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U.S. Electrical Services Market Size

Report ID: GMI5010
Published Date: Jul 2024
Report Format: PDF

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U.S. Electrical Services Market Size

U.S. Electrical Services market size, in 2023, was assessed at USD 158.5 Bn and will grow at a CAGR of 5.6% from 2024 to 2032 due to the increasing investments in infrastructure, including modernization of electrical grids and expansion of renewable energy sources, boosting demand for electrical services.

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Technological advancements, such as smart grid systems and digital monitoring solutions, are enhancing efficiency and reliability, prompting upgrades and maintenance services. Thirdly, rising industrialization and urbanization are driving demand for commercial and residential electrical installations and maintenance.

U.S. Electrical Services Market Report Attributes
Report Attribute	Details
Base Year:	2023
U.S. Electrical Services Market Size in 2023:	USD 158.5 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.6%
2032 Value Projection:	USD 252.8 Billion
Historical Data for:	2021 - 2023
No. of Pages:	110
Tables, Charts & Figures:	15
Segments covered:	Service Type, Application
Growth Drivers:	Deployment of smart grid network Refurbishment of existing grid infrastructure
Pitfalls & Challenges:	High capital investment

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Moreover, regulatory initiatives promoting energy efficiency and sustainability are encouraging businesses and consumers to adopt energy-saving technologies, further stimulating market expansion. The sector is expected to continue its upward trajectory, supported by ongoing infrastructure development and technological innovation, making it a pivotal component of the broader electrical equipment and solutions industry in the U.S. As digitalization increases, cybersecurity concerns have become paramount. Electrical service providers are also focusing on enhancing grid cybersecurity measures to protect against cyber threats and ensure grid resilience. This includes implementing robust cybersecurity protocols, training personnel on cybersecurity best practices, and investing in secure communication and data management systems.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

U.S. electrical services market size was valued at USD 158.5 billion in 2023 and will grow at 5.6% CAGR through 2032 due to the increasing investments in infrastructure.

The electrical construction segment in the market is expected to cross USD 180 billion by 2032 owing to the rising need for new infrastructure projects and the modernization of existing facilities.

The utility segment in the U.S. electrical services market is anticipated to witness 5% CAGR during 2024- 2032 as the utilities are investing in the modernization and expansion of electrical grids.

APi Group Inc., Artera Services LLC., Bergelectric, BrandSafway, Centuri Group Inc., Comfort Systems USA Inc., Cupertino Electric Inc., EMCOR Group Inc., Facility Solution Group, and General Electric among others.