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Specialty Trade Contractors Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·4-min read

Major companies in the specialty trade contractors market include Vinci SA; Acs Actividades De Construcción Y Servicios; Quanta Services Inc; Kier Group and Comfort Systems. The global specialty trade contractors market is expected to grow from $3975.

New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Specialty Trade Contractors Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
79 billion in 2020 to $4332.83 billion 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 market is expected to reach $5584.91 billion in 2025 at a CAGR of 7%.

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 specialty trade contractors market is segmented into foundation, structure, and building exterior contractors; building equipment contractors; building finishing contractors and other specialty trade contractors.

Asia Pacific was the largest region in the global specialty trade contractors market, accounting for 39% of the market in 2020. North America was the second largest region accounting for 24% of the global specialty trade contractors market. Africa was the smallest region 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.

The specialty trade contractor market growth in the historic period was mainly driven by the increase in construction activity in emerging markets. Emerging markets which registered robust construction activity included China, Brazil, India, Saudi Arabia and Indonesia. For instance, China’s construction market grew from $1,653 billion in 2016 to $2,279 billion in 2019. This rapid growth in construction activity contributed to the growth of the specialty trade contractor market.

Construction costs have increased steadily due to rising material costs in the historic period. 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 49%, softwood lumber, a major component used for buildings construction, which rose by 23% during historic period. In 2018, cement prices rose 2.5% and plumbing and fixtures increased by 3% in the US. High material prices adversely affected the specialty trade contractor market during historic period.

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