PUBLISHER: The Business Research Company | PRODUCT CODE: 1712341
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712341
Building equipment encompasses all the machinery, systems, appliances, and various devices within a building or the infrastructure necessary for its operation.
The primary categories of building equipment contractors include electrical contractors and other wiring installation contractors, plumbing, heating, and air-conditioning contractors, as well as other building equipment contractors. Plumbing refers to a system designed for fluid transportation, utilizing pipes, valves, plumbing fittings, tanks, and associated equipment. These services are provided by both large chain companies and independent contractors through various modes, such as online and offline. Building equipment contractors are involved in diverse construction sectors, including residential and non-residential construction, utility system construction, and other related areas.
The building equipment contractors market research report is one of a series of new reports from The Business Research Company that provides building equipment contractor market statistics, including building equipment contractor industry global market size, regional shares, competitors with a building equipment contractor market share, detailed building equipment contractor market segments, market trends and opportunities, and any further data you may need to thrive in the building equipment contractors industry. This building equipment contractor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The building equipment contractors market size has grown strongly in recent years. It will grow from $3186.25 billion in 2024 to $3407.23 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. 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 $4352.51 billion in 2029 at a compound annual growth rate (CAGR) of 6.3%. 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.
The rapid growth of the urban population is anticipated to lead to increased demand for new residential and commercial buildings in the forecast period. The UN World Urbanization Prospects report predicts that over 60% of the global population will be residing in cities by 2050. Notably, significant opportunities are expected to emerge in Asian nations like Indonesia, Vietnam, and the Philippines, where export-oriented manufacturing is on the rise. According to the World Bank, the urban population in South Asia is projected to increase by 250 million by 2030. This swift urbanization is poised to drive the demand for new infrastructure and propel the building equipment contractor market during the forecasted period.
The growth in the construction industry is expected to drive the expansion of the building equipment contractor market. The construction industry encompasses the planning, design, and physical construction of buildings, infrastructure, and other structures to meet various societal and commercial needs. Building equipment contractors play a vital role by providing specialized expertise and services in the installation, maintenance, and repair of crucial building systems and equipment, thereby contributing to the efficient and functional operation of the construction sector. As an example, in February 2023, data from the UK-based Office for National Statistics indicated a 5.6% increase in annual construction output in 2022 compared to 2021, following a record surge of 12.8% in 2021. This growth in the construction industry is a driving force behind the building equipment contractor market.
Major players in the building equipment contractor industry are increasingly emphasizing the development of smart wearables and technologies to enhance efficiency, safety, and productivity on construction sites. Smart wearables are finding their way into the building equipment contractor market, enabling supervisors to monitor operations effectively. These wearable devices typically include a computer or electronic device worn on the body, personal protective equipment, or clothing. They offer real-time data assessment, including information on location, impact, motion, temperature, and vital signs. For instance, in 2023, Masimo, a US-based medical technology company, introduced the Masimo Freedom smartwatch. This innovative product aims to revolutionize the wearable technology sector by providing individuals with the freedom to manage their personal health and privacy through accurate and continuous health tracking. It incorporates cutting-edge hardware features designed to reduce radiation exposure and protect user privacy. These smart wearables are becoming instrumental in the construction industry, promoting efficiency and safety while enhancing data collection and analysis.
In January 2022, Comfort Systems USA Inc., a prominent US-based HVAC (heating, ventilation, and air conditioning) company, entered into a partnership with XOi Technologies to implement a comprehensive engagement solution aimed at enhancing the capabilities of commercial and industrial technicians. This solution, known as the FIX solution, utilizes state-of-the-art data-driven augmented reality technology, enabling Comfort Systems workers to utilize, collect, and analyze essential job-related data, ultimately increasing their efficiency and productivity while on site. This technological advancement empowers service teams to enhance efficiency, transparency, and the overall customer experience. Simultaneously, it allows for the creation of extensive and easily accessible repositories of institutional knowledge to facilitate real-time decision-making and data-driven business continuity. XOi Technologies, the partner in this endeavor, is a US-based technology company specializing in providing cloud-based mobile applications that empower field service companies.
Major companies operating in the building equipment contractors market include 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.
Asia-Pacific was the largest region in the building equipment contractors market in 2024. 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.
The countries covered in the building equipment contractors market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The building equipment contractors market includes revenues earned by entities by elevators, escalators, service station equipment, and central vacuum cleaning systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Building Equipment Contractors Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on building equipment contractors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for building equipment contractors ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The building equipment contractors market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.