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The Utility Equipment Market to be ruled by the technologically advanced streak
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Product launches, partnerships, and acquisitions are being witnessed on a large scale in this landscape.
Global Environmental partnered with U.S. Hybrid to provide fuel cell sweepers to Caltrans. Global is manufacturing fuel cell street sweepers at its facility in San Bernardino, CA.
Two new products were launched in the Scrubmaster B400-R series. The Scrubmaster B400 RH is equipped with a 150-litre dirt hopper and automated high dump, whereas, the Scrubmaster B400 RM collects coarse dirt in two 44-litre dirt hoppers for manual emptying.
Fujian Longma Environmental Sanitation Equipment Co., Ltd. announced the product layout and development of energy products such as e-compression garbage trucks, e-garbage bin carriers, e-detachable container garbage trucks, electrical self-loading and discharging garbage trucks, and electrical road washing and sweeping trucks.
Key Takeaways from Market Study
Persistence Market Research predicts healthy growth in demand for street sweepers owing to the need for aesthetic appearance of streets and reduction of PM emissions, dirt, and debris.
Advancements in technology are anticipated to have a positive impact on the market owing to increased efficiency and reliability of products.
Demand for electric utility equipment is expected to surge significantly compared with conventional ones, owing to increasing environmental regulations on emission standards.
Airport sector to hold 1/3 share in the global utility equipment industry.
Government initiatives toward developing perfect waste management infrastructure could bolster consumption of utility equipment.
Acquisitions and product launching are the two dominant key development activities observed in the market.
The global utility equipment market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -5.1%.
Market in Russia is projected to expand at a CAGR around 6%, while that in the U.S. at 4.2% through 2031.
Market in GCC countries and India is set to rise at 4.5% CAGR over the next ten years
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Industry Competition
The market is fragmented with key players accounting for more than one-fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry are Bucher Industries AG, Dongfeng Motor Group Co., Ltd., McNeilus Truck & Manufacturing, Inc., Dennis Eagle Ltd., FAUN Umwelttechnik GmbH & Co.KG, Aebi Schmidt Holding AG, Zoomlion Heavy Industry Science & Technology Co. Ltd., etc.
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