PORTLAND, Oregon and PUNE, India, November 23, 2016 /PRNewswire/ --
A new report published by Allied Market Research, titled, "Heavy Construction Equipment Market: Global Opportunity Analysis and Industry Forecast, 2014 - 2022," projects that the global heavy construction equipment market is expected to reach $193,245 million by 2022. Earthmoving equipment segment dominated the global market in 2015, and is expected to maintain this trend from 2016 to 2022. Asia-Pacific dominated the global market in 2015, accounting for more than 44% share.
Summary of the Heavy Construction Equipment Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/heavy-construction-equipment-market
The global heavy construction equipment market is driven by factors such as improved involvement in private sector, tremendous growth in real estate sector, improved economic conditions, and residential & commercial infrastructure set-up in emerging economies. According to the World Urbanization Prospect, about 54% of global population belonged to urban areas in 2014, and is expected to increase to 66% by 2050, thereby boosting the market growth. Increasing government initiatives towards infrastructure development supplements the market growth. Moreover, growing public-private partnerships between government and private sector companies for the construction of public infrastructure systems in countries such as India and China have fueled the market growth. The Indian Government has heavily invested in the development of roads, railway tracks, airports, and overall infrastructure development, which involve the use of excavators, loaders, and other such heavy machinery. Designing and developing smart, internet-enabled, fuel & energy-efficient machinery by key market players have fueled the market growth.
The growth of the heavy construction equipment market is hampered due to fluctuating prices of crude oil. Moreover, majority of the equipment that are used in the industry run on diesel, which release high carbon emissions and imposition of carbon regulations. This factor is likely to affect the growth of the market in the near future.
Increasing demand of heavy construction machinery in construction and manufacturing sectors would boost the growth of the excavator segment. Earthmoving segment accounted for around 45% share of the global market in 2015 owing to the increased use of these equipment in mining sector. This segment is estimated to witness significant growth during the forecast period due to increasing construction activities in residential sector, construction of roads, healthcare centers, and educational institutes. Increasing use of equipment in sectors such as construction, underground mining, and surface mining contributes to the market growth.
"The heavy construction equipment market is expected to grow due to increasing demand for leased and rented construction equipment by low- and mid-sized construction companies. The development of new earthmoving equipment offering reduced operating costs, connect technology, and safety features are expected to have substantial impact on the market growth. European decision makers have invested in the building and construction industries to facilitate gradual improvement in this sector and boost the market for new constructions; thereby fueling the growth of the heavy construction equipment market" as stated by Eisha Sukhija (Research Analyst), Construction Equipment Research Domain, AMR.
Based on application, the heavy construction equipment market is segmented into excavation & demolition, heavy lifting, material handling, recycling & waste management, and tunneling. Excavation & demolition segment accounted for the largest share in 2015, as these techniques are extensively used for cutting, trenching, and cracking purposes. Material handling segment is projected to grow rapidly, registering a CAGR of 8.4% during the forecast period due to increased usage of material handling equipment such as cranes and telehandlers in large building construction, and mining operations. Market players have launched new products with higher engine power and lifting capacity to cater to the emerging demands of customers. For instance, newly commercialized range of telehandlers by Massey Ferguson offers high engine power of up to 130 hp, and improved lifting capacity, which would increase the customer base of the company.
Infrastructure industry is expected to be the fastest growing industry, owing to proactive government initiatives related to infrastructure developments projects, including dams, railway ballast, airports, expressway, and national highways in the Asia-Pacific region. Increased instances of renting and leasing of heavy construction equipment in both, developed and developing regions, is expected to fuel the market growth.
Asia-Pacific region accounted for the maximum market share in 2015, and is expected to maintain its lead throughout the forecast period. This is attributed to increased usage of earthmoving equipment in construction application. Moreover, proactive government initiatives related to infrastructure developments in countries such as India, Indonesia, and others have resulted in upsurge in foreign direct investment (FDI). In addition, construction of new buildings and the refurbishment/renovation of existing buildings drive the growth of the European heavy construction equipment market. European building and construction industry is moving out of crisis and is showing a gradual improvement which will increase the market for new construction.
Key Findings of the Heavy Construction Equipment Market
- In 2015, earthmoving segment accounted for the maximum market revenue, and is projected to grow at a CAGR of 6.9% during the forecast period.
- Infrastructure industry segment is expected to grow at a significant CAGR of 9.1%, owing to upsurge in government initiatives.
- Material handling application segment is anticipated to be the fastest growing segment during the period of 2016-2022.
- China is the major shareholder in the Asia-Pacific heavy construction market, accounting for around 48% share in 2015.
The key players have focused to expanding their business operations in the emerging countries by launching new products. Caterpillar Inc. & Volvo AB prefer using 3D printing excavator cab due to low material usage and lower labor costs, which decrease the cost of construction. The major players profiled in this report include AB Volvo, Caterpillar Inc., Komatsu Ltd., Doosan Infracore Co. Ltd., Hitachi Construction Machinery Co. Ltd., JC Bamford Excavators Ltd.(JCB), Liebherr Group, CNH Industrial N.V., Hyundai Heavy Industries Co. Ltd., and Terex Corporation.
Read similar market research reports on Consume Goods at: https://www.alliedmarketresearch.com/consumer-goods-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research