The global specialty trade contractors market, a part of the construction industry, grew at a compound annual growth rate (CAGR) of around 4% during the historic period. The construction industry showed a steady growth. This market has registered steady growth rate in the historic period due to rapid urbanization, rising disposable income and increased public and private investments in infrastructure, in emerging countries such as China and India and access to credit at low interest rates for business establishments and individual customers.
In the forecast period, the global specialty trade contractors market size is expected to be over $4000 billion by 2021, growing at a CAGR of nearly 7%. This is expected due to the expected increase in demand for specialty construction contractor services due to growing demand for infrastructure and housing, strong economic growth in developing countries, rapid urbanization, rising disposable income, development of new cities in emerging countries and increasing government spending on infrastructure globally. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global specialty trade contractors market in the future.
Find TBRC’s report on the specialty trade contractors market: https://www.thebusinessresearchcompany.com/report/specialty-trade-contractors-global-market-report-2018
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.
Major companies in the specialty trade contractors market, offering new technology include Vinci SA, Grupo ACS, Quanta Services Inc., Kier Group, Interserve, Comfort Systems USA, Inc., Balfour Beatty, Morgan Sindall, Baker Concrete Construction Inc., Ceco Concrete Construction Delaware, L.L.C.
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