According to Arizton’s latest research report, the US electrical contractors market is growing at a CAGR of 1.29% during the forecast period.  

 

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Report Summary  

Market Size (2029): USD 256.65 Billion 

Market Size (2023): USD 237.59 Billion 

CAGR (2023-2029): 1.29% 

Historic Year: 2020-2022  

Base Year: 2023  

Forecast Year: 2024-2029  

Market Segmentation: Services, Application, End-user, and Region 

 

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The growth in new construction or remodeling drives the demand for electrical contractors. The rise in 5G technology, demand from data centers, shift toward clean energy, and demand for EV charging infrastructure contribute to the growth of the US electrical contractors market. 

The growing adoption of AI and clean technology manufacturing significantly impacts the US electrical contractors market. This is mainly driven by the substantial energy requirements associated with AI technologies and the expansion of clean technology infrastructure, such as EVs and renewable energy sources. 

Moreover, the rapid expansion of AI has led to a surge in data center energy consumption. These centers, essential for training and operating AI models, require considerable computational power, significantly increasing electricity demand. In 2023, the North American Electric Reliability Corporation (NERC) reported that energy growth rates were at their highest since 2014, primarily due to increased electrification and the proliferation of EVs. This surge has prompted utilities and regulators to adapt quickly, creating opportunities for electrical contractors to implement advanced energy solutions to support the growing AI infrastructure​. 

 

Mergers & Acquisitions to Play a Major Role in the US Electrical Contractors Market 

The recent surge in mergers and acquisitions within the US electrical contractors market is fueled by several key factors and valuation considerations that enhance these companies’ appeal to investors. Companies offering competitive benefits and robust training programs are better equipped to retain a skilled workforce, making them attractive acquisition targets. Additionally, firms with strong market reputations benefit from referrals and recurring revenues, reducing customer acquisition costs and ensuring more predictable revenue streams, thereby boosting their overall valuation. 

Diversification of revenue streams also plays a pivotal role in driving M&A activity. Electrical contractors that have expanded their service portfolios to include recurring service work can stabilize income and lessen dependence on one-time project revenues. This diversification enhances resilience against market fluctuations and increases attractiveness to potential buyers. Furthermore, companies with a solid and expanding backlog, coupled with rising bid and win rates, demonstrate their ability to secure future projects and maintain business continuity. A healthy backlog signifies a consistent flow of future revenues, a crucial factor in M&A valuations. 

 

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Regional Analysis  

South US consists of Texas, Florida, Virginia, Georgia, and others. This region witnesses a high demand for electrical contractors with colocation investments by many firms. 

Several vendors in this region invest in renewable energy as this region is one of the industrial hubs. For instance, Cinterra is at the forefront of America’s transition to utility-scale solar power, offering comprehensive solutions for constructing, distributing, and storing solar energy. As a nationwide full-lifecycle solar contractor, Cinterra brings unmatched expertise to every installation and construction phase. This includes electrical systems, energy storage, and substations, supported by a technology-enabled project management approach and a strong safety-first culture. 

 

Key Company Profiles 

• Quanta Services 

• MYR Group 

• MDU Resources Group 

• IES Holdings 

• EMCOR 

• MasTec 

• ABM 

• Aldridge 

• American Electrical Contracting 

• ArchKey Solutions 

• Bergelectric 

• Cache Valley Electric 

• Cleveland Electric 

• Collins Electrical Company 

• Comfort Systems USA 

• Commonwealth Electric Company 

• Crete Mechanical Group (CMG) 

• Cupertino Electric 

• EC Electric 

• E-J Electric Installation 

• Facility Solutions Group 

• Faith Technologies 

• Five Star Electric 

• Gaylor Electric 

• Helix Electric 

• Henkels & McCoy 

• Hilscher-Clarke 

• Hunt Electric 

• Inglett & Stubbs 

• J.F. Electric 

• M.C. Dean 

• Mid South Contractors 

• Miller Electric Company 

• MMR Group 

• New England Electrical Contracting 

• O’Connell Electric Company 

• Power Design 

• Redwood Electric Group 

• RESA Power 

• Rogers Electric 

• Rosendin Electric 

• SunGrid Solutions 

• The Newtron Group 

• Tri-City Electric 

• Wachter 

• Wayne J. Griffin Electric 

 

Market Segmentation 

Services 

• Electrical 

• Telecommunication 

• Fire & Safety 

• Electrical Control 

• Highway 

• Others 

Application 

• New Construction 

• Renovation or Maintenance 

End-use 

• Outside 

• Inside   

• Residential 

• Commercial 

• Industrial 

• Integrated Building System 

Region

The U.S. 

• South 

• West 

• Midwest 

• Northeast 

 

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