Electrical Services Market Share

Asia Pacific Market Analysis     

Asia Pacific in electrical services market is set to hold more than 42% revenue share by 2037. This is due to rapid industrialization, expansion of cities, and a sound thrust on renewable energy solutions. In the region, countries are putting more emphasis on infrastructure upgrades that will accommodate projects related to sustainability, hence increasing the demand for electrical services at an accelerated pace. Furthermore, government investments in infrastructure modernization and green energy projects present a strong impetus toward electrical services market growth.

The growth of the electrical services market in India is directly influenced by the overall push from the government toward electrification and grid modernization. Initiatives like the National Smart Grid Mission are playing an important role in upgrading the country's vast energy resources. For example, I Squared Capital reflected the trend of sustainable energy solutions in India through an acquisition of Priority Power in July 2024. This acquisition is also in sync with the energy strategy of India that leverages the dual levers of reliability and sustainability in energy access, further driving electrical services market growth.

China is witnessing significant growth in the electrical services market, driven by widespread urbanization and equally ambitious smart grid initiatives. With the rapid industrialization of the country, it needs much electrical infrastructure in order to sustain its growing economy and urban populace. In September 2024, Ogden Electrical opened a new office in Utah as part of an initiative that seeks to make services more accessible while aligning with the country’s emphasis on efficient, scalable energy solutions. This not only demonstrates the commitment to infrastructure development but also forms part of the country's wider ambition to enhance energy efficiency and accessibility. 

North America Market Analysis

North America electrical services market is expected to observe growth of over 5.5% through 2037, propelled by modernization in infrastructure and renewable energy projects. Favorable regulations and a number of incentives concerning regional investments positively support the development of sustainable and resilient systems of energy supply. Furthermore, the U.S. and Canada hold leading positions in North America due to heavy investments being made to ensure the reliability of service and reach the green energy target.

The electrical services market in the U.S. is expanding at a considerable rate due to the modernization initiative, to achieve improved infrastructure that will enable the country to reach its ambitious green energy goals. In November 2023, Greenbelt Capital Partners acquired Saber Power Services with further expansion of power infrastructure services as a goal. The strategic purchase is part of a wider initiative that will boost the use of renewable energy within the country and make the grid resilient. This positions the U.S. electrical services market for continued leadership and prominence toward securing a sustainable and reliable electrical network in the coming years.

The growth in Canada electrical services market is driven through government-led funding to improve infrastructure and renewable energy projects. Most significantly, there has been industry consolidation that shows the country is committed to modernizing its energy systems. In March 2024, Cassady Electrical Contractors merged with Huston Electric to broaden the service offerings and make operations more efficient to meet the country's growing energy demands. The merger is a sign that Canada is focusing on increasing energy access and efficiency, placing it as a lucrative country in the electrical services sector.