The Latest Electrical Contractor Industry Statistics Explained
The electrical contractor industry in the US has a market size of $192.9 billion in 2021.
The statistic stating that the electrical contractor industry in the US has a market size of $192.9 billion in 2021 represents the total revenue generated by electrical contractors within the United States in that year. This figure encapsulates the overall economic scale and importance of the industry, highlighting the substantial financial contribution it makes to the national economy. The market size indicates the total value of goods and services exchanged within the industry, including installations, repairs, and maintenance activities related to electrical systems. This information is essential for stakeholders, policymakers, and investors to understand the industry’s significance, assess its growth trajectory, and make informed decisions related to market opportunities and investments.
The US electrical contractors industry has grown 2.1% annually from 2016 to 2021.
The statistic indicates that the US electrical contractors industry has experienced a compound annual growth rate of 2.1% between the years 2016 and 2021. This growth rate suggests that the industry has been expanding steadily over this five-year period. The growth could be attributed to increased demand for electrical services due to factors such as population growth, infrastructure development, and technological advancements. The consistent growth rate of 2.1% annually highlights the industry’s resilience and potential for continued expansion in the future.
The electrical contracting industry employs approximately 3.1% of all construction employees in Canada.
The statistic stating that the electrical contracting industry employs approximately 3.1% of all construction employees in Canada reveals the industry’s relative size and significance within the construction sector of the country. This percentage indicates that the electrical contracting industry plays a notable role in providing employment opportunities within the construction sector, highlighting its importance in contributing to the workforce and economy. By employing a significant portion of construction workers, the industry is essential for powering infrastructure development, residential projects, commercial buildings, and various construction activities across Canada. This statistic suggests that the electrical contracting sector holds a substantial presence within the broader construction industry, influencing employment trends and economic activities in the country.
In Australia, the electrical services industry is projected to grow at a compound annual growth rate (CAGR) of 1.7% over five years through 2024-25, to reach $20.8 billion.
The statistic indicates that the electrical services industry in Australia is expected to experience gradual growth over the next five years, with an estimated compound annual growth rate (CAGR) of 1.7%. This means that on average, the industry’s revenue is forecasted to increase by 1.7% each year between 2020-21 and 2024-25. By the end of this period, the industry is projected to reach a total value of $20.8 billion. The positive CAGR signifies a steady expansion in demand for electrical services in the country, likely driven by factors such as increasing construction activity, infrastructure development, technology advancements, and a growing focus on sustainable energy solutions. This growth trajectory suggests opportunities for businesses operating in the electrical services sector to expand their operations, innovate, and capitalize on the evolving market trends in Australia.
7% of overall revenue in the contractor industry in the USA, which is about $151.7 Billion, is taken by electrical contractors.
The statistic indicates that within the contractor industry in the USA, electrical contractors are able to capture a significant portion of overall revenue, accounting for approximately 7%. Based on the total revenue of about $151.7 billion generated by the industry, this translates to roughly $10.6 billion being attributed to electrical contracting services. This demonstrates the substantial contribution made by electrical contractors to the industry as a whole, highlighting the importance and demand for their expertise and services in the construction and maintenance sectors.
The electrical contracting industry had an expected project growth of 5% in 2019.
The statement indicates that the electrical contracting industry was anticipated to experience a growth rate of 5% in terms of project output in the year 2019. This statistic suggests that the industry was poised for expansion and increased activity during that period. It may imply an optimistic outlook for companies operating within this sector, forecasting an increase in the number and scale of projects to be undertaken, potentially leading to higher revenue and employment opportunities within the industry. This expected growth rate serves as a benchmark for industry performance and can help stakeholders make informed decisions concerning investments, resource allocation, and strategic planning.
The global electrical services market is projected to reach approximately $675 Billion by 2027, at a CAGR of 8.3%.
This statistic indicates that the global electrical services market is expected to experience significant growth over the forecast period, reaching an estimated value of $675 billion by 2027. The Compound Annual Growth Rate (CAGR) of 8.3% suggests a steady and consistent increase in market value year-over-year. This growth projection reflects various factors such as increasing urbanization, technological advancements, and rising demand for electrification across various industries worldwide. Overall, it indicates a lucrative and expanding market opportunity for businesses operating in the electrical services sector.
The percentage of electrical contracting businesses in Australia expected to invest in new technology in 2021 is 47.1%.
The statistic “The percentage of electrical contracting businesses in Australia expected to invest in new technology in 2021 is 47.1%” indicates that nearly half of the electrical contracting businesses in Australia are planning to allocate resources towards acquiring new technology within the year. This suggests a significant trend towards modernization within the industry, potentially driven by factors such as the need to remain competitive, improve efficiency, or adapt to evolving customer demands. The statistic reflects a proactive approach taken by a notable portion of electrical contracting businesses in Australia to embrace innovation and leverage technological advancements to enhance their operations and services in the coming year.
The US electrical contractor industry contributed to 2.1% of GDP in 2020.
The statistic that the US electrical contractor industry contributed to 2.1% of GDP in 2020 indicates the proportion of economic output generated by this specific sector relative to the overall economic activity in the United States during that year. This figure reflects the importance and size of the electrical contractor industry within the broader economy, highlighting its contribution to the country’s overall economic performance. A higher percentage suggests a more substantial impact on GDP, signifying the industry’s role in driving economic growth and employment opportunities within the United States. Understanding this statistic provides insight into the sector’s significance and its influence on the overall economic landscape.
In Canada, as of 2020, there were 8,448 electrical contractor businesses.
The statistic ‘In Canada, as of 2020, there were 8,448 electrical contractor businesses’ indicates the total number of businesses operating in the electrical contractor industry in Canada at the specified time point. This figure represents the diverse landscape of electrical services providers in the country, reflecting the demand for electrical services in both residential and commercial sectors. The data suggests a competitive market with numerous players offering services such as electrical installations, repairs, and maintenance. This statistic can be used by policymakers, industry analysts, and business owners to assess market trends, competition dynamics, and opportunities for growth and innovation within the electrical contracting sector.
California accounts for the largest share of electricians in the U.S., making up approximately 9.8% of the national total in 2019.
The statistic states that California has the highest concentration of electricians in the United States, comprising approximately 9.8% of the total number of electricians in the country in 2019. This indicates that California has a significant presence of electricians compared to other states, suggesting a high demand for electrical services within the state. The proportion of electricians in California relative to the national total highlights the state’s importance in the electrical industry, potentially due to its large population, strong economy, and high level of urbanization which necessitates a robust infrastructure and skilled professionals to maintain and expand it.
The revenue of the electrical installation market in the U.S. in 2020 was around 190 billion U.S. dollars.
The statistic indicating that the revenue of the electrical installation market in the U.S. in 2020 was approximately 190 billion U.S. dollars highlights the significant economic activity generated by this sector within the country. This figure serves as a key indicator of the size and importance of the electrical installation industry, reflecting the total value of goods and services produced within this market during the specified year. Such statistics are essential for understanding the overall economic landscape, assessing industry trends, and informing decision-making processes for businesses, policymakers, and other stakeholders involved in this sector. The substantial revenue figure underscores the sector’s contribution to the national economy and underscores its role in driving growth and employment opportunities across various segments of the industry.
In the UK, there were 288,262 electricians and electrical fitters in 2020.
In 2020, the UK employed a total of 288,262 electricians and electrical fitters, indicating a significant workforce dedicated to fulfilling electrical installation, maintenance, and repair demands across various industries and residential settings. This statistic underscores the crucial role electricians play in ensuring the safety and functionality of electrical systems within buildings, highlighting the high demand for skilled professionals in this field. The number also serves as a benchmark for assessing the growth and evolution of the electrical industry in the UK, reflecting the ongoing need for qualified individuals to support infrastructure development and maintain electrical systems in an ever-changing technological landscape.
As of 2018, the largest 50 companies in the electrical contracting industry only account for about 15% of the total revenue.
This statistic indicates that as of 2018, despite there being a relatively large number of companies within the electrical contracting industry, the top 50 companies in terms of revenue collectively only make up approximately 15% of the total revenue generated within the industry. This implies a high degree of fragmentation and competition in the market, with a large portion of revenue being distributed across a significant number of smaller companies in addition to the top 50 firms. The statistic suggests that the industry is diverse and decentralized, with many players contributing to the overall revenue landscape.
The global compound annual growth rate (CAGR) of the electrical contractor industry is estimated at 8.4%.
The global compound annual growth rate (CAGR) of the electrical contractor industry refers to the average annual growth rate of the industry over a specified period of time, taking into account the effect of compounding. In this case, the estimated CAGR of 8.4% indicates that on average, the electrical contractor industry is expected to grow by 8.4% annually. This growth rate suggests a positive trend in the industry’s expansion and potential for increased demand for electrical contracting services worldwide. Businesses and investors in the industry can use this statistic to project future growth opportunities and make informed decisions regarding investments and strategic planning.
Conclusion
After analyzing the current statistics and trends in the electrical contractor industry, it is evident that the sector is experiencing steady growth and is poised for further advancement in the coming years. From the rising demand for green energy solutions to the increasing focus on automation and technology integration, electrical contractors have a promising future ahead. It is crucial for professionals in the industry to stay informed and adapt to these evolving trends to thrive in an ever-changing market landscape.
References
0. – https://www.www.electrofed.com
1. – https://www.www.constructiondive.com
2. – https://www.www.alliedmarketresearch.com
3. – https://www.www.statista.com
4. – https://www.www.ibisworld.com
5. – https://www.adexchanger.com
