Electrical Engineering Services Market Size, Share, Trends, Growth and Forecast 2032

Electrical Engineering Services Market Insights

As per the published report by Market Research Store, the global Electrical Engineering Services Market size was estimated at USD 105.75 Billion in 2023 and is anticipated to reach USD 166.89 Billion by 2032, growing at a projected CAGR of 5.2%. The report provides a detailed analysis of the global market, including market trends, market dynamics, and market opportunities during the forecast period (2024-2032). It delves deeper into several market facets, such as market definition, size, growth, forecast, segmentation, competitive analysis, growth drivers, restraints, financial analysis, SWOT analysis, PORTER’s five force analysis, PESTEL analysis, market share analysis, cost-benefit analysis, challenges, restraints, strategic recommendations, and market players.

Global Electrical Engineering Services Market: Overview

Electrical engineering delivers safe, continuous, and reliable power equipment. The manufactured electrical equipment is been designed, developed, tested, as well as supervised by the electrical engineers. The manufacturing industry requires electrical engineering solutions which are been provided by electrical engineering services. The electrical engineering services offer a wide range of services such as design engineering supply installation of motor control centers, power & lightening systems, low tension & high-tension cable laying works, and switchyards.

Global Electrical Engineering Services Market: Growth Factors

The global electrical engineering services market is growing at a lucrative rate. The rise in outsourcing of electrical engineering services, growing demand for electrical engineering services with an increase in urbanization, and favorable regulatory policies are some of the key features that are speeding up the growth of the global electrical engineering services market. The electrical engineering services help the organization to reduce the risk & additional cost of the expenses, reduction in power loss & other issues by operation researching process, increase financial security & efficiency, maximize the productivity in the industry.

In addition to this, there is a huge demand for electrical engineering services from the construction industry as there is a rise in residential and commercial projects. Additionally, the electrical energy services also provide end-to-end solutions to several other industries including utilities, heavy engineering, aerospace, and transportation. All these factors are spurring the growth of the global market. Moreover, most of the industries are undergoing technological transformation resulting in the evolution of electrical engineering, thereby making the electrical circuit in the equipment highly complex. This leads to the need for electrical engineering services which in turn is boosting the growth of the market. Furthermore, the adoption of IoT-based technologies is expected to create multiple opportunities for the growth of the global market during the forecast period. However, unawareness regarding the overall benefits of the services and low demand for the services from small & mid-sized industries are the factors that may limit the growth of the global electrical engineering services market.

Drastic measures such as the enforcement of home isolation & lockdown and the shutdown of commercial as well as industrial activities are been embraced by most of the countries due to the sudden outbreak of the Covid-19. Like many other industries, the construction industry is also been affected by the Covid-19 pandemic. Most of the projects are postponed due to the strict rules imposed by the government, disruption in the supply chain, and restriction on personnel movement. Other manufacturing industries also faced numerous challenges in the pandemic. Thus, a fall in the demand for electrical engineering services is been observed amid the Covid-19 pandemic, thereby affecting the growth of the global electrical engineering services market. However, with the onset of industrial operations and construction projects, the global market will grow at a healthy rate.

Global Electrical Engineering Services Market: Segmentation

The global electrical engineering services market is fragmented based on system, service, end-user, and region.

Based on the system, the global electrical engineering services market is classified into CATV system, lighting system, transmission & distribution system, ELV system, and others.

Based on the service, the global market is split into software and hardware.

The end-user segment is categorized into industrial, residential, and commercial.

Electrical Engineering Services Market: Report Scope

Global Electrical Engineering Services Market: Regional Analysis

Asia Pacific region is predicted to hold the topmost position in the global electrical engineering services market during the forecast period. Factors such as an increase in urbanization, a rise in supporting government initiatives, and a rise in outsourcing of electrical engineering services to reduce the cost & time are spurring the growth of the market in this region. North America and Europe are also anticipated to contribute to a significant share in the market. The large sector of electrical engineering and growing demand from the lighting & building sector are propelling the growth of the market in Europe, whereas the technological transformation in the industries is the factor driving the growth of the market in North America.

Global Electrical Engineering Services Market: Competitive Players

Some of the key players operating in the global electrical engineering services market are:

• State Grid Corp. of China
• Iberdola
• Schneider Electric
• Prysmian
• Emerson
• Legrand
• Enel
• Seimens
• GE
• ABB among others.

The global Electrical Engineering Services Market is segmented as follows:  

By System 

• CATV system
• lighting system 
• transmission & distribution system 
• ELV system
• and others 

By Service 

• software
• hardware 

By End-User segment 

• industrial
• residential
• commercial

Global Electrical Engineering Services Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.

Frequently Asked Questions