Overview and Scope
Building equipment means all machinery, systems, appliances, equipment, and other equipment in a building or the infrastructure required to operate it.
Sizing and Forecast
The building equipment contractors market size has grown strongly in recent years. It will grow from <b>$2804.37 billion in 2023 to $2988.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. </b> The growth in the historic period can be attributed to construction industry growth, urbanization and infrastructure development, government investment, environmental regulations.
The building equipment contractors market size is expected to see strong growth in the next few years. It will grow to <b>$3942.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. </b> The growth in the forecast period can be attributed to sustainable building practices, mart building technologies, prefabrication and modular construction, workforce shortages, the need for infrastructure upgrades and maintenance . Major trends in the forecast period include telematics and iot integration, building information modeling (bim), renewable energy installations, robotics and automation, advanced safety measures.
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Segmentation & Regional Insights
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, UtilitySystem Construction, Other Applications
<b>Asia-Pacific</b> was the largest region in the building equipment contractors market in 2023. 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the building equipment contractors market include <b> 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.</b>
The building equipment contractors market report table of contents includes:
1. Executive Summary
2. Building Equipment Contractors Market Characteristics
3. Building Equipment Contractors Product/Service Analysis -Product/Service Examples
4. Building Equipment Contractors Market Trends And Strategies
5. Building Equipment Contractors Market – Macro Economic Scenario
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26. Germany Building Equipment Contractors Market
27. France Building Equipment Contractors Market
28. Italy Building Equipment Contractors Market
29. Spain Building Equipment Contractors Market
30. Austria Building Equipment Contractors Market
Top Major Players:
- KONE Corporation
- Comfort Systems USA Inc
- Balfour Beatty PLC
- Fletcher Building Ltd.
- Vinci SA
- Mitsubishi Electric Corp
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