The specialty trade contractors market has seen significant growth, projected to increase from $5787.9 billion in 2023 to $6138.63 billion in 2024, with a CAGR of 6.1%. This growth can be attributed to the booming construction industry and urbanization trends. By 2028, the market is expected to reach $7960.06 billion, growing at a CAGR of 6.7%, driven by green building practices and renewable energy installations.
Major Driver In The Specialty Trade Contractors Market
The specialty trade contractor market's trajectory in the forecast period hinges significantly on the upswing in construction activity, particularly in emerging markets. Construction, encompassing the planning, design, assembly, and building of physical structures, generates demand for specialized services like electrical, plumbing, and HVAC installation, thereby fueling the growth of the specialty trade contractor market. Notably, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported a substantial increase in privately owned home starts in May 2023, reaching 1,631,000 at a seasonally adjusted annual pace. This represented a notable surge of 21.7% from the revised April 2023 prediction of 1,340,000 and a 5.7% increase from the May 2022 rate of 1,543,000. Correspondingly, the number of privately owned home completions in May 2023 rose by 5.0% over the May 2022 rate, reaching 1,518,000. This robust growth in construction activity serves as a catalyst for the specialty trade contractor market's expansion, with these trends anticipated to influence market dynamics in 2023, 2024, and 2028.
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Specialty Trade Contractors Market Competitive Landscape
Vinci SA, Quanta Services, Shimizu Corporation, KONE Corporation, Balfour Beatty plc, EMCOR Group Inc., The Whiting-Turner Contracting Company, Fletcher Building Ltd., The Metallurgical Corp. of China Ltd., Carlisle Companies Inc., APi Group Inc., Centuri Group Inc., Performance Contractors Inc., Primoris, Comfort Systems Inc., Keller Group plc, MYR Group Inc., Rosendin Electric, NCI Building Systems, BrandSafway, The Haskell Company, Power Design Inc., The Weitz Company, Gaylor, The Boldt Company, HITT Contracting Inc., MasTec Inc., Artera Services, Lithko Contracting LLC, CIANBRO, The Yates Companies Inc., The Christman Company, The Beck Group, The Layton Companies Inc.
Key Specialty Trade Contractors Market Trend
Major companies operating in the specialty trade contractors market are innovating new products such as construction technology solutions to increase their profitability in the market. Construction technology solutions refer to software and technology tools that are designed to help manage construction projects and improve efficiency, productivity, and profitability. For instance, in May 2023, DEWALT, a US-based Industrial Tool Company, introduced an innovative portfolio of construction technology solutions to assist construction professionals in streamlining operations, increasing productivity, automating workflows, and promoting workplace safety. DEWALT construction technology solutions include features that deliver real-time data and insights, automate repetitive operations, and enable smooth collaboration across the construction process, from design through fabrication shops and on the jobsite. MSUITE management software, tool connect site manager, and concrete sensors driven by converge are among the DEWALT product offerings.
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Specialty Trade Contractors Market Segmentation
The specialty trade contractors market covered in this report is segmented –
1) By Type: Foundation, Structure, And Building Exterior Contractors, Building Equipment Contractors, Building Finishing Contractors, Other Specialty Trade Contractors
2) By Ownership: Chained, Standalone
3) By Mode: Online, Offline
4) By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Other Applications
Subsegments Covered: Excavation And Demolition, Roofing, Concrete Work, Water Well Drilling, Electrical Contractors And Other Wiring Installation Contractors, Plumbing, Heating And Air-Conditioning Contractors, Other Building Equipment Contractors, Drywall And Insulation Contractors, Painting And Wall Covering Contractors, Flooring Contractors, Tile And Terrazzo Contractors, Finish Carpentry Contractors, Other Building Finishing Contractors, Site Preparation Contractors, All Other Specialty Trade Contractors
By Geography:The regions covered in the specialty trade contractors market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the specialty trade contractors market in 2023.
The Specialty Trade Contractors Global Market Report 2024 furnishes information about the global specialty trade contractors market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
