Global Electrical Services Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Electrical Services Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Electrical services transmit electricity from utility systems to buildings for power and energy. Types include lighting, heating, cooling, power, etc. Businesses in the electrical services industry design, install, and repair electrical equipment and networks for industrial, commercial, and domestic use.

Market Overview:

The latest research study on the global Electrical Services market finds that the global Electrical Services market reached a value of USD 343511.0 million in 2023. It’s expected that the market will achieve USD 466886.23 million by 2029, exhibiting a CAGR of 5.25% during the forecast period.

High energy prices have become a powerful driver of rising inflation. High energy prices lead to an increase in the cost of living and purchasing power of consumers, such as transportation and heating becoming more expensive. Poor families are particularly hard hit. Over time, higher energy prices translate into higher production costs, including for non-energy goods and services, which businesses try to pass on to consumers, fueling inflation. Net energy importers are facing deteriorating terms of trade. Energy-intensive industries will face more risks than other industries. To reduce the energy burden, governments often adopt price suppression measures, including subsidies, tax cuts, and price controls. REPower EU aims to optimize electricity markets to keep the cost of electricity from renewable sources as low as possible. These could include incentivizing efficiency through government-backed zero-renovation loans and lower VAT rates on energy-efficient products. In August 2022, the Inflation Reduction Act (IRA) was signed into law in the USA. Under the IRA, the government is allocating $369 billion in clean energy sources and technology development to combat climate change. Despite high inflation, the cost of renewable energy fell overall in 2022, with billions of dollars saved by avoiding fuel purchases. The low cost and safety of renewable energy are increasingly evident. Power and utility companies are increasingly moving toward a clean energy economy, adopting new technologies and replacing aging infrastructure.

Advantages of Electrical Services

Electric services ' biggest advantages are minimizing downtime, maximizing operational efficiency and safety, and reducing carbon footprint. Energy efficiency in businesses and homes is critical. Electrical Systems helps with complex electrical jobs such as emergency repairs, electrical inspections, lighting installations, whole-house surge protection, electric vehicle charger installations, and more. During periods of extreme temperatures, electrical services also help buildings optimize heating and cooling operations, ensuring that users can work and live comfortably in midsummer and midwinter, and save energy costs.

Electrical service is necessary for many consumers. For one thing, unsafe electrical work can cause harm to non-professionals. Electrical services help complete these tasks to protect non-professionals from the risk of electric shock and fire. On the other hand, work on electrical systems may require specialized tools. Therefore, if consumers choose electrical services, they do not need to purchase and store electric tools used infrequently. In addition, although electrical appliances have limited-term after-sales service from the manufacturer or point of sale, it is usually not as convenient and efficient as electrical service.

Power systems are more vulnerable due to increased stress on the grid

Almost every building has electricity. Due to economic development and frequent extreme weather events, global electricity demand continues to rise. By 2020, 90% of the world’s population has access to electricity. Electricity has become an important energy source in modern society, and world electricity consumption continues to grow. By 2022, world electricity consumption has reached approximately 25,500 terawatt hours. Most of the growth occurred in Asia and the United States, such as India (+9.6%), the United States (+2.6%), and China (3.4%).

Rising power demand has put tremendous pressure on the power grid, and power outages have increased in frequency in recent years. For example, in June 2023, more than 300,000 residents in the southern United States experienced power outages due to severe summer storms, including throughout Oklahoma, Texas, and Louisiana. Periods of high temperature and severe cold are not only peak periods of electricity consumption but also periods when the power system is vulnerable to damage. This is because power networks must increase power supply while withstanding the effects of extreme weather. Sudden power outages and restorations often cause voltages to be higher or lower than ideal. If the voltage is too high, it's called a surge, and micro-explosions can easily damage equipment and appliances. These factors increase the vulnerability of the power system, making electrical problems more likely to occur.

Region Overview:

In 2022, the share of the Electrical Services market in United States stood at 32.16%.

Company Overview:

The major players operating in the Electrical Services market include Quanta Services, Schneider Electric, Iberdrola, ABB Group, Siemens AG, etc. Among which, Quanta Services ranked top in terms of sales and revenue in 2023.

Quanta Services is a leading specialized contracting services company, delivering comprehensive infrastructure solutions for the utility, renewable energy, communications, pipeline and energy industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy and communications infrastructure.

Segmentation Overview:

By type, Manual Service segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Building Industry segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Electrical Services market covered in Chapter 3:

Center Line Electric, Inc.
Mister Sparky
Facility Solutions Group.
George Brazil Plumbing & Electrical
MMR Group
ABB Group
Siemens AG
Schneider Electric
Toko Electrical Construction Co.,Ltd.
Electric Services, Inc.
Iberdrola
Greenway Electrical Services

In Chapter 4 and Chapter 14.2, on the basis of types, the Electrical Services market from 2019 to 2030 is primarily split into:

Software Service
Manual Service

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Electrical Services market from 2019 to 2030 covers:

Building Industry
Manufacturing Industry
Farming Business
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)