New technology trends are rapidly transforming the electrical industry market, and this is what will continue to differentiate the U.S. from the rest of the world.
ATLANTA, GA (PRWEB) October 01, 2015
The electrical industry market is rapidly transforming largely due to technology, according to a new report from CMD, one of the leading construction data providers in North America. The company will release its full Electrical Industry Market Report at the NECA Show on Oct. 4, offering in-depth analysis of the current industry landscape, technology trends and future markets to watch.
According to the report, which can be picked up at CMD’s booth (#2219), the Northeast and South are responsible for the majority of recent electrical construction starts. For the past three years, there has been an increase in the cyclical trend of project starts, as Q1 demonstrated with a 12 percent increase in starts from 2014 to 2015, while Q2 marked a nine percent increase when comparing the annual quarters.
“In some regions of the country, the transformation we’re seeing right now could be referred to as an electrical industry revolution,” said CMD Chief Economist Alex Carrick. “New technology trends are rapidly transforming the electrical industry market, and this is what will continue to differentiate the U.S. from the rest of the world.”
Additionally, the report notes that the three major categories of current electrical contracting work include new construction (50 percent); electrical systems replacement or “retrofitting” in existing buildings (30 percent); and maintenance, repair and replacement (MRR) work (20 percent). The total valuation for electrical project starts in the first quarter of 2015 reached $66 billion in the U.S. In the second quarter of 2015, this figure reached $52 billion, both higher than the first and second quarter of 2014. It is expected that these categories of contracting work will be most impacted by technology innovations such as BIM technology, new energy storage techniques and solar panels in the future.
Visitors to the CMD booth will receive a complimentary copy of the report. For additional information, visit cmd.group.com for the latest on trends in the construction industry.
CMD, the Innovation Partner of the AIA, is a leading North American provider of construction information. CMD’s diverse portfolio of innovative products and technologies includes national, regional and local project leads, marketing solutions and market intelligence