PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1603818
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1603818
Electrical Services Market Forecasts to 2030 - Global Analysis By Component, Service Type, Application, End User and By Geography
According to Stratistics MRC, the Global Electrical Services Market is accounted for $132.44 billion in 2024 and is expected to reach $214.88 billion by 2030 growing at a CAGR of 8.4% during the forecast period. Electrical services encompass a wide range of tasks related to the installation, maintenance, and repair of electrical systems in residential, commercial, and industrial settings. These services include the wiring of buildings, the installation of electrical panels, circuit breakers, and outlets, as well as the setup of lighting, heating, and cooling systems. Electrical services also extend to troubleshooting and repairing electrical faults, such as short circuits, power surges, or malfunctioning appliances. Certified electricians ensure that all work complies with safety codes and regulations to prevent hazards such as fires or electrical shock.
Market Dynamics:
Driver:
Urbanization and infrastructure development
Urbanization and infrastructure development are significantly enhancing electrical services by driving the demand for reliable, efficient, and scalable power systems. As cities grow, the need for advanced electrical infrastructure, including power generation, transmission, and distribution networks, becomes more critical to meet the increasing consumption of electricity. Urban areas require sophisticated grids capable of handling higher loads, integrating renewable energy sources, and supporting smart technologies. Innovations like smart meters, energy storage systems, and automation in electrical distribution are improving the efficiency and reliability of power supply.
Restraint:
Price sensitivity
Price sensitivity in the electrical services industry is a significant challenge as customers often prioritize cost over quality, leading to heightened competition among service providers. As more consumers compare prices across multiple contractors, businesses are pressured to lower their rates to attract clients, which can erode profit margins. In a sector where skilled labor, high-quality materials, and adherence to safety regulations come at a premium, this price-driven approach can result in compromised service quality or even the use of subpar materials to meet lower price points. These elements are hampering the market growth.
Opportunity:
Rising demand for skilled workforce
The rising demand for skilled workers in the electrical services industry is largely driven by advancements in technology, urbanization, and increasing reliance on complex electrical systems. As infrastructure projects grow and industries adopt smart technologies, there is a need for highly trained professionals who can install, maintain, and repair intricate electrical systems. This includes work in areas like renewable energy, smart grids, automation, and electric vehicles, all of which require specialized expertise. Additionally, the growing focus on safety standards and energy efficiency has further amplified the need for certified electricians who can ensure that systems meet regulatory requirements.
Threat:
Economic fluctuations
Economic fluctuations have a significant impact on the electrical services industry, creating both challenges and uncertainties. During periods of economic downturn, demand for electrical services tends to decrease as businesses cut back on expansions or upgrades, and consumers reduce spending on home improvements or energy-efficient systems. This slowdown in demand can lead to reduced revenue for electrical contractors and service providers, causing layoffs, project cancellations, and financial strain. During periods of economic growth, while demand for services increases, rising material costs, labor shortages, and supply chain disruptions can inflate operating expenses.
Covid-19 Impact:
The COVID-19 pandemic had a significant impact on the electrical services industry, disrupting both supply chains and workforce availability. With lockdowns and social distancing measures in place, many electrical contractors faced delays in procuring essential materials, as factories and distributors were either closed or operating at limited capacity. This led to project delays, particularly in construction and infrastructure projects that required electrical installations. On the operational side, many businesses had to adapt to remote work, leading to an increased demand for residential electrical services, especially with home office setups, upgraded power systems, and home appliance repairs. Despite these challenges, the industry demonstrated resilience, embracing safety protocols and leveraging technology for remote consultations and virtual inspections, allowing essential services to continue amid the pandemic's constraints.
The Hardware segment is expected to be the largest during the forecast period
Hardware segment is expected to dominate the largest share over the estimated period. With the integration of smart technologies, such as IoT-enabled devices and sensors, hardware now allows for real-time monitoring and automated control of electrical systems, reducing energy consumption and minimizing downtime. The development of more efficient circuit breakers, transformers, and power distribution units is ensuring better load management and fault detection, leading to enhanced operational performance. Additionally, innovations like energy storage systems and renewable energy integration hardware are helping to modernize electrical grids, supporting the transition to greener energy solutions.
The Healthcare segment is expected to have the highest CAGR during the forecast period
Healthcare segment is estimated to grow at a rapid pace during the forecast period as it meet the growing demands of modern medical facilities. With the rise of advanced medical equipment, digital health technologies, and the need for 24/7 operational reliability, healthcare institutions require highly specialized electrical systems. These systems must ensure continuous power, even in emergencies, with backup solutions like generators and uninterruptible power supplies (UPS). Furthermore, the integration of smart technologies is improving energy efficiency and monitoring, optimizing both operational costs and patient care.
Region with largest share:
North America region is poised to hold the largest share of the market throughout the extrapolated period. As more consumers and businesses transition to EVs, there is an increasing demand for the installation of EV charging infrastructure, including home chargers, public charging stations, and fast-charging networks. This surge in demand is spurring innovation and expansion in electrical services, with utilities and contractors working to upgrade grids, integrate renewable energy sources, and ensure reliable power distribution to meet EV charging needs. Additionally, the need for smart grid technologies, battery storage solutions, and vehicle-to-grid (V2G) systems is growing, as these help optimize energy use and enhance grid stability. These elements are boosting the regional growth.
Region with highest CAGR:
Europe region is estimated to witness the highest CAGR during the projected time frame, by promoting sustainability, safety and innovation. The European Union has implemented a range of directives and standards, such as the European Green Deal and the Clean Energy for All Europeans package, aimed at reducing carbon emissions and transitioning to renewable energy sources. These regulations encourage the adoption of energy-efficient technologies, smart grids, and the use of renewable energy in electrical services. Moreover, stringent safety and quality standards, such as those outlined by the International Electrotechnical Commission (IEC), ensure that electrical installations and systems are reliable, safe, and meet high-performance benchmarks across the region.
Key players in the market
Some of the key players in Electrical Services market include ABB Ltd, Eaton Corporation, Emerson Electric Co, Fluke Corporation, General Electric, Honeywell International Inc, Jacobs Engineering Group, Mitsubishi Electric Corporation, Schneider Electric, Siemens AG and Toshiba Corporation.
Key Developments:
In May 2024, U.S. Electrical Services finalized the acquisition of Askco Electric Supply, serving residential, commercial, and industrial markets. Askco will merge into USESI's Electrical Wholesalers and HZ Electric Supply region while retaining its existing operational identity.
In November 2023, General Electric and ONE entered into a term sheet aimed at advancing the U.S. energy transition through the utilization of locally produced battery technology. This agreement focuses on supplying U.S.-manufactured LFP battery modules and cells for GE Vernova's Solar & Storage Solutions initiatives in the United States.
Components Covered:
- Hardware
- Solutions
- Consulting
Service Types Covered:
- Instrument & Technical Services
- Electrical Construction
- Maintenance & Repair
Applications Covered:
- Industrial
- Commercial
- Residential
End Users Covered:
- Healthcare
- Government
- Transportation
- Farming Business
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Electrical Services Market, By Component
- 5.1 Introduction
- 5.2 Hardware
- 5.3 Solutions
- 5.4 Consulting
6 Global Electrical Services Market, By Service Type
- 6.1 Introduction
- 6.2 Instrument & Technical Services
- 6.3 Electrical Construction
- 6.4 Maintenance & Repair
7 Global Electrical Services Market, By Application
- 7.1 Introduction
- 7.2 Industrial
- 7.3 Commercial
- 7.4 Residential
8 Global Electrical Services Market, By End User
- 8.1 Introduction
- 8.2 Healthcare
- 8.3 Government
- 8.4 Transportation
- 8.5 Farming Business
- 8.6 Other End Users
9 Global Electrical Services Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 ABB Ltd
- 11.2 Eaton Corporation
- 11.3 Emerson Electric Co
- 11.4 Fluke Corporation
- 11.5 General Electric
- 11.6 Honeywell International Inc
- 11.7 Jacobs Engineering Group
- 11.8 Mitsubishi Electric Corporation
- 11.9 Schneider Electric
- 11.10 Siemens AG
- 11.11 Toshiba Corporation
List of Tables
- Table 1 Global Electrical Services Market Outlook, By Region (2022-2030) ($MN)
- Table 2 Global Electrical Services Market Outlook, By Component (2022-2030) ($MN)
- Table 3 Global Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
- Table 4 Global Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
- Table 5 Global Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
- Table 6 Global Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
- Table 7 Global Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
- Table 8 Global Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
- Table 9 Global Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
- Table 10 Global Electrical Services Market Outlook, By Application (2022-2030) ($MN)
- Table 11 Global Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
- Table 12 Global Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
- Table 13 Global Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
- Table 14 Global Electrical Services Market Outlook, By End User (2022-2030) ($MN)
- Table 15 Global Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 16 Global Electrical Services Market Outlook, By Government (2022-2030) ($MN)
- Table 17 Global Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
- Table 18 Global Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
- Table 19 Global Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 20 North America Electrical Services Market Outlook, By Country (2022-2030) ($MN)
- Table 21 North America Electrical Services Market Outlook, By Component (2022-2030) ($MN)
- Table 22 North America Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
- Table 23 North America Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
- Table 24 North America Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
- Table 25 North America Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
- Table 26 North America Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
- Table 27 North America Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
- Table 28 North America Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
- Table 29 North America Electrical Services Market Outlook, By Application (2022-2030) ($MN)
- Table 30 North America Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
- Table 31 North America Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
- Table 32 North America Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
- Table 33 North America Electrical Services Market Outlook, By End User (2022-2030) ($MN)
- Table 34 North America Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 35 North America Electrical Services Market Outlook, By Government (2022-2030) ($MN)
- Table 36 North America Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
- Table 37 North America Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
- Table 38 North America Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 39 Europe Electrical Services Market Outlook, By Country (2022-2030) ($MN)
- Table 40 Europe Electrical Services Market Outlook, By Component (2022-2030) ($MN)
- Table 41 Europe Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
- Table 42 Europe Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
- Table 43 Europe Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
- Table 44 Europe Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
- Table 45 Europe Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
- Table 46 Europe Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
- Table 47 Europe Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
- Table 48 Europe Electrical Services Market Outlook, By Application (2022-2030) ($MN)
- Table 49 Europe Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
- Table 50 Europe Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
- Table 51 Europe Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
- Table 52 Europe Electrical Services Market Outlook, By End User (2022-2030) ($MN)
- Table 53 Europe Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 54 Europe Electrical Services Market Outlook, By Government (2022-2030) ($MN)
- Table 55 Europe Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
- Table 56 Europe Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
- Table 57 Europe Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 58 Asia Pacific Electrical Services Market Outlook, By Country (2022-2030) ($MN)
- Table 59 Asia Pacific Electrical Services Market Outlook, By Component (2022-2030) ($MN)
- Table 60 Asia Pacific Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
- Table 61 Asia Pacific Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
- Table 62 Asia Pacific Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
- Table 63 Asia Pacific Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
- Table 64 Asia Pacific Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
- Table 65 Asia Pacific Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
- Table 66 Asia Pacific Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
- Table 67 Asia Pacific Electrical Services Market Outlook, By Application (2022-2030) ($MN)
- Table 68 Asia Pacific Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
- Table 69 Asia Pacific Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
- Table 70 Asia Pacific Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
- Table 71 Asia Pacific Electrical Services Market Outlook, By End User (2022-2030) ($MN)
- Table 72 Asia Pacific Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 73 Asia Pacific Electrical Services Market Outlook, By Government (2022-2030) ($MN)
- Table 74 Asia Pacific Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
- Table 75 Asia Pacific Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
- Table 76 Asia Pacific Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 77 South America Electrical Services Market Outlook, By Country (2022-2030) ($MN)
- Table 78 South America Electrical Services Market Outlook, By Component (2022-2030) ($MN)
- Table 79 South America Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
- Table 80 South America Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
- Table 81 South America Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
- Table 82 South America Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
- Table 83 South America Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
- Table 84 South America Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
- Table 85 South America Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
- Table 86 South America Electrical Services Market Outlook, By Application (2022-2030) ($MN)
- Table 87 South America Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
- Table 88 South America Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
- Table 89 South America Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
- Table 90 South America Electrical Services Market Outlook, By End User (2022-2030) ($MN)
- Table 91 South America Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 92 South America Electrical Services Market Outlook, By Government (2022-2030) ($MN)
- Table 93 South America Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
- Table 94 South America Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
- Table 95 South America Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 96 Middle East & Africa Electrical Services Market Outlook, By Country (2022-2030) ($MN)
- Table 97 Middle East & Africa Electrical Services Market Outlook, By Component (2022-2030) ($MN)
- Table 98 Middle East & Africa Electrical Services Market Outlook, By Hardware (2022-2030) ($MN)
- Table 99 Middle East & Africa Electrical Services Market Outlook, By Solutions (2022-2030) ($MN)
- Table 100 Middle East & Africa Electrical Services Market Outlook, By Consulting (2022-2030) ($MN)
- Table 101 Middle East & Africa Electrical Services Market Outlook, By Service Type (2022-2030) ($MN)
- Table 102 Middle East & Africa Electrical Services Market Outlook, By Instrument & Technical Services (2022-2030) ($MN)
- Table 103 Middle East & Africa Electrical Services Market Outlook, By Electrical Construction (2022-2030) ($MN)
- Table 104 Middle East & Africa Electrical Services Market Outlook, By Maintenance & Repair (2022-2030) ($MN)
- Table 105 Middle East & Africa Electrical Services Market Outlook, By Application (2022-2030) ($MN)
- Table 106 Middle East & Africa Electrical Services Market Outlook, By Industrial (2022-2030) ($MN)
- Table 107 Middle East & Africa Electrical Services Market Outlook, By Commercial (2022-2030) ($MN)
- Table 108 Middle East & Africa Electrical Services Market Outlook, By Residential (2022-2030) ($MN)
- Table 109 Middle East & Africa Electrical Services Market Outlook, By End User (2022-2030) ($MN)
- Table 110 Middle East & Africa Electrical Services Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 111 Middle East & Africa Electrical Services Market Outlook, By Government (2022-2030) ($MN)
- Table 112 Middle East & Africa Electrical Services Market Outlook, By Transportation (2022-2030) ($MN)
- Table 113 Middle East & Africa Electrical Services Market Outlook, By Farming Business (2022-2030) ($MN)
- Table 114 Middle East & Africa Electrical Services Market Outlook, By Other End Users (2022-2030) ($MN)
