Soil Compaction Machines Market Scenario Highlighting Major Drivers & Trends, 2018-2028 || Top Growing Industries- Caterpillar, Volvo Construction Equipment, J.C. Bamford Excavators Limited, John Deere, and Hitachi Construction Machinery Co., Ltd.
Increasing Focus on Lowering Operating Costs to Trigger Adoption of Advanced Telematics Solutions in Soil Compaction Machines
Adoption of telematics in the automotive sector is gradually increasing owing to stringent government mandates and consumer preference for connected vehicles. In the heavy-duty equipment market, preventive maintenance and regular inspection significantly add to the overall operating costs. Manufacturers in the soil compaction machines market offer service contracts and extended warranties to control operating costs throughout the lifespan of the machines. However, amalgamation of telematics in the heavy-duty vehicle fleet has proved beneficial for fleet manager in optimizing machine operations and lowering overall operating costs. Following the trend, leading players in the soil compaction machines market such as John Deere and Volvo had introduced machine monitoring services last year. The adoption of advanced telematics to reduce operating costs is likely to gain further momentum in the soil compaction machines market in the future.
Asia Pacific Presents Lucrative Opportunities for Soil Compaction Machines Market
With the increasing focus on urban development and better connectivity, Indian Government is investing heavily to strengthen its transport infrastructure. Policies such as re-surfacing of roads in specific time period has increased the demand for construction raw material as well as construction equipment. In China, the ‘one belt, one road’ initiative is playing a prominent role in the rapid expansion of transport infrastructure in China and stretches to Central Asia, Middle East and Europe. Significant investments in the construction of roads & highways and pivotal role of compaction equipments in road infrastructure are generating lucrative avenues in Asia Pacific for soil compaction machines manufacturers.
Manufacturers Rely on Predictive Analytics to Mitigate Concerns Related to Repair & Maintenance Costs and Frequent Downtime
End-users in the soil compaction machines market continued to show a marked preference for renting vis-à-vis owning. This is primarily attributed to significant cost savings that renting offers over full ownership. Although the prevalent status-quo is advantageous for end-users, it poses challenges in terms of higher overhead costs for manufacturers. To address this challenge, manufacturers in the soil compaction machines market are investing in predictive analytics technology, including Big Data and IoT which enables manufacturers to gain information on maintenance time, prior to failure. In addition, growing emphasis on reducing the lead times is also driving adoption of innovative technology among soil compaction machines manufacturers. For big ticket construction projects, low downtime is a critical factor – with the awareness of these challenges, manufacturers in the soil compaction machines market are increasingly relying on technology to navigate the evolving landscape.
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Manufacturers Seek Procurement of Big Infrastructure Projects to Maintain Market Sustainability
As the soil compaction machines market remains cost intensive, reliance on rental solutions do not ensure market sustainability. Manufacturers in the soil compaction machines market continue to seek procurement of big infrastructure projects to capture higher profit margins for longer duration. For instance, JCB has recently announced that the company has received an Indefinite Delivery / Indefinite Quantity (IDIQ) contract from the U.S. Fish and Wildlife Service (FWS,) with annual investment up to $5 million in construction machine orders for the next five years. Dynapac, a leading provider of soil compaction machines announced a fleet order from one of the largest construction companies in the Gulf. A fleet of Dynapac machines including eight new soil compaction machines- rollers are being used in the infrastructure projects in Kuwait.
Soil Compaction Machines Industry Investing in R&D to Meet End-User Demand for Efficient Densification
Intelligent Compaction (IC) technology in soil compaction machines has assisted construction operators to achieve uniform compaction. However, the IC technology lacks delivery of maximum compaction efficiency where advanced vibratory drums and improved accelerometer measures ground response to energy for compaction force. To address these technological innovations, the soil compaction machines industry has made significant investments in R&D and Innovation. For instance, Caterpillar has developed a new Machine Drive Power (MDP) technology which delivers compaction with greater reliability. BOMAG recently featured its latest innovations - BOMAG 360 degrees compaction technology at BOMAG Innovation Days Asia 2018. With the pivotal role of compaction process in the road construction, growing need of construction equipment has led manufacturers in the soil compaction machines market to engage in R&D investments.
In the competitive landscape section, the soil compaction machines market report profiles the key players in the soil compaction machines market. The section offers vital insights including product offerings, business strategies and market size of individual companies. Few of the market players profiled in the soil compaction machines market report include Caterpillar, Inc., Volvo Construction Equipment, J.C. Bamford Excavators Limited, John Deere, and Hitachi Construction Machinery Co., Ltd.
Expansion of product portfolio, acquisition and strengthening of distribution network are prominent market strategies adopted by the manufacturers in the soil compaction machines market.
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