The global specialty 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 $8,405.13 billion in 2026 with a CAGR of 10.1%.
Major companies in the market include The Metallurgical Corp of China; KONE company; Vinci SA; Fletcher Building Ltd.; Comfort Systems USA Inc.
The trade contractor market includes sales of trade contractor services and related goods by entities (organizations, sole proprietorships, and partnerships) that perform specific activities (for example, pouring concrete, site preparation, plumbing, painting and electrical work) involved in building construction or other similar activities for all types of construction, but who are not responsible for the whole project.
Work performed may include new work, additions, alterations, maintenance and repairs. Production work performed by establishments in this market is generally outsourced to general contractor type establishments or builders for sale, but particularly in renovation and repair work, construction work may also be performed directly to the property owner.
Trade contractors generally do most of their work at the construction site, although they may have workshops where they do prefabrication and other work. Revenues from the sales of establishments primarily engaged in preparing sites for new construction are also included in this market.
Asia-Pacific was the largest region in the trade contractors market in 2021. North America was the second largest region in the trade contractors market. Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growth of the specialty contractors market over the forecast period will be primarily driven by increased construction activity in emerging markets. Emerging markets that have seen robust construction activity include China, Brazil, India, Saudi Arabia and Indonesia. For example, the Chinese construction market reached $2.279 billion in 2019. This rapid growth in construction activity will contribute to the growth of the trade contractor market.
Artificial intelligence and robotics are increasingly popular in the construction industry to modify the workforce, capture data and analyze information, eliminate human errors and inconsistencies and deliver quality results . Artificial intelligence (AI) uses the computer to model the natural intelligence of humans in computer-controlled robots and machine learning to solve problems and perform tasks.
These artificially intelligent robots help perform construction activities, inspect quality, track progress, monitor heavy equipment in real time, proactively alert the operator to system failures or malfunctions, and increase security.
For example, in 2020, KwantAI, an American company providing wearable sensors and enterprise SaaS platforms to predict and optimize costs, time and safety risks on construction and manufacturing sites, launched a AI-based social distancing solution for the construction industry.
Kwant’s patented machine learning algorithms were used to provide accurate indoor and outdoor location of on-site employees. Kwant.ai delivers proactive decision making using actionable insights around social distancing, contact tracing, and capacity thresholds by combining battery-powered sensors with predictive algorithms.
Construction costs are steadily increasing due to rising material costs. Companies in the sector have seen moderate profit growth as prices for materials such as crude oil, a key component of asphalt, rose 58% in 2021 compared to 2020.
Main topics covered:
2. Structure of the report
3. Characteristics of the Specialty Contractors Market
3.1. Market definition
3.2. Key segments
4. Product Analysis of Specialty Contractors Market
4.1. Featured products/services
4.2. Key Features and Differentiators
4.3. Development products
5. Specialty Contractors Market Supply Chain
5.1. Supply Chain
5.3. End customers
6. Specialty Contractors Market Customer Information
6.1. Customer preferences
6.2. End-use market size and growth
7. Specialty Contractors Market Trends and Strategies
8. Impact of COVID-19 on Specialty Contractors
9. Specialty Contractors Market Size and Growth
9.1. Market size
9.2. Historical Market Growth, Value (Billions of dollars)
9.2.1. Market Drivers
9.2.2. Market Constraints
9.3. Market growth forecast, value (in billions of dollars)
9.3.1. Market Drivers
9.3.2. Market Constraints
10. Specialty Contractors Market Regional Analysis
10.1. Global Trade Specialty Contractors Market, 2021, by Region, Value (USD Billion)
10.2. Global Specialty Contractors Market, 2016-2021, 2021-2026F, 2031F, Historical & Forecast, By Region
10.3. Global Specialty Contractors Market, Growth and Market Share Comparison, By Region
11. Specialty Contractors Market Segmentation
11.1. Global Specialty Contractors Market, Segmentation by Type, History & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
Foundation, structure and building exterior contractors
Construction equipment contractors
Building Finishing Contractors
Other specialized contractors
11.2. Global Specialty Contractors Market, Segmentation by Application, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
Construction of residential buildings
Construction of non-residential buildings
Building the utility system
11.3. Global Specialty Contractors Market, Segmentation by Ownership, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
11.4. Global specialty contractors market, segmentation by mode, history and forecast, 2016-2021, 2021-2026F, 2031F, USD billion
12. Specialty Contractors Market Segments
12.1. Global Foundation, Structural and Building Exterior Contractors Market, Segmentation by Type, 2016-2021, 2021-2026F, 2031F, Value (USD Billion) – Excavation and Demolition; Roof; concrete works; Water well drilling
12.2. Global Construction Equipment Contractors Market, Segmentation by Type, 2016-2021, 2021-2026F, 2031F, Value (USD Billion) – Electrical and Other Wiring Installation Contractors; Plumbing, heating and air conditioning contractors; Other Construction Equipment Contractors
12.3. Global Building Finishing Contractors Market, Segmentation by Type, 2016-2021, 2021-2026F, 2031F, Value (USD 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 Contractors Market, Segmentation by Type, 2016-2021, 2021-2026F, 2031F, Value (USD Billion) – Site Preparation Contractors; All other specialized contractors
13. Specialty Contractors Market Metrics
13.1. Specialty Contractors Market Size, Percentage of GDP, 2016-2026, Global
13.2. Average per capita spending of the trade contractor market, 2016-2026, world
China Metallurgical Corps
Fletcher Building Ltd.
Comfort Systems USA, Inc.
Keller Group plc
Balfour Beatty plc
Carlisle Companies, Inc.
NCI Building Systems, Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/8uxpji
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220210005599/en/
Laura Wood, Senior Press Officer
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