Electrical Services Market Analysis

Type (Software Service, Manual Service)

Software service segment is set to dominate around 75% electrical services market share by the end of 2037. The segment has become dominant owing to the increasing integration of smart solutions and digitalization within electrical systems, which maintain efficiency easily and allow for remote monitoring of facilities. Complementing this trend, Voltech Group opened a new electrical testing facility in Chennai, India, in March 2020, with the capacity to test electrical products such as motors, transformers, and switchgear. This is in line with the growing demand for reliable software services that each of these smart systems requires for safety and operational reliability.

Component (Hardware, Solutions, Consulting)

By 2037, solutions segment is anticipated to dominate over 43% electrical services market share. The segment has further garnered growth through the increasing demand for integrated services that provide end-to-end solutions for hardware, software, and consulting needs. In February 2024, Redwood Services invested in Albany Service Co., further expanding its portfolio of residential HVAC and electrical services in New York state. This development underlines the growing demand for bundled solutions serving both residential and commercial clients and shows a strong preference for comprehensive service packages.

Our in-depth analysis of the market includes the following segments:

Types	Software Service Manual Service
Service Provider	Private Public
Component	Hardware Solutions Consulting
Application	Building Industry Manufacturing Industry Farming Business Transportation Energy Communication
End user	Healthcare Office Education Government Others

Frequently Asked Questions (FAQ)

The electrical services market size is USD 130.1 billion in 2024.

The global electrical services market size is valued at US 130.1 billion in 2024 and is anticipated to surpass USD 295 billion by the end of 2037, rising at a CAGR of 6.5% over the forecast period, i.e., 2025-2037.

Key players in the market include Emerson, Prysmian, Schneider Electric, ABB, Siemens, GE, Enel, Legrand, Iberdrola, State Grid Corp. of China, Grainger, Inc., Electrical Safety Specialists, G&W Electric Company, Fluor Corporation, Design Systems, Inc., and others.

The software service segment is anticipated to hold a leading share during the forecast period.

Asia Pacific is predicted to lead the industry with a share of 42% during the forecast period.

Electrical Services Market Analysis