Electricians Market Opportunities and Strategies to 2034

This report describes and explains the electricians market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global electricians market reached a value of nearly $1.01 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 1.73% since 2019. The market is expected to grow from $1.01 trillion in 2024 to $1.22 trillion in 2029 at a rate of 3.81%. The market is then expected to grow at a CAGR of 3.76% from 2029 and reach $1.46 trillion in 2034.

Growth in the historic period resulted from the strong economic growth, growth in industrial sectors, increasing disposable income, growing demand for electrical vehicle infrastructure and aging electrical infrastructure. Factors that negatively affected growth in the historic period were rising material costs.

Going forward, rising residential and commercial construction, increasing urbanization, growth in renewable energy projects, infrastructure development and favorable government support will drive the growth. Factor that could hinder the growth of the electricians market in the future include lack of skilled labor.

The global electricians market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 2.59 % of the total market in 2023. Quanta Services Inc. was the largest competitor with a 0.78% share of the market, followed by MasTec Inc. with 0.53%, MYR Group Inc. with 0.37%, MMR Group Inc. with 0.23%, Mace Group with 0.18%, Helix Electric Inc. with 0.13%, IES Holdings Inc. with 0.12%, EMCOR Group Inc with 0.11%, Cache Valley Electric Co. with 0.09% and Cleveland Electric with 0.05%.

The electricians market is segmented by service type into electric power and systems installation and servicing, telecommunications installation and servicing, electronic control system installation and servicing, fire and security system installation and servicing, highway, street, or bridge lighting and signal installation and servicing and other services. The electric power and systems installation market was the largest segment of the electricians market segmented by service type, accounting for 66.50% or $673.92 billion of the total in 2024. Going forward, the electric power and systems installation segment is expected to be the fastest growing segment in the electricians market segmented by service type, at a CAGR of 4.16% during 2024-2029.

The electricians market is segmented by end user into residential, commercial and industrial. The commercial market was the largest segment of the electricians market segmented by end user, accounting for 46.93% or $502.99 billion of the total in 2024. Going forward, the residential segment is expected to be the fastest growing segment in the electricians market segmented by end user, at a CAGR of 3.96% during 2024-2029.

Asia-Pacific was the largest region in the electricians market, accounting for 35.84% or $363.24 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the electricians market will be Asia-Pacific and Africa where growth will be at CAGRs of 5.91% and 4.66% respectively. These will be followed by Middle East and Eastern Europe where the markets are expected to grow at CAGRs of 4.24% and 3.52% respectively.

The top opportunities in the electricians market segmented by service type will arise in the electric power and systems installation segment, which will gain $208.45 billion of global annual sales by 2029. The top opportunities in the electricians market segmented by end user will arise in the commercial segment, which will gain $99.92 billion of global annual sales by 2029. The electricians market size will gain the most in China at $59.15 billion.

Market-trend-based strategies for the electricians market include focus on retrofit solutions to enhance system efficiency, enhancing skill development through interactive electricians training apps, strategic acquisitions driving growth and smart grid development and energy sustainability through facility expansion.

Player-adopted strategies in the electricians market include focus on strengthening its business operations through strategic partnerships and future growth.

To take advantage of the opportunities, the analyst recommends the electricians companies to focus on developing retrofit solutions to enhance market growth, focus on developing advanced training platforms to enhance skill development, focus on strategic collaborations and acquisitions for market expansion, focus on expanding manufacturing capabilities to support growth, expand in emerging markets, focus on expanding distribution channels through strategic partnerships, focus on implementing competitive and value-based pricing models, focus on targeted marketing and customer engagement, focus on strategic partnerships and cross-promotions and focus on automotive market-specific Ai solutions.

Major Market Trends

• Focus on Retrofit Solutions to Enhance System Efficiency
• Enhancing Skill Development Through Interactive Electricians Training Apps
• Strategic Acquisitions Driving Growth
• Smart Grid Development and Energy Sustainability Through Facility Expansion

Key Mergers and Acquisitions

• Aecon Group Inc. Acquired Ainsworth Power Construction
• Sojitz Corporation Acquired Freestate Electric LLC
• Liberty Service Partners Acquired Luminous Electric
• Quanta Services Acquired Cupertino Electric Inc.
• Criticore Expands Capabilities With Acquisition of Jenco Inc.