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Building Equipment Contractors Market Share, Industry Demand Overview By 2033
Building Equipment Contractors Market Share
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According to The Business Research Company's, The building equipment contractors market size has grown strongly in recent years. It will grow from $2804.37 billion in 2023 to $2988.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to construction industry growth, urbanization and infrastructure development, government investment, environmental regulations.
The building equipment contractors market size is expected to see strong growth in the next few years. It will grow to $3942.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to sustainable building practices, mart building technologies, prefabrication and modular construction, workforce shortages, the need for infrastructure upgrades and maintenance . Major trends in the forecast period include telematics and iot integration, building information modeling (bim), renewable energy installations, robotics and automation, advanced safety measures.
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Market Drivers and Trends:
A rapidly growing urban population is expected to increase the demand for new residential and commercial buildings, during the forecast period. According to the UN World Urbanization Prospects report, globally, it is projected that more than two-thirds (60%) of the world's population will be living in cities by 2050. For instance, large opportunities are expected to arise in Asian countries such as Indonesia, Vietnam, and the Philippines, which are becoming increasingly popular for export-oriented manufacturing. According to the World Bank, the urban population in South Asia is expected to grow by 250 million by 2030. This rapid urbanization is expected to boost the demand for new infrastructure and drive the building equipment contractor market during the forecasted period.
Major companies operating in the building equipment contractor industry are increasingly focusing on developing smart wearables and technologies to improve efficiency, safety, and productivity on construction sites. Smart wearables are paving their way into the building equipment contractor market and are being used by supervisors for monitoring operations. Wearable devices generally include a computer or electronic device worn on the body, personal protective equipment, or clothing. Wearables like the smart cap, badges, and biosensors evaluate real-time data like location, impact, motion, temperature, and vital signs. For instance, in 2023, Masimo, a US-based medical technology company, launched the Masimo Freedom smartwatch. It was created to revolutionize the wearable technology sector and give the freedom to control your personal health and privacy through accurate and ongoing health tracking. It also includes a cutting-edge hardware feature intended to lessen radiation and free you from privacy invasion.
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Major Key Players of the Market:
KONE Corporation, Comfort Systems USA Inc., Balfour Beatty plc, Fletcher Building Ltd., Vinci SA, Mitsubishi Electric Corp, Morgan Sindall Group plc, Integrated Electrical Services Inc., Astaldi S.p.A., Johnson Controls International plc, Honeywell International Inc., Siemens AG, Schneider Electric SE, United Technologies Corporation, Ingersoll-Rand plc, Carrier Global Corporation, Daikin Industries Ltd., LG Electronics Inc., Trane Technologies plc, Lennox International Inc., Rheem Manufacturing Company, Goodman Manufacturing Company L.P., York International Corporation, American Standard Companies Inc., A.O. Smith Corporation, Bradford White Corporation, Navien Inc., Rinnai Corporation, Noritz Corporation, Bosch Thermotechnology Corp., Viessmann Manufacturing Company Inc., Weil-McLain, Burnham Holdings Inc., Taco Comfort Solutions, Grundfos Pumps Corporation, Armstrong Fluid Technology, Bell & Gossett, Wilo USA LLC.
Building Equipment Contractors Market 2024 Key Insights:
• The building equipment contractors market size is expected to see strong growth in the next few years. It will grow to $3942.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Rapid Urbanization Fuels Growth Of Building Equipment Contractors Market
• Smart Wearables Revolutionizing The Building Equipment Contractors Market For Enhanced Operations And Safety Management
• Asia-Pacific was the largest region in the building equipment contractors market in 2023
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