How Is The Building Equipment Contractors Market Segmented?
The building equipment contractors market covered in this report is segmented –
1) By Type: Electrical Contractors And Other Wiring Installation Contractors, Plumbing, Heating And Air-Conditioning Contractors, Other Building Equipment Contractors
2) By Service Provider: Large Chain Companies, Independent Contractors
3) By Mode: Online, Offline
4) By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Other Applications
Subsegments:
1) By Electrical Contractors And Other Wiring Installation Contractors: Residential Electrical Contractors, Commercial Electrical Contractors, Industrial Electrical Contractors
2) By Plumbing: Residential Plumbing Contractors, Commercial Plumbing Contractors, Specialized Plumbing Contractors (Sewer Or Gas Plumbing)
3) By Heating And Air-Conditioning Contractors: HVAC System Installation Contractors, HVAC Maintenance Contractors, Refrigeration Contractors
4) By Other Building Equipment Contractors: Elevator And Escalator Contractors, Fire Protection System Contractors, Lighting System Contractors
What Is Driving The Building Equipment Contractors Market? Rapid Urbanization Fuels Growth Of Building Equipment Contractors Market
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.
What Is Driving The Building Equipment Contractors Market? Rising Construction Industry Fueling Growth In The Building Equipment Contractors Market
The growth in the construction industry is expected to propel the growth of the building equipment contractor market. The construction industry involves the planning, design, and physical construction of buildings, infrastructure, and other structures to meet various societal and commercial needs. Building equipment contractors provide specialized expertise and services in the installation, maintenance, and repair of essential building systems and equipment, contributing to the efficient and functional operation of the construction industry. For instance, in February 2023, according to the Office for National Statistics, a UK-based statistics authority, annual construction output increased by 5.6% in 2022 compared with 2021, which follows a record increase in 2021 of 12.8%. Therefore, the growth in the construction industry is driving the building equipment contractor market.
Who Are The Major Players In The Global Building Equipment Contractors Market?
Major companies operating in the building equipment contractors market include KONE Corporation, Comfort Systems USA Inc., Balfour Beatty plc, Fletcher Building Ltd., Vinci SA, Mitsubishi Electric Corp, Morgan Sindall Group plc, Integrated Electrical Services Inc., Astaldi S.p.A., Johnson Controls International plc, Honeywell International Inc., Siemens AG, Schneider Electric SE, United Technologies Corporation, Ingersoll-Rand plc, Carrier Global Corporation, Daikin Industries Ltd., LG Electronics Inc., Trane Technologies plc, Lennox International Inc., Rheem Manufacturing Company, Goodman Manufacturing Company L.P., York International Corporation, American Standard Companies Inc., A.O. Smith Corporation, Bradford White Corporation, Navien Inc., Rinnai Corporation, Noritz Corporation, Bosch Thermotechnology Corp., Viessmann Manufacturing Company Inc., Weil-McLain, Burnham Holdings Inc., Taco Comfort Solutions, Grundfos Pumps Corporation, Armstrong Fluid Technology, Bell & Gossett, Wilo USA LLC.
What Are The Key Trends Of The Global Building Equipment Contractors Market? Smart Wearables Revolutionizing The Building Equipment Contractors Market For Enhanced Operations And Safety Management
Major companies operating in the building equipment contractor industry are increasingly focusing on developing smart wearables and technologies to improve efficiency, safety, and productivity on construction sites. Smart wearables are paving their way into the building equipment contractor market and are being used by supervisors for monitoring operations. 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. For instance, in 2023, Masimo, a US-based medical technology company, launched the Masimo Freedom smartwatch. It was created to revolutionize the wearable technology sector and give the freedom to control your personal health and privacy through accurate and ongoing health tracking. It also includes a cutting-edge hardware feature intended to lessen radiation and free you from privacy invasion.
What Are Latest Mergers And Acquisitions In The Building Equipment Contractors Market? Comfort Systems Usa Inc. Partnered With Xoi Technologies To Launch The Fix Technical Support Center
In January 2022, Comfort Systems USA Inc., a US-based national heating, ventilation, and cooling (HVAC) company, partnered with XOi Technologies to deploy an advanced end-to-end engagement solution to better equip commercial and industrial technicians on the job. The FIX solution, which uses cutting-edge data-driven augmented reality technology, allows comfort systems workers to use, collect, and analyze key job data, making their time on site more efficient and productive. The technology enables service teams to improve efficiency, transparency, and customer experience while also developing extensive and easily available institutional knowledge bases to support real-time decision-making and data-driven continuity. XOi Technologies is a US-based technology company. It offers a cloud-based mobile application that empowers field service companies.
Regional Outlook For The Global Building Equipment Contractors Market
Asia-Pacific was the largest region in the building equipment contractors market in 2024. North America was the second-largest region in the building equipment contractors market. The regions covered in the building equipment contractors market 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 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
What Defines the Building Equipment Contractors Market?
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.
How is Market Value Defined and Measured?
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.
What is the Market Assessment and Strategic Outlook for the Building Equipment Contractors Industry?
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.
