New York, Dec. 31, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Building Equipment Contractors Global Market Report 2022” – https://www.reportlinker.com/p06193654/?utm_source=GNW93 billion in 2021 to $2795.71 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4171.57 billion in 2026 at a CAGR of 10.5%.
The building equipment contractors market consists of sales of building equipment contractors services and related goods by entities (organizations, sole traders and partnerships) that install or service equipment that forms part of a building’s mechanical system (e.g., electricity, water, heating, and cooling). The work performed may include new work, additions, alterations, maintenance and repairs.
The main type of building equipment contractors are electrical contractors and other wiring installation contractors, plumbing, heating and air-conditioning contractors, and other building equipment contractors.Plumbing refers to any system that transports fluids for a variety of purposes.
To transport fluids, plumbers employ pipes, valves, plumbing fittings, tanks, and other devices.The different service providers include large chain companies and independent contractors and are available in various modes such as online and offline.
The building equipment contractors are involved in residential construction, nonresidential building construction, and utility system construction and others.
Asia Pacific was the largest region in the building equipment contractors market in 2021.North America was the second-largest region in the building equipment contractors market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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, 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 drives the building equipment contractors market during the foretasted period.
Smart wearable is paving their way into the building equipment contractors market and are being used by supervisors for monitoring operations.Wearable technology in the construction industry will not only have value for workers but can also enhance a company’s ability to manage safety.
Wearable are devices that generally include a computer or electronic device, worn on the body, personal protective equipment, or clothing.Sensing wearable like the smart cap, badges, and biosensors evaluate real-time data like location, impact, motion, temperature, and vital signs.
Microsoft’s device, HoloLens, allows users to use augmented or mixed reality on the job site. Users can overlay 3D building plans over a site.
The plans are to scale so project managers can actually see how things will work and fit on the site, reducing the rework requirement. For instance, in 2020, national framework organisation Pagabo, with the goal of improving site management and promoting wellbeing in the construction industry, has teamed with health tech startup Moodbeam to produce the Moodbeam One, a wearable gadget that allows construction workers to collect mood in real-time.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the non-residential building construction market in 2020 as supply chains were disrupted due to trade restrictions and construction activities were affected due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Construction companies depend on supply of raw materials and equipment from domestic and international suppliers.
As many governments restricted the movement of goods across countries and locally, companies had to halt construction activities due to lack of equipment and raw material.The outbreak continues to have a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the non-residential building construction market will recover from the shock across the forecast period as it is a ‘black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The countries covered in the building 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, UAE, UK, USA, Venezuela and Vietnam.
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