The Business Research Company’s report on the Building Equipment Contractors Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the building equipment contractors market further?
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.
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What are the key factors influencing the forecasted market size of the building equipment contractors industry?
The building equipment contractors market size has grown strongly in recent years. It will grow from $3186.25 billion in 2024 to $3407.23 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. 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 $4352.51 billion in 2029 at a compound annual growth rate (CAGR) of 6.3%. 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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Who are the leading competitors 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 emerging trends are set to transform the building equipment contractors market landscape?
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.
How do different geographies compare in terms of market share and growth potential in the building equipment contractors market?
Asia-Pacific was the largest region in the building equipment contractors market in 2023. 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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Which major segments of the building equipment contractors market are experiencing the fastest growth?
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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How is the building equipment contractors market defined, and what are its core characteristics?
Building equipment means all machinery, systems, appliances, equipment, and other equipment in a building or the infrastructure required to operate it.
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