Heavy Construction Equipment Market worth USD 251.9 billion by 2027, registering a CAGR of 5.1% – Report by Market Research Future (MRFR)
New York, July 20, 2021 (GLOBE NEWSWIRE) — Heavy Construction Equipment Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Heavy Construction Equipment Market Research Report, Type, Application, End-User and Region – Forecast till 2027” the market size is projected to be worth USD 251.9 billion by 2027, registering a CAGR of 5.1% during the forecast period (2021 – 2027), The market was valued at USD 175.2 billion in 2020.
Automated Technology to Boost Market Growth Amid COVID-19 Pandemic
The COVID-19 pandemic has interrupted construction equipment manufacturing due to lockdown limitations imposed on major sectors. As a result of the virus, construction has seen a decrease in raw materials and other equipment. However, automated technology that allows operators to remotely manage machinery may be able to save the situation. Productivity generated by technology is expected to fuel demand in the global heavy construction equipment market. This can help equipment companies secure big orders and lessen the impact of the pandemic.
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Key Players
List of top prominent players of global heavy construction equipment market are:
- Hitachi Machinery Construction (Japan)
- CNH (U.K.)
- Liebherr AG (Switzerland)
- Caterpillar Inc. (U.S.)
- Hyundai Heavy Industries (South Korea)
- Doosan Infracoe (South Korea)
- Kobelco Construction Machinery Ltd. (U.S.)
- John Deere & Co. (U.S.)
- Komatsu (Japan)
- JCB (U.K.)
Recent Developments
In order to maintain productivity, Caterpillar has created autonomous technology that can be fitted on existing machines. Rio Tinto, a major mining company, has purchased its machines for the development of mines in Australia.
JCB India has expanded its presence in the country by launching a second aftermarket service for its customers.
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Rise of Infrastructural Projects
The expansion of infrastructure projects in urban areas as a result of government modernization efforts may fuel the worldwide heavy construction equipment market demand. China has invested almost USD 13.1 billion in the Beijing International Airport’s construction. Governments throughout the world are pouring money into the construction industry in order to provide jobs and possibilities. The construction of stadiums for the 2020 Olympics and the 2022 FIFA World Cup is boosting government investment and can bode well for the global market.
Renting/Leasing of Equipment
The rise of rental/leasing companies is likely to benefit the global heavy construction equipment market. Clients can lease earthmoving equipment based on their preferences and construction schedules. Contractors can purchase high-tech heavy construction equipment and complete development projects in a short period of time. Economic scenarios that improve, quick construction of residential and commercial infrastructure, and expansion in the real estate industry can all present chances for the market. Heavy construction equipment is expected to be used first on public roadway projects. The American Road and Transportation Builders Association (ARTBA) is putting pressure on the United States government to provide a multi-year plan for highway construction and road beautification. This can provide consistent job opportunities and help to keep the construction industry stable.
Stringent Government Regulations
Stringent government regulations governing its use, as well as a lack of licenses or permits, may limit market expansion. The time-consuming and costly procedure of obtaining permits, as well as adhering to environmental boards, can be difficult for real estate developers.
Lack of Skilled Workforce
The market may be hampered by a lack of a suitable and skilled workforce to operate the equipment. High equipment maintenance expenses, as well as employee training for machine maintenance, repair, and continuous operation, can dissuade market players.
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Market Segmentation
By Type, Heavy Construction Vehicles to Gain the Lead
Due to the expanding trend of commercial building, skyscrapers, and major infrastructure construction, heavy construction vehicles are projected to take the lead in the heavy construction equipment sector. Demand for these vehicles may be driven by private-public collaborations, as well as the adoption of the rental business model by various contractors. The entry of numerous companies into the construction rental equipment industry may promote heavy construction vehicle sales.
By Application, Infrastructure to Dominate the Global Market
The infrastructure sector is expected to obtain the most market share. Heavy investment in infrastructure projects, as well as the construction of residential and commercial buildings, has the potential to boost segment growth. Huge potential in Brazil, China, and India, as well as investments and public-private partnerships, may auger well for the market across the projected period.
By End-user, Mining Industry to Gain the Largest Share
Due to the necessity for earthmoving equipment and the existence of numerous earthmoving equipment manufacturers, the mining industry is likely to hold the greatest share of the market. Demand for excavators and demolition crews may be driven by the mining of precious minerals and stones.
Regional Analysis
APAC to Lead the Global Market
APAC is predicted to dominate the worldwide heavy construction equipment market. This is linked to India’s and China’s fast industrialization, as well as their governments’ implementation of public-service projects. Smart city efforts and government investments may increase demand for heavy construction equipment in the region. The high sales of commercial vehicles and excavators reflect the region’s considerable market potential. Approval of mine permits and high-rise development can present a good opportunity for manufacturers.
Segmentation of Market covered in the research:
Information By Type (Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles and Others Heavy Construction Equipment), By Application (Infrastructure, Commercial Buildings and Residential Buildings), By End-User (Oil & Gas Industry, Construction Industry, Military and Mining) – Forecast till 2027
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