North America Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
26 North America Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
27 North America Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
28 North America Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
29 North America Electrical Services Market Outlook, By Application (2022-2030) ($MN)
30 North America Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
31 North America Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
32 North America Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
33 North America Electrical Services Market Outlook, By End User (2022-2030) ($MN)
34 North America Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
35 North America Electrical Services Market Outlook, By Government (2022-2030) ($MN)
36 North America Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
37 North America Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
38 North America Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
39 Europe Electrical Services Market Outlook, By Country (2022-2030) ($MN)
40 Europe Electrical Services Market Outlook, By Component (2022-2030) ($MN)
41 Europe Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
42 Europe Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
43 Europe Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
44 Europe Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
45 Europe Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
46 Europe Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
47 Europe Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
48 Europe Electrical Services Market Outlook, By Application (2022-2030) ($MN)
49 Europe Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
50 Europe Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
51 Europe Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
52 Europe Electrical Services Market Outlook, By End User (2022-2030) ($MN)
53 Europe Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
54 Europe Electrical Services Market Outlook, By Government (2022-2030) ($MN)
55 Europe Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
56 Europe Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
57 Europe Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
58 Asia Pacific Electrical Services Market Outlook, By Country (2022-2030) ($MN)
59 Asia Pacific Electrical Services Market Outlook, By Component (2022-2030) ($MN)
60 Asia Pacific Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
61 Asia Pacific Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
62 Asia Pacific Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
63 Asia Pacific Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
64 Asia Pacific Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
65 Asia Pacific Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
66 Asia Pacific Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
67 Asia Pacific Electrical Services Market Outlook, By Application (2022-2030) ($MN)
68 Asia Pacific Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
69 Asia Pacific Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
70 Asia Pacific Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
71 Asia Pacific Electrical Services Market Outlook, By End User (2022-2030) ($MN)
72 Asia Pacific Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
73 Asia Pacific Electrical Services Market Outlook, By Government (2022-2030) ($MN)
74 Asia Pacific Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
75 Asia Pacific Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
76 Asia Pacific Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
77 South America Electrical Services Market Outlook, By Country (2022-2030) ($MN)
78 South America Electrical Services Market Outlook, By Component (2022-2030) ($MN)
79 South America Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
80 South America Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
81 South America Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
82 South America Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
83 South America Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
84 South America Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
85 South America Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
86 South America Electrical Services Market Outlook, By Application (2022-2030) ($MN)
87 South America Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
88 South America Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
89 South America Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
90 South America Electrical Services Market Outlook, By End User (2022-2030) ($MN)
91 South America Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
92 South America Electrical Services Market Outlook, By Government (2022-2030) ($MN)
93 South America Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
94 South America Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
95 South America Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
96 Middle East & Africa Electrical Services Market Outlook, By Country (2022-2030) ($MN)
97 Middle East & Africa Electrical Services Market Outlook, By Component (2022-2030) ($MN)
98 Middle East & Africa Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
99 Middle East & Africa Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
100 Middle East & Africa Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
101 Middle East & Africa Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
102 Middle East & Africa Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
103 Middle East & Africa Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
104 Middle East & Africa Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
105 Middle East & Africa Electrical Services Market Outlook, By Application (2022-2030) ($MN)
106 Middle East & Africa Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
107 Middle East & Africa Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
108 Middle East & Africa Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
109 Middle East & Africa Electrical Services Market Outlook, By End User (2022-2030) ($MN)
110 Middle East & Africa Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
111 Middle East & Africa Electrical Services Market Outlook, By Government (2022-2030) ($MN)
112 Middle East & Africa Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
113 Middle East & Africa Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
114 Middle East & Africa Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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