Electrical Engineering Services Market Size, Share, Trends, Growth and Forecast 2030

Electrical Engineering Services Industry Prospective:

One of the more recent branches of engineering, electrical engineering is concerned with the design, study and application of devices, equipment and systems that use electricity, electronics and electromagnetism.The global electrical engineering services market size was valued at USD 274.12 billion in 2022 and is anticipated to reach USD 354.79 billion during the forecast period. The market is expected to grow with a CAGR of 3.28% between 2023-2030.

Request Free Sample

The global electrical engineering services market report covers all aspects, including the potential growth drivers, restraints, and leading market players. Also, it offers detailed key insights into the opportunities and challenges in the market landscape. The electrical engineering services industry report also explores market segmentation and regional developments in the industry.

Electrical Engineering Services Market: Overview

Electrical services refer to tasks requiring training and engineering education with good technical sciences, physics, and mathematics knowledge. It involves planning, designing, evaluating, and consulting engineering applications. It is widely used in private and public services for the work associated with machines, buildings, devices, processes, electrical, thermal, pneumatic, and others. Electrical engineering is regarding offering continuous, reliable, and safe power systems. An entire design system is needed to fulfill the requirements for the power supply systems. Electrical engineers are experts in delivering electrical engineering solutions for the manufacturing industry.

Key Insights

• As per the analysis shared by our research analyst, the global electrical engineering services market size is estimated to grow annually at a CAGR of around 3.28% over the forecast period (2023-2030).
• In terms of revenue, the global electrical engineering services market size was valued at around USD 274.12 billion in 2022 and is projected to reach USD 354.79 billion by 2030.
• The growing demand for automation is likely to boost the global electrical engineering services market size growth.
• Based on the product type, the operation and maintenance services segment dominates the global market.
• Based on the application, the commercial segment accounted for the largest share of the global electrical engineering services market.
• Based on region, North America is expected to dominate the market during the forecast period.

Electrical Engineering Services Market: Growth Drivers

Growing demand for automation is likely to drive the growth of the global market.

Nowadays, almost all systems use automation to solve complex problems and accelerate the design process. It helps humans enhance their productivity and improve quality. Therefore, these systems are preferred over traditional systems. A CAD system is a kind of computer-derived software that utilizes interactive computer graphics to communicate. CAD is assumed as a visualization of real-world design that expands the capability of the program designers. Therefore, such a landscape is likely to significantly propel the growth of the global electrical engineering services market. Furthermore, the creation of 2D and 3D designs well defines the various versions of geometry and helps designers come up with unique designs. Also, there is a surge in the outsourcing of electrical engineering services due to increasing industrialization and urbanization. The growing population and increasing per capita income are also increasing the demand for these services. Therefore, the outsourcing of these services is at the pike. These services lower the cost and risks, thereby maximizing productivity.

Electrical Engineering Services Market: Restraints

Lack of skilled labor is expected to hamper the growth of the global market.

The process requires extensive analytical skills. Therefore, the lack of such talented labor is expected to restrict the growth of the global electrical engineering services market. However, the demand for such electrical engineering services is constantly increasing, and it is becoming difficult to satisfy such demand levels. Therefore, it is likely to slow down the growth of the global market.

Electrical Engineering Services Market: Opportunities

Collaboration between OEMs and ESPs is expected to create growth opportunities in the global market.

The surging trend of collaboration between original equipment manufacturers (OEMs) and engineering service providers (ESPs) is anticipated to offer lucrative growth opportunities in the global electrical engineering services industry. There is growing demand to integrate advanced tech into product offerings to shorten the process cycle and lower the overall costs. The companies are boosting their research and development activities to bring innovative products to the market and grab a competitive edge in the global marketplace.

Electrical Engineering Services Market: Challenges

A low level of awareness among people is a big challenge in the global market.

Electrical engineering services are gaining popularity, but a large pool of consumers is still unaware of these affordable services. Also, the post-Covid landscape is not very healthy, as many manufacturing units were shut down during the pandemic. However, with the onset of government regulations, the market is expected to see some growth prospects in the global electrical engineering services industry in the forthcoming years.

Electrical Engineering Services Market: Segmentation

The global electrical engineering services market can be segmented into product type, application, and region.

By product type, the market can be segmented into electrical instrumentation systems, software as a service (SaaS), operation & maintenance services, arc-flash & electrical services, solar panel design services, electrical design & layout services, electrical instrumentation services, and others. The operation and maintenance services segment dominates the global electrical engineering services industry. The segment held around 27.68% of the total market share in 2022. The ongoing technological advancements and growing popularity of maintenance services are boosting the growth of the segment. Also, the surge in the number of maintenance service providers has drastically reduced the overall cost of the service. Therefore, more people are opting for these services owing to their economic prices. Also, the arc-flash & electrical safety services are likely to grow steadily with a CAGR of 21.56% forecast period due to their growing demand in the market.

By application, the market can be segmented into transportation & infrastructure, oil & gas, manufacturing & processing, utilities, industrial, commercial, residential, government, and others. The commercial segment accounts for the largest share of the global electrical engineering services industry during the forecast period. It swiped around 29.53% of the total market share in 2022. The increasing renewable integration includes wide-scale deployment of solar lights, inverters, solar panels, etc., across various healthcare centers, offices, government buildings, etc. Also, the increasing urbanization globally is posing a high requirement for various services like fixing the widely used HVAC systems, air conditioners, boilers, chillers, etc. Additionally, the rising living standards of people in the developing economy are further widening the scope of the segment in the forthcoming years. The government segment is also anticipated to grow with a CAGR of 27.56% over the predicted period due to the high adoption of these services by the government sector for long-term projects.

Recent Developments:

• SCF, in February 2023, said to invest in Global E&C, offering services in the offshore energy sector. The investment is likely to expand the GEC’s power in the fast-changing energy market. Also, it is expected to boost the growth of decarbonization and digital offerings.
• L&T Technology Services Limited, in January 2023, will be the strategic engineering partner for Airbus to offer advanced engineering services under a multi-year contract.

Electrical Engineering Services Market: Report Scope

Electrical Engineering Services Market: Regional Analysis

North America to lead the global market during the forecast timeline

North America accounts for the largest share of the global electrical engineering services market owing to the fact that the region owns the most strong and clear electrical systems in the world. The US is the strongest region contributing heavily toward the growth of the regional market. Furthermore, the growing investment in the region for bigger projects is likely to spur the growth of electrical engineering services in the region. Also, the busy lifestyle of the people in the region is the primary reason for the growth of these services, as people don’t even have time for daily chores. A significant change in US road systems is a big opportunity for the growth of these services in the region. Additionally, the constant innovations and ongoing developments, particularly in the distribution and transmission grid, are likely to further accentuate the growth of the regional market.

Asia Pacific is also anticipated to grow significantly during the forecast period due to the growing tech developments in the region. Also, the increasing per capita income of the people, along with the rise in their living standards, are likely to positively impact the growth of the regional market. Also, the growing foreign direct investment in the tech sector owing to the rising talent in the region will spur these services in the region significantly.

Europe is expected to grow steadily with a healthy CAGR during the forecast period due to the presence of strong market players in the region. Additionally, the advanced equipment in the region offering unique benefits is based on complex programming, thereby requiring good electrical engineering service. Therefore, such a landscape is likely to pave a positive growth trajectory for the growth of the regional market.

Electrical Engineering Services Market: Competitive Analysis

The key players in the global electrical engineering services market include:

• ABB
• Siemens
• GE
• Enel
• Legrand
• Emerson
• Prysmian
• Schneider Electric
• Iberdrola
• State Grid Corp. of China
• Grainger Inc.
• Electrical Safety Specialists
• G&W Electric Company
• Fluor Corporation
• Design Systems Inc.
• Others.

The global electrical engineering services market is segmented as follows:

By Product Type

• Electrical Instrumentation System
• Software As A Service (SaaS)
• Operation & Maintenance Services
• Arc-Flash & Electrical Services
• Solar Panel Design Services
• Electrical Design & Layout Services
• Electrical Instrumentation Services
• Others

By Application

• Transportation & Infrastructure
• Oil & Gas
• Manufacturing & Processing
• Utilities
• Industrial
• Commercial
• Residential
• Government
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa