Asia Pacific was the largest region in the global building equipment contractors market, accounting for 38% of the market in 2019. North America was the second largest region accounting for 24% of the global building equipment contractors market. Africa was the smallest region in the global building equipment contractors market.
Specialty Construction Contractors are using building information modeling (BIM) to improve labor productivity, customer management and material handling. BIM is a digital representation or 3D model of a building, which can be used to efficiently plan, design, construct and manage buildings. Contractors use BIM to design structures, lighting, HVAC systems and mechanical, electrical and plumbing systems. It can be also used for clash detection and interference management, shop drawing review, cost estimation and safety analysis. Electrical and mechanical contractors also use BIM to supplement their prefabrication capabilities. BIM results in reduced rework, improved coordination among workers and higher quality of finished projects.
The building equipment contractors
market consists of the sales revenues earned by entities (organizations, sole
traders and partnerships) that install or service equipment that forms part of
a building's mechanical system (e.g., electricity, water, heating, and
cooling). The work performed may include new work, additions, alterations,
maintenance, and repairs. The sales revenues of contractors installing
specialized building equipment, such as elevators, escalators, service station
equipment, and central vacuum cleaning systems, are also included.
The global building equipment
contractors market is expected to decline from USD 1953.9 billion in 2019 to
USD 1908.3 billion in 2020 at a compound annual growth rate (CAGR) of -2.4%.
The decline is mainly due to economic slowdown across countries owing to the
COVID-19 outbreak and the measures to contain it. The market is then expected
to recover and grow at a CAGR of 6% from 2021 and reach USD 2241.8 billion in
2023.
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Global
Building Equipment Contractors Market
Related Reports:-
Building
Equipment Contractors Global Market Report 2019
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Ken Research
Ankur Gupta, Head Marketing &
Communications
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