The main companies in the market are KONE Corporation, Comfort Systems USA Inc., Balfour Beatty plc, Fletcher Building Ltd., Vinci SA. The global construction equipment contractors market is expected to grow from $ 2504.
New York, December 31, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the “Building Equipment Contractors Global Market Report 2022” – https://www.reportlinker.com/p06193654/?utm_source=GNW
$ 93 billion in 2021 to $ 2,795.71 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%. The growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the shutdown of business activities that have resulted in operational challenges. The market is expected to reach $ 4,171.57 billion in 2026 at a CAGR of 10.5%.
The construction equipment contractors market comprises the sales of construction equipment contractor services and related goods by entities (organizations, sole proprietorships, and partnerships) that install or maintain equipment that is part of a building’s mechanical system. (eg electricity, water, heating and cooling). The work performed may include new work, additions, modifications, maintenance and repairs.
The main types of construction equipment contractors are electrical and other wiring installation contractors, plumbing, heating and air conditioning contractors, and other construction equipment contractors. Plumbing refers to any system that transports fluids for various purposes.
To transport fluids, plumbers use pipes, valves, plumbing fittings, tanks and other devices. The different service providers include big chains and independent contractors and are available in various modes, such as online and offline.
Construction equipment contractors are involved in residential construction, the construction of non-residential buildings, and the construction of utility and other systems.
Asia-Pacific was the largest region in the construction equipment contractors market in 2021. North America was the second largest region in the construction equipment contractors market.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
A rapidly growing urban population is expected to increase the demand for new residential and commercial buildings, during the forecast period. will live in cities by 2050.
For example, great 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 increase by 250 million by 2030.
This rapid urbanization is expected to drive the demand for new infrastructure and boost the market for building equipment contractors during the forecast period.
Smart wearable devices are making their way into the construction equipment contractor market and are used by supervisors to monitor operations. Wearable technology in the construction industry will not only be of value to workers, but can also improve a company’s ability to manage safety.
Wearable devices are devices that typically include a computer or electronic device, worn on the body, personal protective equipment, or clothing. Wearable sensing devices such as smart cap, badges and biosensors assess real-time data such as location, impact, movement, temperature and vital signs.
Microsoft’s device, HoloLens, allows users to use augmented or mixed reality on the job site. Users can overlay 3D construction plans on a site.
Plans are to scale so project managers can actually see how things will work and fit on site, reducing redesign needs. For example, in 2020, the national umbrella organization Pagabo, with the aim of improving site management and promoting well-being in the construction industry, partnered with the technology startup of Moodbeam Health to produce the Moodbeam One, a portable gadget that allows construction workers to collect mood in real time.
The coronavirus disease (COVID-19) epidemic acted as a massive restriction on the non-residential building construction market in 2020 as supply chains were disrupted due to trade restrictions and construction activities took off. been affected due to lockdowns imposed by governments around the world.COVID-19 is an infectious disease with flu-like symptoms, including fever, cough, and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Construction companies depend on the supply of raw materials and equipment from domestic and international suppliers.
As many governments have restricted the movement of goods between countries and locally, companies have had to halt construction activities due to lack of equipment and raw materials. The epidemic continues to negatively impact businesses throughout 2020 and into 2021.
However, the non-residential building construction market is expected to recover from the shock over the forecast period as it is a ‘black swan’ event and not related to lingering weaknesses. or fundamentals of the global market or economy.
Countries Covered In The Construction Equipment Contractors Market Report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States , Venezuela and Vietnam.
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