Robust Growth Propels Global Specialty Trade Contractors Market

The Business Research Company’s Specialty Trade Contractors Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, November 29, 2023 /EINPresswire.com/ — The global specialty trade contractors market experienced substantial growth, surging from $5,415.13 billion in 2022 to $5,783.04 billion in 2023, boasting a remarkable Compound Annual Growth Rate (CAGR) of 6.8%. Projections indicate sustained expansion, with the specialty trade contractors market poised to reach $7,350.26 billion by 2027, driven by a steady CAGR of 6.2%.

Key Driver: Construction Activity in Emerging Markets

The forthcoming growth of the specialty trade contractors market is intricately tied to the upswing in construction activities within emerging markets. Countries such as China, Brazil, India, Saudi Arabia, and Indonesia witnessed robust construction endeavors. Notably, construction output in China contributed 25.9% to the GDP in 2020, a substantial increase from 6.2% in 2019. India, as per Invest India, anticipates its construction industry to reach $1.4 trillion by 2025. The momentum in construction activities in these emerging markets is poised to fuel the specialty trade contractors market.

For a deeper understanding and strategic insights, refer to our comprehensive sample report:

Major Market Players Shaping the Landscape

Prominent companies contributing to the specialty trade contractors market include The Metallurgical Corp of China, KONE Corporation, Vinci SA, Fletcher Building Ltd., and Comfort Systems USA, Inc.

Technological Advancements: Artificial Intelligence and Robotics Integration

The construction industry is witnessing a paradigm shift with the integration of artificial intelligence (AI) and robotics. These technologies are altering the workforce, capturing data, analyzing information, eliminating human error, and ensuring quality outcomes. AI employs machine learning and computer-controlled robots to model human intelligence, enhancing construction activities’ efficiency. For instance, KwantAI, a US-based company, introduced an AI-based social distancing solution for the construction industry. Using machine learning algorithms, the solution provides precise location tracking, aiding in social distancing, contact tracing, and monitoring capacity thresholds.

Regional Dynamics: Asia-Pacific Takes the Lead

In 2022, Asia-Pacific emerged as the largest region in the specialty trade contractors market, with North America securing the second-largest share.

Comprehensive Market Segmentation for Tailored Insights
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

Subsegments Covered: Excavation And Demolition, Roofing, Concrete Work, Water Well Drilling, Electrical Contractors And Other Wiring Installation Contractors, Plumbing, Heating And Air-Conditioning Contractors, Other Building Equipment Contractors, Drywall And Insulation Contractors, Painting And Wall Covering Contractors, Flooring Contractors, Tile And Terrazzo Contractors, Finish Carpentry Contractors, Other Building Finishing Contractors, Site Preparation Contractors, All Other Specialty Trade Contractors

For comprehensive insights into market dynamics and future trends, please refer to the complete report:

Specialty Trade Contractors Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Specialty Trade Contractors Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on specialty trade contractors market size, specialty trade contractors market drivers and trends, specialty trade contractors market major players, specialty trade contractors market competitors’ revenues, specialty trade contractors market positioning, and specialty trade contractors market growth across geographies. The specialty trade contractors market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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