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Construction Equipment Market to Register Substantial Expansion by 2025

04-08-2021 03:52 PM CET | Logistics & Transport

Press release from: MarketsandMarkets™ INC.

Attractive Opportunities in Construction Equipment Market

Attractive Opportunities in Construction Equipment Market

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.

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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.

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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.

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Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: newsletter@marketsandmarkets.com
Phone: 18886006441
Address: 630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth emerging opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of globalFortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets's™ flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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