Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "U.S. Electrical Contractors Market - Industry Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The U.S. electrical contractors market is expected to reach a value of $283.74 billion in 2028 from $225 billion in 2022, growing at a CAGR of 3.94%
The U.S. is among the technologically advanced countries and emerged as one of the major economies to adopt and deploy 5G commercially. Some leading telecom companies that have deployed 5G services or are expanding their 5G services across the country include Verizon, T-Mobile, CenturyLink, and AT&T, among which Verizon introduced 5G across 30 cities.
Further, to deploy 5G, the upgradation of existing cell towers is required, which has led infrastructure providers to extend a network of small cells to bring technology close to the customers. In addition, 5G deployment will benefit contractors by bringing a new level and connectivity to transportation, construction sites, workplaces, and cities.
As the U.S. infrastructure lags behind other countries, it needs to be upgraded to compete across the globe and also attract & maintain corporate employees. Thus, more transmission equipment and antennae are required to increase their position to support 5G networks across the country. Thus, to add underground fiber optics, antennae, and transmission nodes, electrical contractors are highly required to build out a faster network.
Rising Renovation Activities
The region's home renovation industry is growing, resulting in rising sales of building materials, appliances, and other home improvement elements. In addition, rental housing is witnessing a rising trend in the U.S., creating opportunities for home remodeling and renovation.
It has been observed that in recent years, most homeowners tend to renovate their houses instead of moving into new ones. More than 28% of homeowners undertake home improvement and renovation projects as one of the important improvements in their homes. Such factors, in turn, are anticipated to boost the U.S. electrical contractors market from the renovation and retrofit industry.
Lack of Craft-Skilled Labor
Most building constructors and associations and about 65% of electrical & construction firms estimate that the lack of skilled labor will significantly impact productivity during the forecast period. Electrical firms are looking for ways to cope with the skilled labor shortage. This has created a challenge for the global electrical industry, restraining the electrical contractors market.
Regional Analysis
The US is a leader in the electrical contractors market in North America. The majority of the population in the country is tech-savvy. It knows the various benefits of the latest technologies and smart services regarding convenience and aesthetics. Therefore, the adoption rate of contractor services is high in the country.
The demand for electrical contractors is driven by various sectors such as residential and commercial construction, institutional, and more. In the Western US, improving living standards and increasing consumer spending on constructing houses with modern and multi-functional sets drive the demand for electrical contractors. In the coming years, people's living standards will rise and drive market growth during the forecast period.
Competitive Landscape
The U.S. electrical contractors market is highly fragmented, with several top vendors operating. However, the market is witnessing consolidation, albeit at a slow pace.
Some prominent players in the U.S. electrical contractors market include Quanta Services, MYR Group, EMCOR Group, MDU Resources Group, IES Holdings, MasTec, Rosendin Electric, Cupertino Electric, M.C. Dean, and ArchKey Solutions. Further, vendors compete in terms of service offerings, brand value, customization ability, price, skilled workforce, and technological capability.
Most of these vendors offer assistance portals and assistance management services. They work closely with other players operating in the electrical space, such as transmission, distribution, substation, BIM, and others, to provide a rounded corporate assistance program. Vendors also tend to tie up with technology companies to develop assistance programs.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $225 Billion |
| Forecasted Market Value (USD) by 2028 | $283.74 Billion |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | United States |
Market Opportunities & Trends
- Advent of 5G Technology
- Demand from Data Centers
- Shift Toward Clean Energy
- Demand for Electric Vehicle Charging Infrastructure
Market Growth Enablers
- Infrastructure Development
- Increased Renovation Activities
Market Restraints
- Lack of Skilled Labor
- Volatility in Raw Material Prices
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
For more information about this report visit https://www.researchandmarkets.com/r/iq8nfz
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
