New York, December 29, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Specialty Trade Contractors Global Market Report 2022” – https://www.reportlinker.com/p06193659/?utm_source=GNW
$ 38 billion in 2021 to $ 5,721.41 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%. The growth is mainly due to 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 closure of business activities which resulted in operational challenges. The market is expected to reach $ 8,405.13 billion in 2026 at a CAGR of 10.1%.
The specialty contractor market includes the sales of specialty contractor services and related goods by entities (organizations, sole proprietorships, and partnerships) that perform specific activities (e.g. concrete pouring, site preparation, plumbing, painting and electrical works) involved in construction construction or other activities which are similar for all types of construction, but which are not responsible for the whole project. The work performed may include new work, additions, modifications, maintenance and repairs. The production work carried out by establishments in this market is generally subcontracted to establishments such as general contractor or builders for sale, but especially in construction renovation and repair work, they can also be carried out directly for the owner of the property. Specialty contractors usually do most of their work on the construction site, although they may have workshops where they do prefab and other work. The turnover of establishments primarily engaged in preparing sites for new construction is also included in this market.
The main types of specialty contractors are foundation, structural and building exterior contractors, construction equipment contractors, building finishing contractors, and other specialty contractors. Foundation, structural and exterior construction contractors work in the skilled trades required to complete structure (foundation, frame and shell).
The services are available offline and online and are owned by chained and autonomous owners. Services are used for the construction of residential buildings, construction of non-residential buildings, construction of utility systems and others.
Asia-Pacific was the largest region in the trade contractors market in 2021. North America was the second largest region in the trade contractors market.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The growth of the specialty contractors market during the forecast period will be primarily driven by increased construction activity in emerging markets. Emerging markets that saw robust construction activity included China, Brazil, India, Saudi Arabia and Indonesia.
For example, the Chinese construction market reached $ 2,279 billion in 2019. This rapid growth in construction activity will contribute to the growth of the specialty contractor market.
Artificial intelligence and robotics are becoming popular in the construction industry to modify the workforce, capture data and analyze information, eliminate human errors and inconsistencies, and deliver quality results. Artificial Intelligence (AI) uses the computer to model the natural intelligence of humans in a computer-controlled environment. robots and machine learning to solve problems and complete tasks.
These artificially intelligent robots help perform construction activities, inspect for quality, track progress, monitor heavy equipment in real time, proactively alert the operator of system failure or malfunction, and increase security. For example, in 2020, KwantAI, a US-based company providing wearable sensors and enterprise SaaS platforms to predict and optimize cost, time, and security risks at construction and manufacturing sites. , launched an AI-based social distancing solution for the construction industry.
Kwant’s patented machine learning algorithms were used to provide precise location inside and outside of on-site employees. Kwant.ai delivers proactive decision making using actionable insights regarding social distancing, contact tracing, and capacity thresholds by combining battery-powered sensors with predictive algorithms.
Construction costs rise steadily due to rising material costs. Companies in the sector saw moderate profit growth with rising prices for materials such as crude oil, a key component of asphalt, which rose 58% in 2021 compared to 2020.
According to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics, in the United States, prices paid for items used in residential construction jumped 1.7% in April 2021 and rose by 12.4% in the last 12 months. Softwood lumber prices jumped 6.5% in April 2021, marking a new high for the third month in a row, according to the National Association of Home Builders (NAHB). Since November 2020, lumber prices have increased 52.0%. High material prices will negatively affect the trade contractors market during the forecast period.
Countries Covered in the Specialty 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.
Read the full report: https://www.reportlinker.com/p06193659/?utm_source=GNW
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