During a press conference, CEDIA released key findings from its annual market research report, “Size and Scope of the Residential Electronic Systems Market in the U.S.,” which indicate that ESCs are gaining more confidence as they learn to adapt to economic challenges and an ever-changing market.
Erica Shonkwiler, market research manager for CEDIA.
The report is a part of CEDIA’s research offerings, which are designed to provide CEDIA members, industry businesses, media, and other key stakeholders with market data that will enable them to make better business decisions.
The report, in its second year, features data gathered from 770 participating contractors. It details the characteristics of companies working within the residential electronics systems industry in the U.S., revealing the current number of installation companies in the industry, the size of the workforce, trends, forecasts, and the economic impact of the industry.
The key findings from the report also reveal that electronic systems contractors (ESCs) expect a five percent gross revenue increase and a 20-percent increase in the number of projects in 2012 compared to 2011.
In addition, revenues for the installation segment of the industry are trending upward as a whole, from $13B-$14B in 2010 to an anticipated $13.5B to $14.5B.
ESCs also report a greater percentage of projects in existing homes (versus new construction) than ever before, while indicating that they are growing, adapting, and expanding into new product and service offerings.
“With a housing market that is still unstable and an economy that is very slowly improving, ESCs are learning to adapt and overcome challenges for prosperity in a changed and constantly evolving market,” said Erica Shonkwiler, CEDIA market research manager. “The growth, which is hinged on consumer confidence, may be small, but it is also steady and much more sustainable in the long-term.”
CEDIA members and media can request top-level findings by e-mailing [email protected].
In addition to this report, CEDIA recently released its sixth annual Benchmarking Survey Report, which evaluates the state of the CEDIA member electronic systems contractor businesses. Research updates, project details, and report availability will be posted at cedia.net/research.