Construction Equipment Market Trends 2021, Global Demand Analysis to 2027: GMI
Construction equipment market is poised to grow with a lucrative CAGR from 2021 to 2027 led by increasing developments across the residential and commercial sectors.
Selbyville, United States – July 20, 2021 /MarketersMedia/ —
Construction equipment market revenue is estimated to observe substantial growth through 2027 on account of increasing developments across the residential and commercial sectors. A consistently increasing demand and supply of construction equipment to bring about viable reductions in manual efforts and labor costs would be majorly shaping the industry outlook. As per a new report published by Global Market Insights, the construction equipment market demand is expected to surpass a valuation of USD 155 billion by 2027.
The COVID-19 pandemic, as with numerous other industry verticals, has severely affected the construction equipment industry as well. Many construction projects were halted due to the strict lockdowns imposed by governments across the globe. The trade bans imposed on non-essential goods also resulted in a decline in sales revenues. However, as lockdowns recede with each new jab reaching an unvaccinated arm, the market is anticipated to showcase bounce back by 2021.
Following are four major trends that would be outlining the construction equipment market outlook:
1. Surging demand for concrete equipment –
On the basis of segment-wise growth, the concrete equipment market is slated to chalk out a remunerative growth trend in the mentioned study period. Rising demand for concrete equipment has been observed globally, and this trend is estimated continue picking steam in coming years.
To access a sample copy or view this report in detail along with the table of contents, please click the link below:
https://www.gminsights.com/request-sample/detail/2803
Increasing commercial construction and road building activities worldwide would be taking up a sizable share. The concrete equipment sector is further bifurcated into batching plants, crushers, transit mixers, asphalt pavers, and concrete pumps.
Among these, demand for mixers and pavers is increasing at a consistent rate as they help provide quick assistance and timely completion of the projects. Transit mixers can effectively mix concrete and transport it to the intended construction site without causing the mixture to clot. The active mixing feature of this truck eliminates cement balling, making it a cost and time-saving construction machine.
With several smart city projects in progress across the globe, the application scope of pavers is slated to go up tremendously. This equipment increases the thickness to concrete pavements edges to improve toughness and strength, delivering a lost-lasting finish. They help in adding the aesthetic appeal of any area.
2. Emerging players in the market –
The key players active in the construction equipment market include the likes of Sany Group, XCMG Group, Komatsu Ltd., Hitachi Construction Machinery, Liebherr, Caterpillar, Inc., CNH Industrial, Volvo Construction Equipment, Terex Corporation, and Kobelco Construction Machinery Co.
These companies are constantly focusing on taking organic and inorganic strategies for staying competitive in the market. For instance, recently Hitachi Construction Machinery Co., Ltd signed an MoU (Memorandum of Understanding) with ABB Ltd for exploring opportunities to target net-zero emissions for mine operators from mining machinery. This MOU will help reduce the greenhouse gas (GHG) emissions associated with heavy machinery in mining.
3. Increasing number of smart city initiatives –
Smart city initiatives undertaken by a number of emerging economies would play a pivotal role in augmenting the global construction equipment market landscape. Demand for fuel-efficient equipment for activities like construction of roads, airports, commercial and residential complexes, is increasing exponentially, further boosting the industry’s margins.
Smart cities have the potential to transform the character and livability of a city, revitalize its economy and legacy, enhance its resilience and sustainability, and even tighten the social compact among citizens. As such the initiatives receive immense attention from regional and national governments alike.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Organization: Global Market Insights Inc.
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Website: https://www.gminsights.com/pressrelease/construction-equipment-market
Source: MarketersMedia
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