Electrical Engineering Services Market Drivers, Future Growth, Business Prospects, Forces Analysis and Revenue by 2030

In a recent published report, Kenneth Research has updated the market report for Electrical Engineering Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Electrical Engineering Services Market products.

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Kenneth Research, in its repository of market research reports, have recently added a report on Electrical Engineering Services Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Electrical Engineering Services Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.

According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.

The Global Electrical Engineering Services Market, valued at USD 233.65 billion in the year 2019 has been witnessing unprecedented growth in the last few years on the back of increasing demand of the technology in services industry. Electrical Engineering Service is the most needed services and increasing urbanisation and the demand of sustainable resource among the leading countries is one of the major reasons behind the growth of electrical engineering services globally. Additionally, adoption of technologies like Internet of things (IoT) is likely to supplement the Electrical service market value in the near future.

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Among the Service Type in the Electrical Engineering Service industry (Hardware and Software), Software has been gaining popularity globally and is expected to keep growing in the forecast period. The Software service promises sustainable development.

The APAC market is expected to lead the global market throughout the forecast period because of the increasing urbanisation. Additionally, supported by a stable regulatory framework and moderate demand is expected to infuse market growth tremendously. Additionally, new investments for industry expansion and massive infrastructure investments in countries such as India, Indonesia, and China also fueling growth of engineering and design services.

Scope of the Report

• The report analyses the Electrical Engineering Service market at global, regional and country levels.
• The report analyses the Electrical Engineering Service Market by Service type (Hardware & Software).
• The report analyses the Electrical Engineering Service Market by System Type (Lighting System, CATV System, ELV System, Transmission and Distribution System, others).
• The report assesses the Electrical Engineering Service market by its end-user industry (Residential, Commercial and Industrial).
• The Global Electrical Engineering Service Market has been analysed By Region (Americas, Europe, Asia Pacific, and M.E.A) and By Country (United States, Mexico, Brazil, Canada, Germany, France, United Kingdom, China, Japan, and India).
• The attractiveness of the market has been presented by region, By Service type, By System Types and end-user industry. Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Schneider Electric, ABB, Legrand, GE, Emerson, Seimens, Prysmian, Enel, Iberdola, State Grid Corp. of China.
• The report presents the analysis of Electrical Engineering Service market for the historical period of 2015-2019 and the forecast period of 2020-2025.

Key Target Audience

• Electrical Engineering Service Companies
• Lighting, Transmission and Distribution Companies
• Consulting and Advisory Firms
• Government and Policy Makers
• Investment Banks and Equity Firms
• Regulatory Authorities

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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