Dublin, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The "Building Equipment Contractors Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report offers a comprehensive overview of the building equipment contractors market, featuring key trends, current influences, and forward-thinking analysis. It delves into the various market segments, including electrical contractors, plumbing, heating, and air-conditioning contractors, as well as other contractors involved in various aspects of construction.
Importantly, it uncovers undercurrents and future opportunities, empowering your business to thrive in this dynamic and evolving industry. Access to this information allows you to anticipate potential challenges and seize viable opportunities, arming your business with the knowledge it needs to lead in this sector.
Market Overview:
The building equipment market refers to all machinery, systems, appliances, equipment, and other devices within a building or the infrastructure required to operate it.
Key Types of Building Equipment Contractors:
- Electrical Contractors and Other Wiring Installation Contractors: These experts handle the electrical systems of a building.
- Plumbing, Heating, and Air-Conditioning Contractors: They are responsible for fluid transportation and climate control systems.
- Other Building Equipment Contractors: This category includes various experts involved in different aspects of construction.
Market Growth and Trends:
- The global building equipment contractors market exhibited substantial growth, increasing from $2,621.41 billion in 2022 to $2,824.95 billion in 2023, with a compound annual growth rate (CAGR) of 7.8%.
- Despite disruptions caused by the Russia-Ukraine war, which affected global economic recovery from the COVID-19 pandemic, the building equipment contractors market is projected to continue expanding. It is expected to reach $3,722.41 billion by 2027, at a CAGR of 7.1%.
Innovation in the Industry:
The integration of smart wearables into the building equipment contractor market is becoming increasingly popular, enabling supervisors to monitor operations more efficiently. Wearable technology can enhance safety and performance in the construction industry, with devices capable of collecting real-time data like location, impact, motion, temperature, and vital signs. This technology includes wearable gadgets like smart caps and badges that can provide valuable data for safety and operational efficiency.
Rapid Urbanization Driving Growth:
A rapidly growing urban population is expected to increase the demand for new residential and commercial buildings. According to the UN World Urbanization Prospects report, over 60% of the world's population is projected to be living in cities by 2050. This urbanization trend is set to create substantial opportunities in Asian countries such as Indonesia, Vietnam, and the Philippines, where export-oriented manufacturing is becoming increasingly popular.
Reasons to Purchase the Report:
- Gain a comprehensive global perspective with detailed insights into over 50 geographies.
- Understand the market's response to the COVID-19 pandemic and how it's evolving as the pandemic's impact recedes.
- Assess the impact of the Russia-Ukraine war on the market, commodity supply, global inflation, and its direct and indirect effects.
- Measure the influence of high global inflation on market growth.
- Develop regional and country-specific strategies based on local data and analysis.
- Identify growth segments for investment and outperform competitors with forecast data and insights into market drivers and trends.
- Understand customer preferences through the latest market share data.
- Benchmark your performance against key competitors in the building equipment contractors market.
Scope of the Report:
This report covers various aspects of the building equipment contractors market, including types of contractors (electrical, plumbing, heating, air-conditioning, and others), application areas (residential building construction, non-residential building construction, utility system construction, and other applications), service providers (large chain companies and independent contractors), and modes of operation (online and offline).
The "Building Equipment Contractors Global Market Report 2023" is an invaluable resource for strategists, marketers, and senior management, providing critical information for assessing and navigating this thriving market.
A selection of companies mentioned in this report includes
- KONE Corporation
- Comfort Systems USAInc.
- Balfour Beatty plc
- Fletcher Building Ltd.
- Vinci SA
- Mitsubishi Electric Corp
- Morgan Sindall Group plc
- Integrated Electrical ServicesInc.
- Astaldi S.p.A.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2824.95 billion |
| Forecasted Market Value (USD) by 2027 | $3722.41 billion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/9vinfj
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ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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