Construction Equipment market set to reach $160 billion by 2026
According to a recent study from market research firm Global Market Insights, the construction equipment market is set to grow from its current market value of more than $135 billion to over $160 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.
The construction equipment market is projected to witness lucrative growth over the forecast timespan owing to the increasing investment in mining projects and a growing demand from numerous smart-city initiatives across the globe. Heavy construction machinery or equipment is utilized for different purposes in large-scale projects.
Demand for different kinds of heavy equipment usually depends on the size of the work as well as economy of the project. Selecting the right equipment for the right task makes the process of construction a lot simpler and faster. With technologically advanced construction equipment, the work in construction fields gets smoother, further ensuring that the project is completed before the given deadline.
Construction equipment equipped with up-to-date technology are also environment friendly as well as fuel efficient. This further helps in lessening the CO2 and allow organizations to embrace sustainable practices. This shifting trend is likely to impel the construction equipment industry in coming years. Additionally, machinery equipped with new technologies generally require less maintenance, which is further endorsing their adoption over conventional machinery.
Different kinds of heavy equipment are commonly used in construction activities. However, apart from excavation and construction operations, this equipment is also used for many other tasks like river dredging, cutting trees, heavy lifting and among others.
To effectively carry out the diverse variety of tasks mentioned above, construction equipment are available in different variations. For instance, excavators that come in tracked or wheeled forms to traverse different kinds of terrains.
With ongoing infrastructure upgradation initiatives, demand for graders is likely to witness tremendous growth. Graders, also referred as motor graders, are specially used for the construction of roads. These are also utilized to level up the soil surface. Graders are used to remove dirt or snow from the roads and are used in removing unwanted soil layer from the ground, also used for flattening the surface of soil before putting asphalt layer as well.
The construction equipment market is bifurcated in terms of product, and regional landscape.
Based on product, the construction equipment market is classified into earth moving & roadbuilding, concrete equipment, and material handling & cranes. The earth moving & roadbuilding segment is further categorized into compaction equipment, loaders, excavators, backhoes, and others.
The overall segment of earth moving & roadbuilding is slated to register momentous growth in coming years. A prominent chunk of the projected growth is slated to come from the North America region. The North America earth moving & roadbuilding segment will be reaching a valuation of over $17 billion by the end of the analysis period owing to the growing road construction and public infrastructure development activities in the region.
Earth moving equipment are used for a wide variety of earthworks which includes demolition works, digging trenches, grading soil, removing dirt and rocks, and laying foundations, etc. These machines are generally operated by professionals. Various types of earth-moving machines can accomplish different kinds of tasks, which when combined with technological advancements in the market, can effectively cater to any sort of construction activity.
From a regional frame of reference, Latin America construction equipment market is likely to witness significant growth owing to the increasing investments in mining projects in the region.
