The Growing Electrical Industry: How COVID-19 and Brexit are Impacting the Market

Demand for electricians is expected to remain strong for years as homeowners & businesses often need wiring work done or redone. Companies transforming into IoT solutions will need help installing devices & configuring new infrastructures.

The Growing Electrical Industry: How COVID-19 and Brexit are Impacting the Market

Demand for electricians is expected to remain strong for years to come, as homeowners and businesses often need wiring work done or redone. Companies that are transforming into IoT solutions will need help installing devices and configuring new infrastructures. Electric utilities, in particular, will need more technicians and analysts to understand the enormous amount of big data collected in operational processes. In addition to energy transformation from coal to renewable energy, non-utility companies such as Google, Amazon, Apple and Walmart are investing heavily in their own renewable energy projects.

For homeowners looking for scalable battery storage systems to match their newly installed solar panels, Generac already has a ready-to-use solution with their new Generac PwrCell. Now, power generation and energy storage can go hand in hand, providing homeowners with the best return on their solar energy investment. Remodeling is a quick win for homeowners, building managers and contractors. It's cheaper than building a new one (in most cases) and usually covers your original investment in the early years. As an added benefit, post-pandemic refurbishments in commercial spaces could include new technologies, such as UV light disinfection.

In its midyear report, the American Institute of Architects predicted that post-pandemic design “will drive an increase in building remodeling, benefiting the design and construction industries. While business expansion is slowing, companies will need to modernize obsolete facilities to improve their bottom line when it's more important than ever. For commercial electricians, these adaptations will likely integrate smart technologies, lighting controls and LED lighting improvements across the board. In short, there is a huge opportunity for modernizations. Microgrids have become a major issue in U. S.

energy infrastructure, especially for non-residential customers. Commercial and industrial operations, healthcare organizations, and even airports are considering investing in microgrids to keep their own energy supply separate from the grid. Better yet? It can work in conjunction with renewable energy plans, making it an attractive addition to companies and facilities looking to generate energy for their own operations. The electric service industry under the current regime has gained prominence due to increasing measures associated with power failure, fire, health and other operational hazards. Electricity transmission & distribution grid suffers stress due to increased demand for electricity, variable generation sources and wear & tear of conventional grids. The lack of an effective electrical infrastructure, coupled with the increasing inclination towards improving existing networks, has created a favorable business scenario.

Upgrading poles, cables, substations and transformers with advanced materials and technologies to withstand extreme weather conditions and to improve control of & frequency voltage during system emergencies will boost industry landscape. In addition, fundamental changes in fuel sources, as well as the structure of electricity generation driven by changing policies, technology industry dynamics & regulations are imposing abrupt demands and pressures to improve the conventional infrastructure of T&D. In addition, increased construction spending by authorities in several states has positively influenced the US utility. Government efforts to rebuild current transmission lines (26% towers) along with tilted incentives to implement energy-efficient solutions will boost business prospects.

The industrial and commercial sector in recent years has focused on the deployment of advanced monitoring control solutions & throughout the new and conventional network infrastructure that will influence the potential of the industry. Authorities tend to minimize carbon emissions across the power grid, which has further improved the requirement for grid modernization. Ongoing contractual agreements to meet the growing needs for electrical construction, followed by the remodeling and restructuring of traditional transmission networks, will increase the market value of electric utilities. Utilities across the country have been leaning towards network modernization and smart grid deployment.

The increasing number of construction activities improves the electrical load on transmission and distribution structures, increasing the demand for power towers, lines and advanced electrical equipment. The trend towards sustainable materials and construction methods is expected to continue to grow. Data indicate that the construction industry accounts for 40% of global energy use and 40% of CO2 emissions. There is a demand not only for “greener” building practices but also for greener materials.

While it may not be so much of a “trend” Brexit is expected to enter a new phase that leaves questions to the electrical industry in the UK. The new deadline for Brexit (the day the UK is expected to officially leave the bloc) is January 31st with only a few days left before this post is available. The COVID-19 pandemic has forced electric utilities to make many changes in their operation. How can you innovate to keep going? Eminent players operating in the U.

Electric Services Market includes MYRGROUPINC., MMR Group, Quanta Services, Helix Electric, The Newtron Group, Redwood Electric Group, Facility Solution Group, Bergelectric M., C., Dean of Cupertino Electric Inc.

In conclusion

, while experts may say that there is not much growth in different sectors of the electrical industry at present time due to COVID-19 pandemic and Brexit uncertainty; there are still many opportunities for modernizations that can benefit both residential and commercial customers alike. Microgrids are becoming increasingly popular as they can work in conjunction with renewable energy plans; while sustainable materials are being used more often due to their environmental benefits. With all these factors taken into consideration it is safe to say that there is still potential growth within this sector.

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