Building Equipment Contractors Market Overview: Market Size, Major Drivers And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Market Growth Overview
The building equipment contractors market has exhibited robust growth in recent years, with a projected increase from $2,804.37 billion in 2023 to $2,988.8 billion in 2024, boasting a compound annual growth rate (CAGR) of 6.6%. This growth is attributed to factors such as the expansion of the construction industry, urbanization, infrastructure development, government investments, and adherence to environmental regulations.
Anticipated Future Growth
The market is poised for continued strength, with an expected surge to $3,942.83 billion in 2028 at a CAGR of 7.2%. Key drivers include the adoption of sustainable building practices, smart building technologies, prefabrication, modular construction, workforce shortages, and the pressing need for infrastructure upgrades and maintenance.
Forecasted Trends
Major trends shaping the building equipment contractors market in the upcoming years include:
- Telematics and IoT Integration
- Building Information Modeling (BIM)
- Renewable Energy Installations
- Robotics and Automation
- Advanced Safety Measures
as a Catalyst
Rapid urbanization is a significant force propelling the growth of the building equipment contractors market. The UN World Urbanization Prospects report predicts that over 60% of the global population will be living in cities by 2050. This trend presents vast opportunities, particularly in Asian countries like Indonesia, Vietnam, and the Philippines, driving demand for new infrastructure.
Key Players in the Market
Major companies contributing to the building equipment contractors market include KONE Corporation, Comfort Systems USA Inc., Balfour Beatty PLC, Vinci SA, Mitsubishi Electric Corp, Johnson Controls International PLC, and many others. These industry giants play a pivotal role in the growth and development of the market.
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Innovations in Wearable Technology
The industry is witnessing a paradigm shift with the integration of smart wearables to enhance operational efficiency and safety management on construction sites. Companies are developing devices like smart caps, badges, and biosensors that provide real-time data on location, impact, motion, temperature, and vital signs. Masimo’s Freedom smartwatch is a notable example, revolutionizing health tracking while emphasizing privacy and radiation reduction.
Market Segmentation
The building equipment contractors market is segmented based on:
- Type: Electrical Contractors, Plumbing, Heating and Air-Conditioning Contractors, Other Building Equipment Contractors.
- Service Provider: Large Chain Companies, Independent Contractors.
- Mode: Online, Offline.
- Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, and Other Applications.
Regional Dominance
In 2023, Asia-Pacific emerged as the largest region in the building equipment contractors market. This regional dominance underscores the global nature of the market and the flourishing construction activities in this dynamic region.
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The Building Equipment Contractors Global Market Report 2023 provides an overview of the building equipment contractors market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The building equipment contractors market forecast analyzes building equipment contractors market size, building equipment contractors market share, leading competitor and their market positions.
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