Electrical Contractors and Other Wiring Installation Contractors Global Market Report 2024

The electrical contractors and other wiring installation contractors market size has grown strongly in recent years. It will grow from $1176.43 billion in 2023 to $1256.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historical period can be attributed to construction and infrastructure development, regulatory compliance and safety standards, energy efficiency and sustainable practices, industrial and commercial demand, and market competition and industry consolidation.

The electrical contractors and other wiring installation contractors market size is expected to see strong growth in the next few years. It will grow to $1673.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be attributed to renewable energy installations, electrification of transportation, a focus on energy storage solutions, increased emphasis on cybersecurity, and government policies and incentives. Major trends in the forecast period include the adoption of advanced manufacturing technologies, digitalization and smart infrastructure, technological advancements in electrical systems, energy storage solutions, and retrofitting and upgrading infrastructure.

The anticipated growth of the electrical contractor and other wiring installation contractor's market is propelled by the rise in global electricity consumption. Over the past few decades, global electricity consumption has experienced a consistent increase due to factors such as population growth, urbanization, and industrialization. As more people migrate to urban areas and new industries emerge, the demand for electricity surges to power homes, businesses, and factories. This escalating demand for electricity underscores the need for a reliable and timely supply, leading to an increased requirement for electrical contractors and other wiring installation contractors. These professionals play a crucial role in the installation and maintenance of electric systems to meet the growing demand for power. For example, as of March 2023, according to the International Energy Agency, global electricity demand has risen to 23,750 thousand TWh from 22,500 thousand TWh in 2021. This data highlights the significant increase in global electricity consumption, emphasizing the driving force behind the growth of the electrical contractors and other wiring installation contractors' market.

The surge in demand for electric vehicles is poised to drive the growth of the electrical contractors and other wiring installation contractors market. Electric vehicles (EVs) utilize one or more electric motors for propulsion instead of traditional internal combustion engines (ICE). The role of electrical contractors and wiring installation contractors in the EV industry involves the installation and maintenance of essential electrical infrastructure, charging stations, and wiring systems crucial for the operation of electric vehicles. As the global electric car market expands, reaching over 10 million sales in 2022 according to a report by the International Energy Agency, the demand for EV infrastructure and related services is on the rise. The percentage of electric cars in overall car sales increased from 9% in 2021 to 14% in 2022. This growth underscores the pivotal role of electrical contractors and wiring installation contractors in supporting the expanding electric vehicle market.

Major players in the electrical contractors and other wiring installation contractors market are strategically focusing on the development of versatile solutions, such as cable tracers, to gain a competitive edge. A cable tracer is a device designed to identify, locate, and trace the routes of conductors in electrical wiring systems, aiding in tasks such as fault finding and circuit mapping. As an example, in October 2023, Megger Group, a UK-based manufacturing company, introduced the MCT105 cable tracer. This versatile device is specifically designed for electrical contractors, enabling efficient tracing of conductors, locating cable breaks, identifying short circuits, determining protective devices, and finding buried metallic pipework on both live and dead circuits. The MCT105 comprises a transmitter and receiver, utilizing coded signals for accurate tracing. It can simultaneously trace multiple routes using different codes. Equipped with handheld units featuring liquid crystal displays, the MCT105 provides essential information such as warnings, voltage indications, code numbers, and signal strength. This enhances the capability for quick, reliable, and convenient cable investigations, especially in situations where detailed records may be lacking. The introduction of innovative tools such as cable tracers reflects the commitment of major companies to equip electrical contractors with advanced solutions for efficient and precise operations.

Major players in the electrical contractors and other wiring installation contractors market are strategically focusing on the development of advanced devices, including wiring devices, to cater to high-end wiring requirements and gain a competitive edge. Wiring devices encompass electrical components such as outlets, switches, and sockets that play a crucial role in connecting and controlling electrical circuits within buildings. For instance, in March 2023, Honeywell, a US-based engineering and technology company, introduced the Blenze Pro - a premium range of wiring devices designed to meet the high-end wiring needs of residential, commercial, and hospitality buildings. This range features front plates made of high-quality materials, providing a sophisticated aesthetic. The Blenze Pro devices offer silent-and-soft switch operation, perfect illumination, and fast charging solutions for mobile devices. Notable attributes include ease of installation, requiring no additional wiring, and antibacterial white-color SKUs to ensure hygiene standards. This strategic focus on developing advanced wiring devices highlights major companies' commitment to providing cutting-edge solutions that address the evolving demands of the market while offering enhanced features and aesthetics for end-users in various sectors.

In August 2022, EMCOR Group, Inc., a US-based company specializing in electrical construction services, acquired Gaston Electrical Co. LLC for an undisclosed amount. This strategic acquisition aimed to broaden EMCOR's footprint in the Northeast region of the USA by incorporating Gaston Electrical's expertise in designing, constructing, installing, and maintaining electrical and low voltage systems. Gaston Electrical Co. LLC has a diverse portfolio, providing services for various projects, including laboratories, hospitals, life sciences facilities, data centers, sports arenas, universities, large-scale residential developments, and commercial office buildings. This move enhances EMCOR's capabilities and positions the company to meet the evolving needs of clients in the electrical construction services sector.

Major companies operating in the electrical contractors and other wiring installation contractors market report are Quanta Services Inc., MYR Group Inc., Mace Group, IES Holdings Inc., MDU Construction Services Group Inc., MMR Group Inc., Helix Electric Inc., Cupertino Electric Inc., Cache Valley Electric Co., Miller Electric Co., Tilbury Douglas Engineering Limited, TClarke plc, Wayne J. Griffin Electric Inc., Motor City Electric Co., MasTec Inc., E-J Electric Installation Co., Carter Synergy Limited, McPhee Electric & Telecommunications Inc., Gratte Brothers Limited, Hunt Electric Corp., Five Star Electric Corp., Clarkson Evans Limited, Haydon Mechanical & Electrical, LJJ Ltd., Gloster MEP Limited, Halsall Electrical Limited, Quartzelec Ltd., Cilantro Engineering UK Ltd., FES Limited, F.P.Hurley & Sons Limited.

Asia-Pacific was the fastest growing region in the electrical contractors and other wiring installation contractors market in 2023. The regions covered in the electrical contractors and other wiring installation contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electrical contractors and other wiring installation contractors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary material types used by electrical contractors and other wiring installation contractors include metal, optic fibre, and plastic. Metal, characterized as a hard, shiny, malleable, and ductile material, serves as an excellent conductor of heat and electricity. Various installation methods are employed, including submarine, underground, and overhead installations, with distinctions based on high voltage, medium voltage, and low voltage applications. The end users of these materials and installation services span across telecommunication, energy and power, electronics, construction, and automotive industries.

The electrical contractors and other wiring installation contractors market research report is one of a series of new reports that provides electrical contractors and other wiring installation contractors market statistics, including electrical contractors and other wiring installation contractors industry global market size, regional shares, competitors with an electrical contractors and other wiring installation contractors market share, detailed electrical contractors and other wiring installation contractors market segments, market trends and opportunities, and any further data you may need to thrive in the electrical contractors and other wiring installation contractors industry. This electrical contractors and other wiring installation contractors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electrical contractors and other wiring installation contractors market include revenues earned by entities by providing installation, upgrade, designing, and implementation services for electric systems in construction projects. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.