The Specialty Trade Contractors Global Market Report 2023 by The Business Research Company, provides specialty trade contractors market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Specialty Trade Contractors Global Market Report 2023, the market grew from $5415.13 billion in 2022 to $5783.04 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The specialty trade contractors market is expected to grow to $7350.26 billion in 2027 at a CAGR of 6.2%.
The specialty trade contractors market’s growth in the forecast period will be mainly driven by the increase in construction activity in emerging markets. Emerging markets that registered robust construction activity included China, Brazil, India, Saudi Arabia, and Indonesia.
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The specialty trade contractors market is segmented:
1) By Type: Foundation, Structure, And Building Exterior Contractors, Building Equipment Contractors, Building Finishing Contractors, Other Specialty Trade Contractors
2) By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Other Applications
3) By Ownership: Chained, Standalone
4) By Mode: Online, Offline
Artificial intelligence and robotics are becoming popular in the construction industry to alter the workforce, capture data and analyse information, eliminate human error and inconsistency, and provide quality results. Artificial Intelligence (AI) uses computers to model the natural intelligence of humans in computer-controlled robots and machine learning to solve problems and execute tasks. These artificially intelligent robots aid in performing construction activities; inspecting quality; tracking progress; real-time heavy equipment monitoring; proactively alerting the operator when there is a system breakdown or malfunction; and increasing safety. For instance, in 2020, KwantAI, a US-based company providing wearable sensors and enterprise SaaS platforms to forecast and optimise cost, time, and safety risk on construction and manufacturing sites, launched an AI-based social distancing solution for the construction industry. Kwant’s patented machine-learning algorithms were employed to offer precise indoor and outdoor location of employees on-site. By combining battery-powered sensors with predictive algorithms, Kwant.ai offers proactive decision-making using actionable insights regarding social distancing, contact tracing, and capacity thresholds.
The specialty trade contractors market report table of contents includes:
1. Executive Summary
2. Report Structure
3. Specialty Trade Contractors Market Characteristics
4. Specialty Trade Contractors Market Product Analysis
5. Specialty Trade Contractors Market Supply Chain
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26. Specialty Trade Contractors Market Competitive Landscape
27. Key Mergers And Acquisitions In The Specialty Trade Contractors Market
28. Market Background: Construction Market
29. Recommendations
30. Appendix
Top Major Players:
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