Aug 06, 2021 (Market Insight Reports) -- Selbyville, Delaware According to the research literature titled 'U.S. Electrical Services Market Size By Service Type, By Application (Commercial, Industrial, Utility), Industry Analysis Report, Country Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027', available with Market Study Report LLC, U.S. electrical services market is anticipated to register an appreciable growth rate over 2021-2027.
Increasing deployment of smart grid network, upgradation of existing grid infrastructure, and integration of renewable sources into the power generation mix are the major factors driving U.S. electrical services market growth.
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Evolving consumer demands along with rising adoption of net metering devices is positively impacting the business dynamics. In fact, the Energy Information Administration of the U.S. claims that around 2 million customers participated in various net metering programs across the country in 2018.
Further, growing adoption of advanced electrical equipment for enhancing and controlling power flows, so as to enable better efficiency in long-distance transmission, grid operation, and electrical energy storage will necessitate the demand for services from experts in the upcoming years.
On the contrary, high capital investment and associated maintenance & replacement costs with electrical components are hampering the U.S. electrical services industry remunerations scope.
Notably, electrical services comprises service offered by an electrical company or electrician to end-users/clients. Electricians serve an important role in this industry as they specialize in electrical wiring of buildings and transmission lines in compliance with National Electrical codes.
Based on service type, instrument & technical services segment is touted to grow considerably in the forthcoming years, largely attributable to growing adoption of advanced technologies and net metering solutions. Apart from this, the research literature hosts vast data on electrical Construction, Instrument & Technical services as well.
Prominet players influencing the U.S. electrical services market trends are Henkels & McCoy Inc., Hunt Electric Corp., Walker Engineering Inc., Power Design Inc., Cupertino Electric Inc., M.C. Dean Inc., Bergelectric, Facility Solutions Group, Redwood Electric Group, The Newtron Group, Helix Electric Inc., Quanta Services Inc., MMR Group Inc., and MYR Group Inc. among others.
The report makes a detailed account of all of the aforementioned companies with respect to their financials and strategic undertakings to empower businesses and other stakeholders with actionable insights into the competitive dynamics.
Questions & Answers: U.S. Electrical Services Market
Q1: What are the major driving forces of U.S. electrical services market?
A: Increasing deployment of smart grid network, upgradation of existing grid infrastructure, and integration of renewable sources into the power generation mix are the major factors driving U.S. electrical services market growth.
Q2: Why is U.S. electrical services market from instrument & technical services segment recording strong growth?
A: Growing adoption of advanced technologies and net metering solutions is supporting the market growth from instrument & technical services segment.
Q3: Which are the leading players in U.S. electrical services market?
A: Prominet players in U.S. electrical services market trends are Henkels & McCoy Inc., Hunt Electric Corp., Walker Engineering Inc., Power Design Inc., Cupertino Electric Inc., M.C. Dean Inc., Bergelectric, Facility Solutions Group, Redwood Electric Group, and The Newtron Group among other.