United States Electrical Contractors Market Report 2023: Rising 5G Technologies Fuels the Sector – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–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%.
Market Trends and Opportunities
Rising 5G Technologies
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.
Industry Restraints
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.
Market Segmentation
by Services
- Electrical
- Telecommunications
- Fire & Security
- Electrical Control
- Lighting & Signal
- Others
by Application
- New Construction
- Renovation or Maintenance
by End-Use
- Outside
- Inside
- Residential
- Commercial
- Industrial
- Integrated Building Systems
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 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
Key Questions Answered
1. How big is the U.S. electrical contractors market?
2. What is the growth rate of the U.S. electrical contractors market?
3. Which service segment dominates the U.S. electrical contractor market share?
4. What are the significant trends in the U.S. electrical contractors market?
5. What are the growth enablers in the U.S. electrical contractors market?
For more information about this report visit https://www.researchandmarkets.com/r/4t9qat
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