Demand of sustainable development and increasing urbanization driving global electrical engineering service market

Date: 1 February 2020

According to a research report published by Azoth Analytics in January 2020, the Global Electrical Engineering Service Market was valued at USD 233.65 Billion in the year 2019. The Electrical Service market is expected to grow at a steady pace during the forecast period. Demand of sustainable development and increasing urbanization are the key drivers of the market across the globe. Additionally, adoption of technologies like Internet of things (IoT) is likely to supplement the Electrical service market value in the near future.

The main growth in Electrical service market has been registered from Asia-Pacific countries in 2019. These nations are fast developing and urbanisation is also rising due to which Electrical service companies are increasingly investing in these nations. Demand of sustainable development, increasing urbanization, in countries, and rising demand for digitisation are some of the driving factors which is anticipated to propel the market value in forecast period. 

Some of the factors such as growth in developing countries, climate concern and demand of sustainable source for eco-friendly resources are expected to augment the market growth rate. Despite of the recent economic slowdown, the climate concern in countries and the rise in the level of sustainability along with innovation has put the Electrical service sector among the top ranks in the global competition arena. Additionally, the competitiveness of Electrical service companies is strongly linked to labour costs, which are higher in the European sector. In order to face its Asian competitors, the European industry has adopted a clear specialization strategy in higher value-added and technologically complex segments which is infusing the market growth rate.

The Azoth Analytics research report titled Global Electrical Engineering Services Market (2020Edition) - World Market Review and Forecast (2020-2025)  has analysed and segmented the Electrical Service Market by Value (USD Billion). The report has analysed the Electrical Service Market by Service Type (Hardware and Software), System type (Lighting system, CATV system, ELV system, Transmission and Distribution system, and others), and by End user (Residential, Commercial and Industrial). The Global Electrical Services Market has been analysed By Region (Americas, Europe, Asia Pacific, and M.E.A) and By Country (United States, Canada, Mexico, Brazil, Germany, France, United Kingdom, China, India, Japan) for the historical period of 2015-2019 and the forecast period of 2020-2025.