Washington, DC, June 13, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Electrical Engineering Services Market By Product Type (Electrical Instrumentation System, Software As A Service (SaaS), Operation & Maintenance Services, Arc-Flash & Electrical Services, Solar Panel Design Services, Electrical Design & Layout Services, Electrical Instrumentation Services, And Others), By Application (Transportation & Infrastructure, Oil & Gas, Manufacturing & Processing, Utilities, Industrial, Commercial, Residential, Government, And Others), And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2023-2030.” in its research database.
“According to the latest research study, the demand of global Electrical Engineering Services Market size & share in terms of revenue was valued at USD 274.12 billion in 2022 and it is expected to surpass around USD 354.79 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 3.28% during the forecast period 2023 to 2030.”
What are Electrical Engineering Services? How big is the Electrical Engineering Services Industry?
Report Overview:
Electrical engineering is one of the more modern subfields of engineering, and its primary concerns include the design, development, and use of tools, machinery, and systems that make use of electricity, electronics, and electromagnetic. The total value of the global electrical engineering services market in 2022 was estimated to be 274.12 billion US dollars, and it is predicted that this value would increase to 354.79 billion US dollars over the course of the forecast year. It is anticipated that the market would expand at a compound annual growth rate of 3.28% between the years 2023 and 2030.
The report on the global market for electrical engineering services covers all areas of the market, including prospective development drivers and restraints, as well as prominent market competitors. In addition to this, it provides in-depth and essential insights into the opportunities and challenges presented by the market landscape. The market segmentation and regional changes in the electrical engineering services business are both investigated in depth within this research on the industry.
Electrical services are any duties that need to be performed that require training, an education in engineering, and a solid understanding of technical sciences, physics, and mathematics. Planning, designing, analysing, and consulting on many technical applications are all part of the job. It has a wide range of applications in the public and private sectors, including work related to machinery, buildings, devices, and processes, including electrical, thermal, and pneumatic systems, among others. Electrical engineering focuses on providing electricity distribution networks that are uninterrupted, dependable, and risk-free. To fulfil the criteria for the power supply systems, a full design system is required to be in place. Electrical engineers are the industry professionals that are most qualified to provide manufacturing companies with electrical engineering solutions.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 216+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Global Electrical Engineering Services Market: Growth Factors
The expansion of the global market is most likely going to be driven by the rising need for automation.
Automation is used in virtually all system designs these days since it simplifies and speeds up the process of solving complicated challenges. It assists people in increasing their productivity while simultaneously improving their quality. Because of this, these systems are favoured over the more traditional systems. A CAD system is a type of computer-derived software that facilitates communication through the utilization of interactive computer graphics. It is generally accepted that computer-aided design (CAD) functions as a visualization of real-world design that expands the power of programme designers.
As a result, the presence of such a setting is quite likely to constitute a substantial driving force behind the expansion of the global market for electrical engineering services. In addition, the construction of 2D and 3D designs helps designers come up with original designs by providing a clear definition of the numerous types of geometry that can be used. Because of rising rates of urbanization and industrialization, there has also been a rise in the trend of businesses outsourcing their electrical engineering services. Demand for these services is growing not only as a result of an expanding population but also of an expanding average income per person. As a result, the contracting out of certain services is currently being considered. These services reduce costs and hazards, which ultimately results in increased levels of productivity.
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Electrical Engineering Services Market: Opportunities
Collaboration between OEMs and ESPs is expected to create growth opportunities in the global market.
The surging trend of collaboration between original equipment manufacturers (OEMs) and engineering service providers (ESPs) is anticipated to offer lucrative growth opportunities in the global electrical engineering services industry. There is growing demand to integrate advanced tech into product offerings to shorten the process cycle and lower the overall costs. The companies are boosting their research and development activities to bring innovative products to the market and grab a competitive edge in the global marketplace.
Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 274.12 billion |
| Projected Market Size in 2030 | USD 354.79 billion |
| CAGR Growth Rate | 3.28% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | ABB, Siemens, GE, Enel, Legrand, Emerson, Prysmian, Schneider Electric, Iberdrola, State Grid Corp. of China, Grainger, Inc., Electrical Safety Specialists, G&W Electric Company, Fluor Corporation, Design Systems, Inc., and others. |
| Key Segment | By Product Type, By Application, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Electrical Engineering Services Market: Segmentation Analysis
The global electrical engineering services market can be segmented into product type, application, and region.
By product type, the market can be segmented into electrical instrumentation systems, software as a service (SaaS), operation & maintenance services, arc-flash & electrical services, solar panel design services, electrical design & layout services, electrical instrumentation services, and others. The operation and maintenance services segment dominates the global electrical engineering services industry. The segment held around 27.68% of the total market share in 2022. The ongoing technological advancements and growing popularity of maintenance services are boosting the growth of the segment. Also, the surge in the number of maintenance service providers has drastically reduced the overall cost of the service. Therefore, more people are opting for these services owing to their economic prices. Also, the arc-flash & electrical safety services are likely to grow steadily with a CAGR of 21.56% forecast period due to their growing demand in the market.
By application, the market can be segmented into transportation & infrastructure, oil & gas, manufacturing & processing, utilities, industrial, commercial, residential, government, and others. The commercial segment accounts for the largest share of the global electrical engineering services industry during the forecast period. It swiped around 29.53% of the total market share in 2022. The increasing renewable integration includes wide-scale deployment of solar lights, inverters, solar panels, etc., across various healthcare centers, offices, government buildings, etc. Also, the increasing urbanization globally is posing a high requirement for various services like fixing the widely used HVAC systems, air conditioners, boilers, chillers, etc. Additionally, the rising living standards of people in the developing economy are further widening the scope of the segment in the forthcoming years. The government segment is also anticipated to grow with a CAGR of 27.56% over the predicted period due to the high adoption of these services by the government sector for long-term projects.
The global Electrical Engineering Services market is segmented as follows:
By Product Type
- Electrical Instrumentation System
- Software As A Service (SaaS)
- Operation & Maintenance Services
- Arc-Flash & Electrical Services
- Solar Panel Design Services
- Electrical Design & Layout Services
- Electrical Instrumentation Services
- Others
By Application
- Transportation & Infrastructure
- Oil & Gas
- Manufacturing & Processing
- Utilities
- Industrial
- Commercial
- Residential
- Government
- Others
Browse the full “Electrical Engineering Services Market By Product Type (Electrical Instrumentation System, Software As A Service (SaaS), Operation & Maintenance Services, Arc-Flash & Electrical Services, Solar Panel Design Services, Electrical Design & Layout Services, Electrical Instrumentation Services, And Others), By Application (Transportation & Infrastructure, Oil & Gas, Manufacturing & Processing, Utilities, Industrial, Commercial, Residential, Government, And Others), And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2023-2030"-Report at- https://www.zionmarketresearch.com/report/electrical-engineering-services-market-size
Competitive Landscape
Some of the main competitors dominating the global Electrical Engineering Services market include -
- ABB
- Siemens
- GE
- Enel
- Legrand
- Emerson
- Prysmian
- Schneider Electric
- Iberdrola
- State Grid Corp. of China
- Grainger Inc.
- Electrical Safety Specialists
- G&W Electric Company
- Fluor Corporation
- Design Systems Inc.
- Others.
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Electrical Engineering Services market is likely to expand at a CAGR of around 3.28% during the forecast period (2023-2030).
- In terms of revenue, the Electrical Engineering Services market size was valued at around US$ 274.12 billion in 2022 and is projected to reach US$ 354.79 billion by 2030.
- The growing demand for automation is likely to boost the global electrical engineering services market size growth.
- Based on the product type, the operation and maintenance services segment dominate the global market.
- Based on the application, the commercial segment accounted for the largest share of the global electrical engineering services market.
- Based on region, North America is expected to dominate the market during the forecast period.
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Electrical Engineering Services Market: Challenges
A low level of awareness among people is a big challenge in the global market.
Electrical engineering services are gaining popularity, but a large pool of consumers is still unaware of these affordable services. Also, the post-Covid landscape is not very healthy, as many manufacturing units were shut down during the pandemic. However, with the onset of government regulations, the market is expected to see some growth prospects in the global electrical engineering services industry in the forthcoming years.
Key questions answered in this report:
- What is the market size and growth rate forecast for Electrical Engineering Services industry?
- What are the main driving factors propelling the Electrical Engineering Services Market forward?
- What are the leading companies in the Electrical Engineering Services Industry?
- What segments does the Electrical Engineering Services Market cover?
- How can I receive a free copy of the Electrical Engineering Services Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Product Type, By Application, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
North America accounts for the largest share of the global electrical engineering services market owing to the fact that the region owns the most strong and clear electrical systems in the world. The US is the strongest region contributing heavily toward the growth of the regional market. Furthermore, the growing investment in the region for bigger projects is likely to spur the growth of electrical engineering services in the region. Also, the busy lifestyle of the people in the region is the primary reason for the growth of these services, as people don’t even have time for daily chores. A significant change in US road systems is a big opportunity for the growth of these services in the region. Additionally, the constant innovations and ongoing developments, particularly in the distribution and transmission grid, are likely to further accentuate the growth of the regional market.
Asia Pacific is also anticipated to grow significantly during the forecast period due to the growing tech developments in the region. Also, the increasing per capita income of the people, along with the rise in their living standards, are likely to positively impact the growth of the regional market. Also, the growing foreign direct investment in the tech sector owing to the rising talent in the region will spur these services in the region significantly.
Europe is expected to grow steadily with a healthy CAGR during the forecast period due to the presence of strong market players in the region. Additionally, the advanced equipment in the region offering unique benefits is based on complex programming, thereby requiring good electrical engineering service. Therefore, such a landscape is likely to pave a positive growth trajectory for the growth of the regional market.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
-
- SCF, in February 2023, said to invest in Global E&C, offering services in the offshore energy sector. The investment is likely to expand the GEC’s power in the fast-changing energy market. Also, it is expected to boost the growth of decarbonization and digital offerings.
- L&T Technology Services Limited, in January 2023, will be the strategic engineering partner for Airbus to offer advanced engineering services under a multi-year contract.
To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/electrical-engineering-services-market-size
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