San Francisco, 28 September 2018: According to a report
by Grand View Research, Inc., global heavy
construction equipment market is anticipated to value USD 90.4
billion by 2025. Growing requirement for infrastructural development in many
countries globally to boost economic growth is anticipate to propel demand for
heavy construction equipment. These advanced equipment are likely to make
difficult construction tasks convenient and increase work efficiency.
Rising investments in infrastructure sector to
execute various construction activities such as roads and commercial &
residential buildings is anticipated to propel demand for heavy construction
equipment. High demand for residential properties attributed to increasing
population is likely to increase price of such properties. This, in turn is
expected to influence growth of market in the forthcoming years. Growing
adoption of flight as convenient mode of transportation is anticipated to
propel demand for airports. Favorable government initiatives to expand airports
globally is expected to fuel growth of market during the forecast period (2014
to 2025).
The heavy construction equipment market can be
segregated on the basis of product, application, and region. Based on product,
the market can be classified into material handling machinery, concrete &
road machinery, earth moving machinery, and others. Earth moving machinery
segment dominated the market and accounted for largest market share in 2016. It
is likely to grow at remarkable pace while accounting for maximum market share
equivalent to USD 36.6 billion by 2025. Rising investments in development of
transport infrastructure from countries such as India, Indonesia, and Malaysia
can fuel demand for earth moving machinery.
Access
Research Report of Heavy Construction
Equipment Market@ www.grandviewresearch.com/industry-analysis/heavy-construction-equipment-market
On the contrary, material handling machinery
accounted for 28% market share in terms of revenue in 2016. Growing
construction of high-rise buildings is likely to generate demand for material
handling machinery such as dumpers, cranes, forklifts, and telescopic handlers.
Moreover, concrete and road construction
equipment accounted for 18.9% market share in 2016. Increasing use of machines
such as rollers, pavers, and transit mixers for handling and transporting
concrete material can influence market growth during the forecast period.
Based on application, the market can be
categorized into real estate, infrastructure, and others. In 2016,
infrastructure segment dominated the market and accounted for 49.9% market
share. High demand for better transportation systems attributed to growing
urbanization can influence growth. The segment is expected to grow at
significant rate during the forecast period owing to rising demand for heavy
duty construction equipment from developing countries such as India and China.
In addition, real estate is expected to emerge
as fastest growing application segment during the forecast period. It is likely
to grow at CAGR of 6.3% attributed to development of smart cities in countries
such as France, India, and Singapore.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/hvac-and-construction-technologies
Regional segmentation includes Europe, North
America, Asia Pacific, Central & South America, and Middle East &
Africa. In Asia Pacific, the market is expected to dominate the market during
the forecast period. It is expected to increase its market share from 39.4% in
2016 to 43.9% by 2025. Growing construction sector in the region is likely to
impel demand for heavy duty construction equipment in the forthcoming years. In
addition, plans of Chinese government to upgrade its transportation
infrastructure through projects such as national trunk highway system and
national high-speed railway can influence market growth in this region.
Similarly, in Central and South American
region, the market is likely to witness high growth rate during the forecast
period attributed to rising demand for heavy duty construction equipment.
Growing investments in development of roadway infrastructure can bode well for
regional growth.
In North America, United States (U.S.) is
expected to witness downfall in construction sector from past few years.
However, investment in non-residential private construction is expected to
increase from USD 267 billion in 2010 to USD 400 billion in 2016. Since 2017,
construction sector in U.S. had witnessed steady growth owing to high demand
for residential homes. This, in turn, stimulated demand for heavy duty
machinery in the region.
Some of the leading companies offering heavy construction
equipment are XCMG Group; SANY Group; Caterpillar Inc.; Komatsu Limited; and AB
Volvo. Most companies are likely to get involved in mergers and acquisitions to
expand their market portfolio.
Access
Press Release of Heavy Construction Equipment Market@ www.grandviewresearch.com/press-release/global-heavy-construction-equipment-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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