The electrical industry is one of the sectors that’s been badly hit by various problems in the last two years. While most sectors have seen supply chain issues, this is an area where things look set to continue. Recent studies and research have indicated that consumers and contractors are likely to pay more for electrical supplies in the coming months/years. This is largely down to product shortages throughout the industry.
A lot of the problems stem from shortages of aluminum and steel, making it hard to manufacture vital electrical products – like panelboards, switches, and circuit breakers. The latter is becoming a major problem in the industry, with the demand for circuit breakers increasing all the time. Unfortunately, 60% of manufacturers are still reporting a shortage of vital materials needed to make these products. Some are starting to stockpile materials to allow them to make circuit breakers, but the demand for these items is so high, meaning the prices are constantly staying high as well.
There is some good news on the horizon! While prices are increasing in the electrical industry, they aren’t rising by anywhere near as much as they were this time last year. Consequently, experts predict that this sector will continue to be plagued by supply chain problems, though it won’t be as bad as it has been. If you’re interested in learning more about this issue, the following infographic brings lots of important data and explains all the key points. You can check it out down below:
Infographic showcasing electrical supply chain projections