Specialty Trade Contractors Global Market Report 2024

The specialty trade contractors market size has grown strongly in recent years. It will grow from $5787.9 billion in 2023 to $6138.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historical period can be ascribed to the expansion of the construction industry, development in real estate, adherence to regulatory requirements, infrastructure project undertakings, and the combined influences of population growth and urbanization.

The specialty trade contractors market size is expected to see strong growth in the next few years. It will grow to $7960.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be linked to the implementation of green building practices, the installation of renewable energy solutions, maintenance of aging infrastructure, construction of healthcare facilities, and the increased adoption of prefabrication and modular construction. Key trends expected during this period include the impact of remote work, the integration of smart home technologies, ongoing technological advancements, the digital transformation in construction processes, and a heightened focus on sustainable practices.

The forecasted growth in the specialty trade contractor market is expected to be primarily fueled by the upswing in construction activity in emerging markets. Construction involves the intricate process of planning, designing, assembling, and erecting physical structures such as buildings, infrastructure, and facilities. This process generates demand for specialized services, including electrical, plumbing, and HVAC installation, which are provided by specialty trade contractors. For example, in June 2023, data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development revealed a significant increase in privately owned home starts, reaching a seasonally adjusted annual pace of 1,631,000. This surge, up by 21.7% from the revised April 2023 prediction of 1,340,000, and 5.7% from the May 2022 rate of 1,543,000, contributes to the growth of the specialty trade contractor market.

The surge in infrastructure investments is anticipated to drive the growth of the specialty trade contractors market. Infrastructure investment involves direct financial contributions to the creation, improvement, and maintenance of critical physical infrastructure and systems essential for economic functions. Increased investments in infrastructure lead to a rise in construction projects, fostering demand for specialty trade contractors offering services such as electrical work, plumbing, HVAC installation, and roofing. Notably, in April 2023, the World Bank reported a sustained recovery in infrastructure investments in low- and middle-income countries, with private participation in infrastructure (PPI) investments surging to $91.7 billion across 263 projects, marking a significant 23% increase compared to 2021. Thus, the upward trajectory in infrastructure investments is set to propel the growth of the specialty trade contractors market.

The specialty trade contractor market faces challenges due to the steady increase in construction costs, primarily driven by escalating material prices. Companies in the industry have experienced restrained profit growth as the prices of materials, such as crude oil, have risen significantly. For instance, asphalt, a crucial component in construction, saw a 58% increase in 2021 compared to the previous year. The Bureau of Labour Statistics' latest Producer Price Index (PPI) in the US reported a 1.7% rise in prices paid for items used in residential construction in April 2021, with a 12.4% increase over the last 12 months. Softwood lumber prices, integral to construction, rose by 6.5% in April 2021, setting a new high for the third consecutive month and experiencing a 52.0% increase since November 2020. These soaring material prices are anticipated to negatively impact the specialty trade contractor market during the forecast period.

Leading companies in the specialty trade contractors market are introducing innovative products, such as construction technology solutions, as part of their strategy to enhance profitability within the market. Construction technology solutions encompass software and technological tools designed to streamline construction projects, improving efficiency, productivity, and overall profitability. For example, in May 2023, DEWALT, a US-based Industrial Tool Company, launched a cutting-edge portfolio of construction technology solutions. These solutions aim to assist construction professionals in optimizing operations, increasing productivity, automating workflows, and fostering workplace safety. DEWALT's construction technology solutions provide real-time data and insights, automate repetitive tasks, and facilitate seamless collaboration across the construction process, spanning from design through fabrication shops to on-site operations. Among DEWALT's product offerings are MSUITE management software, Tool Connect Site Manager, and concrete sensors powered by Converge.

Major players in the specialty trade contractors market are also driving innovation with the introduction of products such as SYNCHRO Cost and SYNCHRO Perform applications to bolster their profitability. SYNCHRO Cost and SYNCHRO Perform applications are crafted to empower contractors in managing their projects more effectively, offering enhanced capabilities for cost control and connecting the tracking and planning of schedules and costs. In November 2022, Bentley Systems, a US-based software development company, unveiled the SYNCHRO Cost and SYNCHRO Perform applications. SYNCHRO Cost facilitates the supervision of construction contracts, change orders, and payment requests, seamlessly integrating into the comprehensive SYNCHRO system. Additionally, SYNCHRO Perform is designed for overseeing construction project performance, progress, and resource management. This includes tracking daily progress quantities, diaries, unforeseen incidents, timesheets, tickets, and projected on-site expenses. These applications ensure swift project feedback and deliver valuable insights into productivity with minimal cycle time.


Major companies operating in the specialty trade contractors market report are Vinci SA, Quanta Services, Shimizu Corporation, KONE Corporation, Balfour Beatty PLC, EMCOR Group Inc., The Whiting-Turner Contracting Company, Fletcher Building Ltd., The Metallurgical Corp. of China Ltd., Carlisle Companies Inc., APi Group Inc., Centuri Group Inc., Performance Contractors Inc., Primoris, Comfort Systems Inc., Keller Group PLC, MYR Group Inc., Rosendin Electric, NCI Building Systems, BrandSafway, The Haskell Company, Power Design Inc., The Weitz Company, Gaylor, The Boldt Company, HITT Contracting Inc., MasTec Inc., Artera Services, Lithko Contracting LLC, CIANBRO, The Yates Companies Inc., The Christman Company, The Beck Group, The Layton Companies Inc.

Asia-Pacific was the largest region in the specialty trade contractors market in 2023. North America was the second-largest region in the specialty trade contractors market. The regions covered in the specialty trade contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the specialty trade 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 primary categories of specialty trade contractors include foundation, structure, and building exterior contractors; building equipment contractors; building finishing contractors; and other specialty trade contractors. Those specializing in foundation, structure, and construction exterior work specifically within the trades essential for completing a building's foundational structure, frame, and shell. These services, offered by both chained and standalone owners, are accessible through offline and online modes. The services cater to various construction segments, including residential building construction, non-residential building construction, utility system construction, and others.

The specialty trade contractors market research report is one of a series of new reports that provides specialty trade contractor market statistics, including specialty trade contractor industry global market size, regional shares, competitors with a specialty trade contractor market share, detailed specialty trade contractor market segments, market trends and opportunities, and any further data you may need to thrive in the specialty trade contractors industry. This specialty trade 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 specialty trade contractors market includes revenues earned by entities by 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, and site preparation contractors. 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.