The Business Research Company’s Building Equipment Contractors Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, September 30, 2021 /EINPresswire.com/ — According to the new market research report ‘Building Equipment Contractors Global Market Report 2021 – COVID-19 Impact And Recovery’ published by The Business Research Company, the building equipment contractors market size is expected to grow from $1744.65 billion in 2020 to $1914.24 billion in 2021 at a compound annual growth rate (CAGR) of 9.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2426.11 billion 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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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. The building equipment contractors market is segmented into electrical contractors and other wiring installation contractors; plumbing, heating and air-conditioning contractors and other building equipment contractors.
Trends In The Global Building Equipment Contractors Market
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. Wearables are devices that generally include a computer or electronic device, worn on the body, personal protective equipment, or clothing. Sensing 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.
Global Building Equipment Contractors Market Segments:
The global building equipment contractors market is further segmented:
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 contractors market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific building equipment contractors market accounts for the largest share in the global building equipment contractors 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 global market overviews, analyzes and forecasts market size and growth for the global building equipment contractors market, building equipment contractors global market share, building equipment contractors global market players, building equipment contractors global market segments and geographies, building equipment contractors global market’s leading competitors’ revenues, profiles and market shares. The building equipment contractors global market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Read Building Equipment Contractors Global Market Report 2021 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country; Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries
Building Equipment Contractors Market Organizations Covered: Bergelectric; EMCOR Group; IES Holdings; ARS/Rescue Rooter; Comfort Systems.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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