The Business Research Company’s Specialty Trade Contractors Global Market Report 2021 – COVID-19 Impact And Recovery
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According to the new market research report ‘Specialty Trade Contractors Global Market Report 2021: COVID-19 Impact And Recovery’ published by The Business Research Company, the specialty trade contractors market is expected to grow from $3.98 trillion in 2020 to $4.33 trillion in 2021 at a compound annual growth rate (CAGR) of 9%. 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 specialty trade contractors market is expected to reach $5.58 trillion in 2025 at a CAGR of 7%. The specialty trade contractor market growth in the historic period was mainly driven by the increase in construction activity in emerging markets.
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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.
Trends In The Global Specialty Trade Contractors 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 2017, according to a survey on AI and machine learning in construction management, conducted by Gartner, 32% of the small and medium construction businesses are currently using AI and machine learning for construction management, 26% are planning and 23% of the businesses are evaluating the techniques.
Global Specialty Trade Contractors Market Segments:
The global specialty trade contractor market is further segmented:
By Type: Foundation, Structure, And Building Exterior Contractors, Building Equipment Contractors, Building Finishing Contractors, Other Specialty Trade Contractors
By Application: Residential Building Construction, Nonresidential Building Construction, Utility System Construction, Others
By Ownership: Chained, Standalone
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
By Geography: The global specialty trade market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global specialty trade contractors market.
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Specialty Trade Contractors Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides specialty trade contractors market overviews, analyzes and forecasts market size and growth for the global specialty trade contractors market, specialty trade contractors market share, specialty trade contractors market players, specialty trade contractors market segments and geographies, specialty trade contractors market’s leading competitors’ revenues, profiles and market shares. The specialty trade contractors market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Read Specialty Trade Contractors Global Market Report 2021 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country, Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries
Specialty Trade Contractors Market Organizations Covered: Vinci SA, Acs Actividades De Construcción Y Servicios, Quanta Services Inc, Kier Group, Comfort Systems.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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Here is a list of reports from The Business Research Company similar to the Specialty Trade Contractors Global Market Report 2021:
Building Finishing Contractors Global Market Report 2021: COVID-19 Impact And Recovery
Foundation, Structure, And Building Exterior Contractors Global Market Report 2021: COVID-19 Impact And Recovery
Building Equipment Contractors Global Market Report 2021: COVID-19 Impact And Recovery
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Source: EIN Presswire