U.S. Electrical Services Industry demand is set to achieve over 6% CAGR between 2021 and 2027, helped by increasing capital expenditure along with refurbishment of transmission & distribution infrastructure.
Selbyville, Delaware, March 24, 2021 (GLOBE NEWSWIRE) —
The U.S. Electrical Services Market value is anticipated to cross USD 170 Billion by 2027, as reported in the latest study by Global Market Insights Inc. Ongoing grid modernization along with installation of advanced electrical equipment across the T&D network will drive the industry scenario.
Utility scale U.S. electrical services industry is set to rise on account of growing transmission and distribution investments followed by expansion of T&D infrastructure to integrate natural gas and renewable generation sources. State based utilities are inclined toward fundamental improvements to comply with developing transmission security compliance standards. In addition, favourable government regulations toward electrification and integration of decentralized micro-grid networks across grid isolated areas have stimulated the demand for deployment of electrical infrastructure.
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Increasing R&D investments by major leading manufacturers to launch advanced electrical structures and equipment across the grid network will drive the business scenario. Rising demand for operations and maintenance of high voltage grid network owing to continuous grid failure and power outages will augment the industry scenario.
Some prime findings of the U.S. electrical services market report include:
- Government norms for replacement and rebuilding of existing T&D infrastructure will fuel the industry landscape.
- Ongoing technological advancements to integrate robust power cables with low electrical, thermal and mechanical losses.
- Eminent players operating across the market includes MYRGROUPINC, MMR Group, EMCOR Group, Quanta Services and APi Group.
- Development and construction of microgrid network along with increasing demand for monitoring and retrofitting of electrical infrastructure will drive the market trends.
Browse key industry insights spread across 150 pages with 13 market data tables & 35 figures & charts from the report, “U.S. Electrical Services Market Statistics by Service Type (Electrical Construction, Instrument & Technical Services, Maintenance & Repair), Application (Commercial, Industrial, Utility), Industry Analysis Report, Country Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising capital and operational expenditure toward the construction of transmission & distribution infrastructure along with growing demand for renewable powered sources will sway the industry scenario. According to the U.S. Central Bureau, in 2019, the commercial construction spending across the country witnessed an increase of 4% to USD 1,324 Billion when compared with 2018. Increasing public and private investments toward the construction activities majorly across healthcare, hospitality and government/military offices will further complement the U.S. electrical services market forecasts.
During the COVID-19, the operations and maintenance of electrical infrastructure were operational followed by state government implied no prohibitions on construction of sustainable energy projects. In addition, new renewable energy projects and utility scale projects are operational and have not seen any delays. Furthermore, increasing demand for refurbishment and replacement of aging electrical components followed by rising investment toward modernization of grid will complement the business outlook.
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