Global Specialty Trade Contractors Market Overview And Prospects
Learn about the global specialty trade contractors market through The Business Research Company, which provides information on specialty trade contractors market size, specialty trade contractors market drivers and restraints, specialty trade contractors market players, the COVID-19 impact on the specialty trade contractors market, and more.
The global specialty trade contractors market size is expected to grow from $5149.38 billion in 2021 to $5721.41 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%. The growth in the specialty trade contractors market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The specialty trade contractors market is expected to reach $8405.13 billion in 2026 at a CAGR of 10.1%.
The specialty trade contractor market growth in the forecast period will be mainly driven by the increase in construction activity in emerging markets.
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The specialty trade contractors market consists of sales of specialty trade contractors services and related goods by entities (organizations, sole traders and partnerships) that perform specific activities (e.g., pouring concrete, site preparation, plumbing, painting, and electrical work) involved in building construction or other activities that are similar for all types of construction, but that are not responsible for the entire project. The work performed may include new work, additions, alterations, maintenance, and repairs. The production work performed by establishments in this market is usually subcontracted from establishments of the general contractor type or for-sale builders, but especially in remodeling and repair construction work also may be done directly for the owner of the property. Specialty trade contractors usually perform most of their work at the construction site, although they may have shops where they perform prefabrication and other work. The sales revenues of establishments primarily engaged in preparing sites for new construction are also included in this market.
Global Specialty Trade Contractors Market Segments Include:
By Type: Foundation, Structure, And Building Exterior Contractors, Building Equipment Contractors, Building Finishing Contractors, Other Specialty Trade Contractors
By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Others
By Ownership: Chained, Standalone
By Mode: Online, Offline
Subsegments Covered: Excavation And Demolition, Roofing, Concrete Work, Water Well Drilling, Electrical Contractors And Other Wiring Installation Contractors, Plumbing, Heating And Air-Conditioning Contractors, Other Building Equipment Contractors, Drywall And Insulation Contractors, Painting And Wall Covering Contractors, Flooring Contractors, Tile And Terrazzo Contractors, Finish Carpentry Contractors, Other Building Finishing Contractors, Site Preparation Contractors, All Other Specialty Trade Contractors
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the global specialty trade contractors market in 2021.
Artificial intelligence and robotics are becoming popular in the construction industry to alter workforce, to capture data and analyze information, eliminate human error and inconsistency, and provide quality results. Artificial Intelligence (AI) uses computer to model natural intelligence of humans in computer-controlled robots, and machine learning to solve problems and execute tasks. These artificially intelligent robots aid in performing construction activities, inspecting quality, tracking progress, real time heavy equipment monitoring, proactively alerting the operator when there is a system breakdown or malfunction and increasing safety.
TBRC’s specialty trade contractors market report covers:
Major Market Players: The Metallurgical Corp of China, KONE Corporation, Vinci SA, Fletcher Building Ltd., and Comfort Systems USA, Inc.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)
The Specialty Trade Contractors Global Market Report 2022: Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company that provides specialty trade contractors market overviews, analyses and forecasts market size, share, specialty trade contractors market players, specialty trade contractors market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s specialty trade contractors market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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