Key Note Media Centre
2010: A Bright Year for Electrical Contracting
According to Electrical Contracting, a new Market Report from market intelligence provider Key Note, output in the UK electrical contracting market was worth £17.13bn in 2010, an increase of 27.4% on the previous year. This includes the installation of electrical wiring and fittings, communications systems, and lighting and alarm systems.
Output in the electrical contracting market is heavily dependent on the UK construction industry, with the majority of output deriving from new construction or refurbishment work. Recently, construction activities have been somewhat subdued, particularly in private-sector commercial, housing and industrial construction. This caused subdued performance in the electrical contracting market, although strong public-sector construction ensured any losses were not significant. In 2010, construction work increased across almost all sectors, except commercial and refurbishment work, leading to strong growth in electrical contracting in 2010
Sustainability and energy efficiency are some of the main issues influencing the UK electrical contracting market. There are currently ambitious plans by the UK Government to introduce self-monitoring technology in all homes and many businesses, providing consumers with near real-time information about energy use and more accurate bills. The installation and setup of these devices is likely to create massive opportunities for electrical contractors. Also, in order to meet the UK's increasing energy demand and to reduce the UK's reliance on fossil fuels, the Government is investing heavily in offshore wind farms and nuclear power plants, which will require massive input from the electrical contracting industry.
With public-sector construction expected to fall in the next few years, along with the slow recovery in the private sectors, Key Note expects the UK electrical contracting market to be comparatively subdued between 2011 and 2013. As public-sector spending increases and the private sectors recover, increasingly significant growth is forecast from 2014 onwards.
Press enquiries: Jack Sykes at Key Note at email@example.com or 0845 504 0452. Press/review copies of the report are available on request.