Global Building Equipment Contractors Market Trends And Strategies Of Major Players In The Building Equipment Contractors Market 2021-2030
12 Mar, 2021
The building equipment contractors market consists of sales of building equipment contractors services and related goods by entities (organizations, sole traders and partnerships) that install or service equipment that forms part of a building’s mechanical system (e.g., electricity, water, heating, and cooling). The work performed may include new work, additions, alterations, maintenance, and repairs. The sales revenues of contractors installing specialized building equipment, such as elevators, escalators, service station equipment, and central vacuum cleaning systems, are also included.
Global Building Equipment Contractors Market Size And Drivers:
The global building equipment contractors market is expected to grow from $1.74 trillion in 2020 to $1.91 trillion in 2021 at a compound annual growth rate (CAGR) of 9.7%. The market is expected to reach $2.42 trillion in 2025 at a CAGR of 6%.
A rapidly growing urban population is expected to increase the demand for new residential and commercial buildings, during the forecast period.
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Trends In The Global Building Equipment Contractors Market
Smart wearable is 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 are those that generally include a computer or electronic device worn on the body, personal protective equipment, or clothing. Sensing wearable like the smart cap, badges, and biosensors evaluate real-time data like location, impact, motion, temperature, and vital signs.
Global Building Equipment Contractors Market Segments:
The global building equipment contractors market is further segmented based on type, application, service provider, mode and geography.
By Type: Electrical Contractors And Other Wiring Installation Contractors, Plumbing, Heating And Air-Conditioning Contractors, Other Building Equipment Contractors.
By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Others.
By Service Provider: Large Chain Companies, Independent Contractors.
By Mode: Online, Offline.
By Geography: The global building equipment contractor market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, Asia Pacific is the largest region in the global building equipment contractors market, accounting for 39% of the total market.
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Building Equipment Contractors Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides building equipment contractors market overviews, analyzes and forecasts market size and growth for the global building equipment contractors market, building equipment contractors market share, building equipment contractors market players, building equipment contractors market segments and geographies, building equipment contractors market’s leading competitors’ revenues, profiles and market shares. The building equipment contractors market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.