U.S. Electrical Contractors Market to Reach $283B by 2028

CHICAGO, April 5, 2023 /PRNewswire/ — According to Arizton’s latest research report, the U.S. electrical contractors market will grow at a CAGR of 3.94% from 2022-2028.

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The growth in new construction or remodeling is driving the demand for electrical contractors. The rise in 5G technology, demand from data centers, shift toward clean energy, and demand for EV charging infrastructure contribute to the US electrical contractors market growth. Many vendors are expected to enter the market during the forecast period, making the market highly consolidated, as the US electrical contractors market presents lucrative revenue growth opportunities. Many firms are expected to expand their local stores in other countries, likely leading to a project price war among new and existing vendors. The US electrical contractor services are also expected to increase by 2028  due to the rise in demand from data centers.

U.S. ELECTRICAL CONTRACTORS MARKET REPORT SCOPE

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The US is a leader in the electrical contractors market in North America due to its tech-savvy population and awareness of the benefits of the latest technologies and smart services. Therefore, the adoption rate of contractor services is high in the country. The residential and commercial construction, institutional, and other sectors drive the demand for electrical contractors. Improvements in living standards and increased consumer spending on constructing houses with modern and multi-functional sets in the Western US drive the demand for electrical contractors. People’s living standards are expected to rise and drive market growth during the forecast period.

In 2022, the electrical segment dominated the market with a 66.86% share. A rise in EV charging infrastructure is expected to boost the market during the forecast period. In addition, increased construction and renovation activities in residential and commercial spaces increase the demand for electrical contractors in the market. Moreover, the electricity demand from the transportation industry is also expected to boost the demand for electrical contractor services.

The demand for electricity from the transportation sector is expected to grow between 2021 and 2024. This is projected to be a major driver for electricity demand in the future. In 2021, electricity consumption began to return, especially in industrial and commercial sectors, where the US retail sales of electricity were around 6.1% and 4.9%, with the economic recovery. Furthermore, the rise in commercial sector electricity is mainly due to workers’ return, especially in offices post the COVID-19 pandemic. Between June and August 2022, the US Energy Information Administration recorded an average monthly electricity consumption in the residential sector of about 1,050-kilowatt hours (kWh). Therefore, the demand for electrical contractors to plan and implement services will increase with electricity consumption in both commercial and residential sectors.