Construction Equipment Market – Analysis with Ongoing Trends & Market Revenue

 

The global Construction Equipment Market size is projected to reach USD 205.0 billion by 2025, from an estimated value of USD 169.3 billion in 2020, at a CAGR of 3.9%. Rapid urbanization leading to increased demand for housing projects is expected to boost the construction equipment market. The increasing number of infrastructure projects and mega construction projects are further anticipated to fuel the demand for construction equipment during the forecast period.

Electrification is shaping the construction equipment market and offering significant opportunities and design possibilities. Electrification has been increasing in most market segments such as cars, buses, etc., including construction equipment. This has been made possible as advanced technologies are increasingly mature and affordable. Additionally, stringent emission regulations are likely to shape up the future of the construction equipment industry. The emission and noise-pollution standards implemented by these regulations can be easily overcome using electric construction equipment. This offers construction manufacturers opportunities to introduce electric variants of existing/ new products in the market.

Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=179948937

 The infrastructure segment is expected to grow at the highest CAGR from 2020 to 2025. Infrastructure applications include dams, roads, bridges, and railways. Infrastructural activities are projected to grow as they form a critical part in improving connectivity and promoting sustainable growth. Population rise and migration to major cities in Asia have increased the infrastructure spending by governments over the past decade. Asia has also witnessed growth in the number of airports, dams, hydroelectric projects, roads, railways, and bridges. These infrastructure projects are likely to bolster the demand for construction equipment during the forecast period.

CNG/LNG/RNG segment is expected to grow at the highest CAGR during the forecast period. Natural gas is more environment-friendly than diesel and gasoline. It produces 25% less sulfur, nitrogen, and carbon pollutants. Natural gas is the most promising alternative fuel for construction equipment. Construction companies which offer CNG powered construction equipment are Caterpillar and JCB. The CNG powered construction equipment has several benefits and produces less fine dust (15%), carbon dioxide (15%), and nitrous oxide (95%) compared to its diesel counterpart. The demand for CNG powered construction equipment is expected to increase during the forecast period due to reduced operating cost and stringent emission regulations for heavy construction equipment engines.

Asia is estimated to be the largest growing market due to growth in China and India. The construction equipment market has experienced growth in the number of projects such as dams, airports, and hydroelectric projects. Many international companies have started their manufacturing plants in this region. Some man-made marvels and remarkable construction projects such as the Beijing New International Airport (China) and South to North Water Transfer Project (China) are set up in the region. The region is estimated to be the most populated globally, which creates immense opportunity for the construction equipment market to grow.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=179948937

Key Market Players:

Caterpillar Inc. (US), Komatsu Ltd. (Japan), Deere & Company (US), Hitachi Construction Machinery Co., Ltd (Japan), and Volvo Construction Equipment (Sweden). These companies developed new products, adopted expansion strategies, undertook collaborations & partnerships, and used mergers & acquisitions to gain traction in the construction equipment market.

COVID-19 IMPACT ON MARKET

The construction industry has been severely impacted due to the COVID-19 pandemic, including owners, developers, contractors, subcontractors, and supply chain vendors. The nature of the impact varies depending upon the regions and infrastructure projects. Construction activities have been on halt for months in China, UK, and India, which led to shutting down various construction projects. Therefore, construction output is estimated to be lower in 2020 due to the COVID-19 pandemic impact.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=179948937

Comments

Post a Comment

Popular posts from this blog

Automotive Camera Market by Application, View Type, Technology and Region – Global Forecast to 2025

The Automotive Camera Market is projected to grow at a CAGR of 10.62% during the forecast period. It is estimated to be USD 7.5 billion in 2018 and is projected to reach USD 15.1 billion by 2025. The market growth is primarily driven by factors such as regulatory changes and increasing demand for the active safety system. The emergence of newer safety technologies in the automotive industry and the growing demand for electric cars have driven the automotive camera market. Added safety and convenience for the driver has been a major objective of developing camera systems. Moreover, the increasing government mandates related to active safety system are driving the automotive camera market. For instance, in May 2018, the government of Canada and the US mandated that all vehicles under 10,000 pounds must be equipped with a backup camera. Also, the US government has a voluntary agreement with many manufacturers to fit autonomous emergency braking (AEB) by 2022. European governments...
Read more

Occupant Classification System Market Latest Trends and Forecast Growth Report to 2025

The global Occupant Classification System Market is projected to grow at a CAGR of 6.80% from 2018 to 2025, to reach USD 3.17 billion by 2025. The increasing awareness about safety in a vehicle has increased the demand for active and passive safety systems. As a result, the automotive industry has witnessed the increasing adoption of active and passive safety systems in a vehicle.  Passive safety systems inside the vehicle include airbags, seatbelts, whiplash protection system, and occupant classification system. Occupant protection system features such as airbags and seatbelts reduce the probability of death or severe injuries in a traffic mishap. Airbags in a vehicle have significantly improved the safety of occupants. Occupant classification system manufacturers utilize a good portion of their engineering resources to develop new products or improve existing passive safety systems for the automobile. All these developments are primarily focused on improving the overall sa...
Read more

Automotive Actuators Market to Surpass $29.3 Billion by 2030

The Automotive Actuators Market is projected to grow from an estimated USD 20.9 billion in 2023 to reach USD 29.3 billion by 2030 at a CAGR of 4.9% during the forecast period. Automakers are highly focused on developing new and improved components to increase the fuel efficiency of vehicles owing to growing concerns over environmental changes. Automotive actuators play a significant role in reducing emissions and enhancing vehicle efficiency. Electric actuators, also known as smart actuators, replace hydraulic and pneumatic actuators due to their several benefits, like compact and lightweight design, more energy efficient, and less expensive, making it ideal for various applications. Smart actuators can perform diagnostics and include learning capabilities and memory functions. Electric actuators are typically installed in engines that open and close different valves, which is also anticipated to fuel the overall market growth. “Electric Actuators will be the dominating actuation...
Read more