The U.S. electrical services market is set to depict commendable growth over the coming years, given the strict regulatory norms for the deployment of energy efficient solutions in the country. Increasing renewable integration for the minimization of GHG emissions and ongoing grid modernization will drive the demand for various types of electrical services over the anticipated period.
According to the latest research by Global Market Insights, Inc., the U.S. electrical services market value is estimated to grow at more than 6% rate over 2021-2027.
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This upsurge is ascribed to the increasing adoption of collaborative strategies and product development initiatives by major industry participants. Citing an instance, in June 2020, LUMA Energy LLC, whose 50 percent ownership lies with Quanta Services, announced its selection by the Puerto Rico P3 Authority (Public-Private Partnerships Authority) for the operation and modernization of the territory’s electric T&D system over a period of 15 years.
The electrical services company has also engaged IEM (Innovative Emergency Management) for the provision of its vast experience in the administration of the U.S. FEMA (Federal Emergency Management Administration) financing.
Some prominent trends propelling U.S. electrical services industry outlook are as follows:
Rising investments in R&D
Soaring investments in R&D by prominent electrical services providers for the roll-out of advanced electrical equipment and structures across the grid network is expected to augment U.S. electrical services market growth through the forecasted period.
Considering an instance, in 2019, ABB, a major electrical services company, introduced its Neogear low voltage switchgear equipped with smart technology, maximum efficiency, and safety. The surging demand for operation and maintenance of high voltage grid networks in the event of power outages and continuous grid failure will boost the industry landscape over the coming years.
Escalating demand for utility scale services
The utility scale services segment in the U.S. electrical services industry is expected to exhibit remarkable growth through 2027. This is on account of the surging transmission and distribution investments and the growth of T&D infrastructure for the integration of natural gas and renewable sources of generation.
State based utilities show increasing inclination towards fundamental enhancements for complying with the developing transmission security compliance standards.
Minimal impact of COVID-19
The maintenance works and operations of electrical infrastructure in the country were functional amid the SARS-CoV-2 pandemic. This implied no prohibitions on the construction activities of sustainable energy projects by the state governments.
Furthermore, new utility scale and renewable energy projects have not witnessed any delays. The rising demand for replacement and refurbishment of aging electrical components and the increasing number of investments towards the modernization of grid will spur the demand for different types of electrical services over the analysis period.
Soaring capital expenditure towards T&D infrastructure
The increasing operational and capital expenditure towards the construction of T&D infrastructure and the rising demand for renewable powered sources are set to augment U.S. electrical services market share by 2027.
As per the U.S. Central Bureau, in 2019, the commercial construction spending across the country recorded an upsurge of 4% to USD 1,324 billion in comparison to 2018.
On the whole, ongoing technological advancements for the integration of strong power cables with low mechanical, electrical, and thermal losses will spur U.S. electrical services market growth through the projected period.
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