What Has Been Specialty Trade Contractors Market in Recent Years?
The specialty trade contractors market has seen considerable growth due to a variety of factors.
• The size of the specialty trade contractors market has seen significant expansion over the past few years. Predicted to expand from $6380.27 billion in 2024 to $6807.03 billion in 2025, it boasts a compound annual growth rate (CAGR) of 6.7%.
This historic growth is largely due to factors such as progress in the construction industry, real estate development, regulatory compliance adherence, infrastructure projects, population growth, and rapid urbanization.
What Is The Forecast For The Specialty Trade Contractors Market By 2029?
The specialty trade contractors market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of specialty trade contractors is anticipated to witness robust growth. By 2029, it's projected to expand to $8615.97 billion, guided by a compound annual growth rate (CAGR) of 6.1%.
Factors contributing to this projected growth during the forecast period include the adoption of green building practices, the installation of renewable energy, the maintenance of aging infrastructures, construction of healthcare facilities, and the adoption of prefabrication and modular construction methods. Key trends for this forecast period encompass the impact of remote work, the rise of smart home technologies, technological innovations, digital upheaval in construction, and a heightened focus on sustainable practices.
Which Key Drivers Are Propelling Th Specialty Trade Contractors Market's Growth?
The projected expansion of the specialty trade contractor market will primarily be fuelled by escalating construction activities in developing markets. The term "construction" encompasses the entire process of envisioning, delineating, constructing, and finalizing physical structures, including infrastructure, buildings, and facilities, which usually involve the utilization of various materials, tools, and labor force to erect functional and frequently permanent structures. These construction endeavors propel the growth of the specialty trade contractor market, thereby triggering the need for specialized services such as electrical, plumbing, and HVAC installations within the construction projects. For instance, June 2023 data from the U.S Census Bureau and the U.S Department of Housing and Urban Development points out that in May 2023, starts for privately-owned homes reached a seasonally adjusted annual rate of 1,631,000. This presents a rise of 21.7% from the revised April 2023 forecast of 1,340,000 and a 5.7% increase from the May 2022 figure of 1,543,000. The private home completions in May 2023, also stood at 1,518,000 on a seasonally adjusted annual basis, showing an enhancement of 5.0% over the May 2022 figure of 1,446,000 and a 9.5% uptick from the revised April 2023 tally of 1,386,000. This surge in construction activities is expected to stimulate the growth of the specialty trade contractor market.
How Is The Globa Specialty Trade Contractors Market Divided Into Key Segments?
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:
1) By Foundation, Structure, And Building Exterior Contractors: Excavation Contractors, Concrete Contractors, Steel Erection Contractors, Masonry Contractors, Waterproofing Contractors
2) By Building Equipment Contractors: Plumbing Contractors, Electrical Contractors, Hvac (Heating, Ventilation, And Air Conditioning) Contractors, Fire Protection Contractors, Elevator And Escalator Contractors
3) By Building Finishing Contractors: Drywall Contractors, Flooring Contractors, Painting Contractors, Roofing Contractors, Ceiling Contractors
4) By Other Specialty Trade Contractors: Demolition Contractors, Site Preparation Contractors, Insulation Contractors, Fencing Contractors, Landscaping Contractors
Pre-Book The Specialty Trade Contractors Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Reshaping The Specialty Trade Contractors Market?
Top-tier companies in the specialty trade contractors market are creating innovative products such as construction technology solutions to boost their market profitability. Construction technology solutions denote software and technological tools designed to enhance management of construction projects and bolster efficiency, productivity, and profitability. For instance, DEWALT, a US-based Industrial Tool enterprise, in May 2023, brought forth an innovative range of construction technology solutions to aid construction professionals in simplifying operations, augmenting productivity, streamlining workflows, and reinforcing workplace safety. Features of DEWALT construction technology solutions provide real-time data and insights, automate monotonous operations, and facilitate efficient collaboration throughout the construction procedure, from design to fabrication shops to the jobsite. The DEWALT product offerings include MSUITE management software, tool connect site manager, and concrete sensors enabled by converge.
Who Are the Key Players in the Specialty Trade Contractors Market?
Major companies operating in the specialty trade contractors market include:
• 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.
What are the Regional Insights into the Specialty Trade Contractors Market?
Asia-Pacific was the largest region in the specialty trade contractors’ market in 2024. North America was the second-largest region in the specialty trade contractor’s market. The regions covered in the specialty trade contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
