xxxxxxxxxxxxxxxxxxx

XXXXXXXXXXXXXXXX

Market Intelligence

Electrical

Global Market Analysis

Market Intelligence

The global electrical market is expected to reach $1.61T USD in 2023 from $1.54T in 2022 with a growth of 4.5%. It is forecasted that the market will go up to $1.85T USD in 2026 with a CAGR of 4.74%
The Electrical Design and Engineering service market is primarily driven by the increasing construction activities across various sectors. The increase in population across every region leads to increase in urbanization of many tier 2 and tier 3 cities resulting development in infrastructure

AMS

LATAM

EMEA

APAC

$299B
Growing at 4% - 6%

$110B
Growing at 2% - 3%

$275B
Growing at 3% - 4%

$872B
Growing at 5% - 6%

Market Maturity

High

Medium

Low

Source: 2024 Beroe Reports - Landscaping & Snow Removal Services

Global Industry Spend and Growth

Electrical Trends

Trending towards electrification through technology such as solar panels, air conditioners, wind turbines, and electric vehicles. Many industry experts are saying that the clean energy trend could exacerbate the shortage of electricians

Metals such as copper, aluminum, nickel, zinc, lead and tin have all experienced significant volatility amidst concerns over the global economy.

Prices have decreased significantly from their record high levels in early 2022 (Zinc -13.5% & Nickel -44.3% YTD). The World Bank projected further price declines this year.

Carbon Emission Reduction

Volatile Global Prices For Metals

Electrical Cost Impacts

Labor Shortage

Prices are expected to rise in the next 3 years due to persistent shortages of skilled trade workers and growing demand for electrical contracting services

Volatility has been very high, fueled by fluctuations in copper prices, construction activity, and corporate profit

Raw Material Volatility

The United States Department of Labor has announced a new independent contractor rule.
This regulation will increase labor costs, which will result in higher prices for services that are now provided by independent contractors

USA Regulations

Electrical Services by Project Type

Majority of Electrical industry spend is captured on large projects such as new construction and renovations