Press release
Building Equipment Contractors Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Building Equipment Contractors
How Large Will the Building Equipment Contractors Market Size By 2025?
There has been robust growth in the market size of building equipment contractors in previous years. Its growth is projected to increase from $3113.67 billion in 2024 to $3292.02 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.7%. The historical growth can be linked to factors such as expansion of construction industry, urban development and infrastructure progress, government funding, and environmental compliance rules.
How Big Is the Building Equipment Contractors Market Size Expected to Grow by 2029?
The market size for building equipment contractors is predicted to undergo significant expansion in the approaching years, with an estimation to reach $4195.91 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.3%. This anticipated growth during the forecast period is due to factors such as sustainable construction methods, smart building technologies, prefabrication and modular construction techniques, workforce deficiencies, as well as the demand for upgrades and maintenance of infrastructure. Major trends expected within the forecast period encompass the integration of telematics and IoT, the application of building information modeling (BIM), installations of renewable energy, the use of robotics and automation, and the implementation of advanced safety protocols.
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Which Key Market Drivers Powering Building Equipment Contractors Market Expansion and Growth?
The rising urban population is anticipated to spur the necessity for fresh commercial and residential structures throughout the prediction timeline. The UN World Urbanization Prospects report suggests that by 2050, approximately two-thirds (60%) of the global populace will be residing in metropolitan areas. Notably, vast chances are anticipated to emerge in Asian nations such as the Philippines, Vietnam, and Indonesia which are gaining popularity for export-driven manufacturing. As per the World Bank data, the urban populace in South Asia is probable to escalate by 250 million by 2030. This swift urbanization is anticipated to augment the necessity for innovative infrastructure, consequently propelling the building equipment contractor market in the projected period.
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What Long-Term Trends Will Define the Future of the Building Equipment Contractors Market?
Leading firms in the building equipment contractor sphere are steadily shifting towards the integration of smart wearables and innovative technologies to enhance efficiency, security, and productivity on construction sites. Smart wearable devices are making their entrance into the building equipment contractor scene, being utilized by supervisors to oversee operations. Such wearable technology typically comprises body-worn electronic or computer devices, personal safety equipment, or attire. Smart accessories like caps, badges, and biosensors are used to monitor real-time parameters such as location, impact, movement, temperature, and vital health signs. For instance, in 2023, the American medical technology firm, Masimo, introduced the Masimo Freedom smartwatch, aiming to bring a new wave in the wearable tech industry by allowing users to manage their personal health and privacy with precise and continuous health tracking features. This device also incorporated a state-of-the-art hardware feature designed to minimize radiation and protect users from privacy intrusion.
What Are the Emerging Segments in the Building Equipment Contractors Market?
The building equipment contractors market covered in this report is segmented -
1) By Type: Electrical Contractors And Other Wiring Installation Contractors, Plumbing, Heating And Air-Conditioning Contractors, Other Building Equipment Contractors
2) By Service Provider: Large Chain Companies, Independent Contractors
3) By Mode: Online, Offline
4) By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Other Applications
Subsegments:
1) By Electrical Contractors And Other Wiring Installation Contractors: Residential Electrical Contractors, Commercial Electrical Contractors, Industrial Electrical Contractors
2) By Plumbing: Residential Plumbing Contractors, Commercial Plumbing Contractors, Specialized Plumbing Contractors (Sewer Or Gas Plumbing)
3) By Heating And Air-Conditioning Contractors: HVAC System Installation Contractors, HVAC Maintenance Contractors, Refrigeration Contractors
4) By Other Building Equipment Contractors: Elevator And Escalator Contractors, Fire Protection System Contractors, Lighting System Contractors
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Who Are the Global Leaders in the Building Equipment Contractors Market?
Major companies operating in the building equipment contractors market include 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.
Which are the Top Profitable Regional Markets for the Building Equipment Contractors Industry?
Asia-Pacific was the largest region in the building equipment contractors market in 2024. North America was the second-largest region in the building equipment contractors market. The regions covered in the building equipment contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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