DUBLIN--(BUSINESS WIRE)--The "Specialty Trade Contractors Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global specialty trade contractors market is expected to grow from $ 5149.38 billion in 2021 to $ 5721.41 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%. The market is expected to reach $8405.13 billion in 2026 at a CAGR of 10.1%.
Major companies in the market include The Metallurgical Corp of China; KONE Corporation; Vinci SA; Fletcher Building Ltd.; Comfort Systems USA Inc.
The specialty trade contractors market consists of sales of specialty trade contractors services and related goods by entities (organizations, sole traders and partnerships) that perform specific activities (e.g., pouring concrete, site preparation, plumbing, painting, and electrical work) involved in building construction or other activities that are similar for all types of construction, but that are not responsible for the entire project.
The work performed may include new work, additions, alterations, maintenance, and repairs. The production work performed by establishments in this market is usually subcontracted from establishments of the general contractor type or for-sale builders, but especially in remodeling and repair construction work also may be done directly for the owner of the property.
Specialty trade contractors usually perform most of their work at the construction site, although they may have shops where they perform prefabrication and other work. The sales revenues of establishments primarily engaged in preparing sites for new construction are also included in this market.
Asia Pacific was the largest region in the specialty trade contractors market in 2021. North America was the second-largest region in the l specialty trade contractors market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The specialty trade contractor market growth in the forecast period will be mainly driven by the increase in construction activity in emerging markets. Emerging markets that registered robust construction activity included China, Brazil, India, Saudi Arabia, and Indonesia. For instance, China's construction market grew to $2,279 billion in 2019. This rapid growth in construction activity will contribute to the growth of the specialty trade contractor market.
Artificial intelligence and robotics are becoming popular in the construction industry to alter workforce, to capture data and analyze information, eliminate human error and inconsistency, and provide quality results. Artificial Intelligence (AI) uses computer to model natural intelligence of humans in computer-controlled robots, and machine learning to solve problems and execute tasks.
These artificially intelligent robots aid in performing construction activities, inspecting quality, tracking progress, real time heavy equipment monitoring, proactively alerting the operator when there is a system breakdown or malfunction and increasing safety.
For instance, in 2020, KwantAI, a US based company providing wearable sensors and enterprise SaaS platforms to forecast and optimize cost, time, and safety risk on construction and manufacturing sites, launched AI based social distancing solution for construction industry.
Kwant's patented machine-learning algorithms were employed to offer precise indoor and outdoor location of employees on-site. Kwant.ai offers proactive decision-making using actionable insights regarding social distancing, contact tracing, and capacity thresholds by combining battery-powered sensors with predictive algorithms.
Construction costs are increasing steadily due to rising material costs. Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt increased by 58% in 2021 from the year 2020.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Specialty Trade Contractors Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Specialty Trade Contractors Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Specialty Trade Contractors Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Specialty Trade Contractors Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Specialty Trade Contractors Market Trends And Strategies
8. Impact Of COVID-19 On Specialty Trade Contractors
9. Specialty Trade Contractors Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Specialty Trade Contractors Market Regional Analysis
10.1. Global Specialty Trade Contractors Market, 2021, By Region, Value ($ Billion)
10.2. Global Specialty Trade Contractors Market, 2016-2021, 2021-2026F, 2031F, Historic And Forecast, By Region
10.3. Global Specialty Trade Contractors Market, Growth And Market Share Comparison, By Region
11. Specialty Trade Contractors Market Segmentation
11.1. Global Specialty Trade Contractors Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Foundation, Structure, And Building Exterior Contractors
- Building Equipment Contractors
- Building Finishing Contractors
- Other Specialty Trade Contractors
11.2. Global Specialty Trade Contractors Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Residential Building Construction
- Nonresidential Building Construction
- Utility System Construction
- Others
11.3. Global Specialty Trade Contractors Market, Segmentation By Ownership, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Chained
- Standalone
11.4. Global Specialty Trade Contractors Market, Segmentation By Mode, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Online
- Offline
12. Specialty Trade Contractors Market Segments
12.1. Global Foundation, Structure, And Building Exterior Contractors Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Excavation And Demolition; Roofing; Concrete Work; Water Well Drilling
12.2. Global Building Equipment Contractors Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Electrical Contractors And Other Wiring Installation Contractors; Plumbing, Heating And Air-Conditioning Contractors; Other Building Equipment Contractors
12.3. Global Building Finishing Contractors Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Drywall And Insulation Contractors; Painting And Wall Covering Contractors; Flooring Contractors; Tile And Terrazzo Contractors; Finish Carpentry Contractors; Other Building Finishing Contractors
12.4. Global Other Specialty Trade Contractors Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Site Preparation Contractors; All Other Specialty Trade Contractors
13. Specialty Trade Contractors Market Metrics
13.1. Specialty Trade Contractors Market Size, Percentage Of GDP, 2016-2026, Global
13.2. Per Capita Average Specialty Trade Contractors Market Expenditure, 2016-2026, Global
Companies Mentioned
- The Metallurgical Corp of China
- KONE Corporation
- Vinci SA
- Fletcher Building Ltd.
- Comfort Systems USA, Inc.
- Keller Group plc
- Shimizu Corporation
- Balfour Beatty plc
- Carlisle Companies, Inc.
- NCI Building Systems, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/8uxpji
