Self-Propelled Modular Transporter (SPMT) Market in North America to Grow by USD 62.5 Million from 2024-2028, Driven by Construction Industry Growth and AI-Powered Market Evolution - Technavio

NEW YORK, Nov. 6, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The self-propelled modular transporter (SPMT) market in north america  size is estimated to grow by USD 62.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.4% during the forecast period. Growth of construction industry is driving market growth, with a trend towards growing trend of skyscrapers and mixed-use developments. However, shortage of skilled workers in construction industry  poses a challenge.Key market players include Enerpac Tool Group Corp., Engineered Rigging, Fagioli Spa, Faymonville Distribution AG, GOLDHOFER, Mammoet, MORELLO GIOVANNI Srl, ONEOK Inc., PSC Nuclear, Sarens NV, and Transporter Industry International GmbH.

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Key Market Trends Fueling Growth

The construction industry is witnessing high-rise projects due to the increasing demand for land in urban areas. These projects, also known as skyscrapers, offer the advantage of accommodating large floor spaces in limited ground surface, making them ideal for densely populated cities. With many mixed-use developments underway in North America, the self-propelled modular transporter (SPMT) market is poised for growth. Notable projects include the One Chicago development in Chicago, featuring two towers over 971 feet tall, and the 60-story Salesforce Tower. Other significant projects, such as the Wolf Point mega-development and the Tribune Tower complex addition, will also contribute to the market expansion in the upcoming years. These projects integrate residential, commercial, and institutional uses, providing pedestrian connections and contributing to the trend of urban density and convenience. 

The Self-Propelled Modular Transporter (SPMT) market is experiencing significant trends in the form of Electric and Hybrid models, prioritizing Emissions reduction and Noise pollution control. Battery technology advancements enable Customization and Modularization, while Technological improvements focus on Safety and Efficiency. Companies like Goldhofer, Schmitz Cargobull, and TII are leading the way. Steering modes cater to Seaborne trading and Heavy lifting in Construction, Shipbuilding, and Power Generation sectors. New technologies like Automation, Intelligent features, and Real-time monitoring enhance Operational efficiency and Project timelines. Wind turbine installations, Urbanization, and the Renewable energy sector benefit from Cost-effective methods and Transportation solutions. Difficult terrain and Heavy cargo transfer are addressed through Hydraulic mechanisms, Motorized wheels, and Remote control systems. Industrial equipment, Prefabricated buildings, and Modular buildings benefit from Load configurations and Load-carrying capacity. Sustainability remains a key focus, with companies investing in new technologies and Economic fluctuations shaping the market landscape. 

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Market Challenges

• The construction industry in the US is facing a significant challenge due to the retirement of an aging workforce, resulting in a shortage of skilled labor. Approximately 32% of construction laborers were estimated to retire by the end of 2020, leaving a gap in the availability of experienced professionals to operate complex machinery, such as self-propelled modular transporters (SPMTs). This shortage is further compounded by the growing competition in the industry, leading vendors to focus on increasing productivity with fewer employees. This shift towards non-technical roles in material handling increases the knowledge gap, making it more challenging for the global cranes industry to find qualified operators. With the increasing demand for construction projects worldwide, the shortage of skilled labor is expected to impact the growth of the SPMT market in North America during the forecast period. According to the Bureau of Labor Statistics, the employment of operating engineers and other construction equipment engineers in the US has grown by 21,600 in the last five years, but the decline in the number of engineers is leading to delays in project completion and decreased demand for SPMTs.
• The Self-Propelled Modular Transporter (SPMT) market is experiencing significant growth due to the increasing demand for efficient and cost-effective transportation solutions in various industries. However, challenges persist in the form of electric and hybrid SPMTs, which require advancements in battery technology to increase their load-carrying capacity and maneuverability. Emissions reduction and noise pollution are also key concerns, driving the need for technological improvements in SPMTs. Customization and modularization are essential for meeting diverse industry needs, with company profiling playing a crucial role in delivering customized solutions. Safety and efficiency are paramount, with steering modes and automation enhancing operational efficiency and project timelines. Seaborne trading, heavy lifting, construction, shipbuilding, wind turbine installations, and power generation are major sectors benefiting from SPMTs. Urbanization and economic fluctuations present opportunities for cost-effective methods, while new technologies in hydraulic mechanisms, motorized wheels, and remote control systems continue to shape the market landscape. Safety, sustainability, and real-time monitoring are integral to the future of SPMTs in the transportation and logistics, renewable energy sector, and heavy cargo transfer industries.

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Segment Overview 

This self-propelled modular transporter (spmt) market in North America report extensively covers market segmentation by

1. End-user 
• 1.1 Construction
• 1.2 Oil industries
• 1.3 Shipyard and offshore industry
• 1.4 Others
2. Geography 
• 2.1 North America

1.1 Construction-  The self-propelled modular transporter (SPMT) market in North America's construction segment is experiencing notable growth. SPMTs enhance construction speed by lifting, carrying, and installing modular structures. State governments benefit from SPMTs during infrastructure projects, enabling better control over construction environments. In the US, the construction industry's expansion is driven by single-family housing, infrastructure, transportation, schools, and water supply plants. Mortgage availability and employment growth fuel single-family housing demand. In Canada, growth stems from affordable housing initiatives, Made in Canada and New Building Canada Plan, population growth, urbanization, and manufacturing sector improvements. Government plans to expand infrastructure development and provide affordable housing further fuel the economy. These construction developments will boost the demand for SPMTs in North America.

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Research Analysis

The Self-Propelled Modular Transporter (SPMT) market is a dynamic and growing sector within the transportation and logistics industry, specializing in the heavy cargo transfer of large and oversized modules. These transporters utilize hydraulic mechanisms, motorized wheels, and remote control systems to move and maneuver heavy loads with precision. The market caters to various industries, including construction, industrial equipment, infrastructure components, oil and gas, energy, and prefabricated buildings. SPMTs are particularly useful in difficult terrain and offer automation, intelligent features, real-time monitoring, and sustainability benefits. The market is witnessing the emergence of electric and hybrid SPMTs, which focus on emissions reduction and noise pollution mitigation. Customization, modularization, and company profiling are key trends driving the market's growth, with regional footprint and industry footprint expanding rapidly.

Market Research Overview

The Self-Propelled Modular Transporter (SPMT) market is a dynamic and innovative industry focused on transportation and logistics, specializing in the transfer of heavy cargo. These transporters utilize hydraulic mechanisms, motorized wheels, and remote control systems to move large modules, including construction modules, industrial equipment, prefabricated buildings, and modular buildings. SPMTs are designed for challenging terrain and offer automation, intelligent features, real-time monitoring, and sustainability. New technologies, such as electric and hybrid SPMTs, prioritize emissions reduction and noise pollution reduction. Customization, modularization, and technological improvements ensure safety and efficiency. Steering modes enable maneuverability in various industries, including construction, shipbuilding, wind turbine installations, and seaborne trading. SPMTs provide cost-effective methods for heavy lifting and transportation solutions in urbanization and the renewable energy sector. Economic fluctuations and project timelines impact market growth, while power generation and operational efficiency remain key considerations.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Construction
• Oil Industries
• Shipyard And Offshore Industry
• Others
• Geography
• North America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio