Building equipment means all machinery, systems, appliances, equipment, and other equipment in a building or the infrastructure required to operate it.
The main types of building equipment contractors are electrical contractors and other wiring installation contractors, plumbing, heating, and air-conditioning contractors, and other building equipment contractors. Plumbing refers to any system that transports fluids for a variety of purposes. To transport fluids, plumbers employ pipes, valves, plumbing fittings, tanks, and other devices. The different service providers include large chain companies and independent contractors and are available in various modes, such as online and offline. The building equipment contractors are involved in residential construction, non-residential building construction, utility system construction, and others.
The building equipment contractors market research report is one of a series of new reports from The Business Research Company that provides building equipment contractor market statistics, including building equipment contractor industry global market size, regional shares, competitors with a building equipment contractor market share, detailed building equipment contractor market segments, market trends and opportunities, and any further data you may need to thrive in the building equipment contractors industry. This building equipment contractor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The global building equipment contractors market grew from $2,621.41 billion in 2022 to $2,824.95 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The building equipment contractors market is expected to grow to $3,722.41 billion in 2027 at a CAGR of 7.1%.
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.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the non-residential building construction market in 2020 as supply chains were disrupted due to trade restrictions and construction activities were affected due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia. Construction companies depend on the supply of raw materials and equipment from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, companies had to halt construction activities due to a lack of equipment and raw materials. The outbreak continues to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the non-residential building construction market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Smart wearables are paving their way into the building equipment contractor market and are being used by supervisors for monitoring operations. Wearable technology in the construction industry will not only have value for workers but can also enhance a company’s ability to manage safety. 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. Microsoft's device, HoloLens, allows users to use augmented or mixed reality on the job site. Users can overlay 3D building plans over a site. The plans are to scale so project managers can actually see how things will work and fit on the site, reducing the rework requirement. For instance, in 2020, the national framework organization Pagabo, with the goal of improving site management and promoting well-being in the construction industry, teamed up with health tech start-up Moodbeam to produce Moodbeam One, a wearable gadget that allows construction workers to collect their mood in real-time.
Major companies in the building equipment contractors market include KONE Corporation, Comfort Systems USA, Inc., Balfour Beatty plc, Fletcher Building Ltd., Vinci SA.
Asia-Pacific was the largest region in the building equipment contractors market in 2022. North America was the second-largest region in the building equipment contractors market. The regions covered in the building equipment contractors report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the building equipment contractors market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The building equipment contractors market includes revenues earned by entities by elevators, escalators, service station equipment, and central vacuum cleaning systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The global building equipment contractors market is segmented -
1) By Type: Electrical Contractors And Other Wiring Installation Contractors, Plumbing, Heating And Air-Conditioning Contractors, Other Building Equipment Contractors
2) By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Other Applications
3) By Service Provider: Large Chain Companies, Independent Contractors
4) By Mode: Online, Offline