New York, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Specialty Trade Contractors Global Market Report 2022" - https://www.reportlinker.com/p06193659/?utm_source=GNW
38 billion in 2021 to $ 5721.41 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%. 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 $8405.13 billion in 2026 at a CAGR of 10.1%.
The specialty trade contractors market consists of sales of specialty trade contractors services and related goods by entities (organizations, sole traders and partnerships) that perform specific activities (e.g., pouring concrete, site preparation, plumbing, painting, and electrical work) involved in building construction or other activities that are similar for all types of construction, but that are not responsible for the entire project. The work performed may include new work, additions, alterations, maintenance, and repairs. The production work performed by establishments in this market is usually subcontracted from establishments of the general contractor type or for-sale builders, but especially in remodeling and repair construction work also may be done directly for the owner of the property. Specialty trade contractors usually perform most of their work at the construction site, although they may have shops where they perform prefabrication and other work. The sales revenues of establishments primarily engaged in preparing sites for new construction are also included in this market.
The main types of specialty trade contractors are foundation, structure, and building exterior contractors, building equipment contractors, building finishing contractors, and other specialty trade contractors.Foundation, structure, and construction exterior contractors work in the speciality trades required to finish a building’s basic structure (foundation, frame, and shell).
The services are available in offline and online mode and are owned by chained and standalone owners. The services are used for residential building construction, nonresidential building construction, utility system construction and others.
Asia Pacific was the largest region in the specialty trade contractors market in 2021.North America was the second-largest region in the l specialty trade contractors market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The specialty trade contractor market 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.
For instance, China’s construction market grew to $2,279 billion in 2019. This rapid growth in construction activity will contribute to the growth of the specialty trade contractor market.
Artificial intelligence and robotics are becoming popular in the construction industry to alter workforce, to capture data and analyze information, eliminate human error and inconsistency, and provide quality results.Artificial Intelligence (AI) uses computer to model 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 optimize cost, time, and safety risk on construction and manufacturing sites, launched AI based social distancing solution for construction industry.
Kwant’s patented machine-learning algorithms were employed to offer precise indoor and outdoor location of employees on-site. Kwant.ai offers proactive decision-making using actionable insights regarding social distancing, contact tracing, and capacity thresholds by combining battery-powered sensors with predictive algorithms.
Construction costs are increasing steadily due to rising material costs.Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt increased by 58% in 2021 from the year 2020 .
According to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics, in the US, prices paid for items used in residential construction jumped 1.7% in April 2021 and have increased by 12.4% over the last 12 months. According to the National Association of Home Builders (NAHB), softwood lumber prices jumped 6.5 percent in April 2021, marking a new high for the third month in a row. Since November 2020, lumber prices have risen by 52.0 percent. High material prices will adversely affect the specialty trade contractor market during the forecast period.
The countries covered in the specialty trade 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.
Read the full report: https://www.reportlinker.com/p06193659/?utm_source=GNW
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