Building Equipment Contractors Global Market Report 2024

The building equipment contractors market size has grown strongly in recent years. It will grow from $2,804.37 billion in 2023 to $2,988.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth experienced during the historical period can be ascribed to the expansion of the construction industry, urbanization and infrastructure development, government investments, and the implementation of environmental regulations.

The building equipment contractors market size is expected to see strong growth in the next few years. It will grow to $3,942.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period is expected to result from the adoption of sustainable building practices, the integration of smart building technologies, increased use of prefabrication and modular construction, challenges related to workforce shortages, the imperative for infrastructure upgrades and maintenance. Noteworthy trends in the forecast period encompass the integration of telematics and IoT, the use of Building Information Modeling (BIM), the installation of renewable energy systems, the implementation of robotics and automation, and the incorporation of 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 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 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 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.

The COVID-19 outbreak had a significant adverse impact on the non-residential building construction market in 2020. The disruption in supply chains due to trade restrictions and the imposition of government-mandated lockdowns globally affected construction activities. COVID-19, characterized by flu-like symptoms such as fever, cough, and respiratory difficulties, initially emerged in Wuhan, China, and rapidly spread worldwide, including to regions like Western Europe, North America, and Asia. Construction firms rely on a steady supply of raw materials and equipment from both domestic and international sources. The movement of goods across borders and locally was restricted by many governments, leading to construction delays and shortages of essential equipment and materials. This outbreak had an ongoing negative impact on businesses throughout 2020 and into 2021. However, it is anticipated that the non-residential building construction market will rebound from the shock during the forecast period. The impact of COVID-19 is considered a 'black swan' event, and it is not indicative of ongoing or fundamental weaknesses in the market or the global economy. The industry is expected to recover as the effects of the pandemic subside over time.

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 2023. 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.


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