Electrical Services Market Size

Electrical Services Market size was valued at USD 130.1 billion in 2024 and is projected to reach USD 295 billion by the end of 2037, rising at a CAGR of 6.5% during the forecast period, i.e., 2025-2037. In 2025, the industry size of electrical services is assessed at USD 138.5 billion. 

The surge in infrastructure development and the demand for sustainable energy solutions is driving growth in the electrical service market. There is an increased demand for dependable, competent, timely, and efficient electrical services in residential and commercial areas. Hence, companies are scaling up to meet these demands. For example, in October 2024, FirstEnergy Corp. decided to expand its substation in Northwest Ohio. This project, aimed at enhancing the stability and efficiency of the regional power grid, joins an industry trend toward boosting reliability and customer service. Such developments underpin how strategic expansions are becoming a necessity in the market, whereby investment to maintain and improve service reliability is paramount. 

In addition, supportive government policies, as well as incentives for green energy projects, are creating new avenues for growth among electrical service providers. For example, most governments are placing great emphasis on updating electrical infrastructure and stimulating the use of clean energy sources. Both aspects prompt firms to implement renewable solutions in their services with a view towards minimizing environmental degradation that furthers the attainment of nations' sustainability objectives. Furthermore, government-driven initiatives, such as subsidies for the installation of electric vehicle charging infrastructure, drive electrical services market growth.