LONDON, Oct. 19, 2016 /PRNewswire/ -- The global piling machine market is expected to reach USD 6.47 billion by 2024, according to a new report by Grand View Research, Inc. The growth of the construction sector in various countries including India, China, Thailand, Saudi Arabia, UAE, Thailand and Malaysia in light of urbanization, population growth, and government infrastructure development initiatives is expected to promote the foundation activity. Rising wind farms are likely to augment industry growth over the next eight years.
Increasing product usage in residential premises, commercial structures, manufacturing facilities, drilling platforms, mining bases, wind farms, solar power plants, and power transmission plants will propel industry growth over the forecast period. Moreover, rapid expansion in transport, water, energy, social infrastructure, hospitals, schools, government accommodation, defense infrastructure, and natural resources will create immense market potential over the forecast period.
North America is expected to drive demand on account of the growing construction sector primarily in the U.S. and Mexico. Under the National Infrastructure Plan of Mexico, the government has planned an investment of USD 590 billion from 2014 to 2018, which is anticipated to promote the construction of residential and commercial structures. The North America piling machine market is estimated to be worth USD 1.19 billion by 2024.
Further key findings from the report suggest:
Vibratory drivers accounted for 20.6% of the overall industry in 2015 and will witness steady growth owing to increasing application in sandy or gravel geographies on account of effectively breaking down skin friction to drive the piles. Rising usage of vibratory drivers on account of their exceptional penetration speed is expected to fuel demand over the forecast period. However, stringent regulations to reduce the vibrations and noises during construction is expected to hamper its growth over the forecast period.
Asia Pacific market was valued at USD 1.8 billion in 2015 and will show significant rise owing to favorable government policies to improve infrastructure in India and China. Robust mining base in Australia in light of the presence of minerals including diamond and coal is likely to promote the foundation activity over the forecast period. As of 2015, the Government of Australia launched Community Sporting and Recreation Facilities Fund (CSRFF) for the development of necessary infrastructure for recreation and sports.
MEA will witness significant rise at a CAGR of 4.5% from 2016 to 2024 in light of favorable government inclination towards the development of infrastructure and tourism. Abundant availability of solar energy to produce electricity in Saudi Arabia is expected to increase the installations of power stations, which in turn will drive product demand over the upcoming years.
Key participants include Bauer AG, The Casagrande Group, Soilmec, Tescar, Atlas Copco, BSP International Foundations, Sinomach, and Delmag. Tescar has a market presence through its piling rigs under the brand name, CF Series. Casagrande has manufacturing facilities located across the U.S., India, and the Middle East. As of 2014, the company manufactured over 20,000 foundation equipment for the construction industry. Sinovo and FAE are other prominent companies with a presence in the leading markets of Asia Pacific including China, Taiwan, Vietnam, Japan, and South Korea.
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