Utility Equipment Market By Product is Projected to valued at US$ 17.4 Bn at 5% CAGR by 2031

Utility Equipment Market By Product 

The global utility equipment market is currently valued at US$ 10.7 Bn. Sales of utility equipment are projected to increase at 5% CAGR and be valued at US$ 17.4 Bn by 2031. Growth of rental business, usage of alternative fuel, and increasing preference toward automated utility equipment are key trends being witnessed in this space.

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The report estimates the market to expand at around 5% CAGR from 2021 to 2031. Obligatory use of garbage trucks, sewer drainage vehicles, and winter maintenance equipment is boosting demand for utility equipment across regions.

Key factors driving demand for utility equipment are advent of smart technologies, rising infrastructure development, increasing focus on rental business, and surging requirement for high speed utility equipment.

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.

Utility Equipment Market By Product Key Companies-

• Bucher Industries AG
• Fayat Group
• Elgin Sweeper Company (Federal Signal Corporation)
• Global Environmental Products, Inc.
• Hako GmbH (Hako Group)
• Tenax International S.p.A.
• TYMCO Inc.
• Alfred Kärcher SE & Co. KG
• McNeilus Truck & Manufacturing, Inc

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Utility Equipment By Product 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.

"Enhanced awareness about waste management and environmental problems will propel consumption of utility equipment," says a Persistence Market Research analyst.

Utility Equipment Market By Product 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.

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Key Questions Answered in This Report.

• What will the Market growth rate in Future?
• What are the key factors driving the global Market?
• Who are the key manufacturers in Market space?
• What are the opportunities and threats faced by the vendors in the global industry?
• What are sales, revenue, and price analysis by regions of industry?

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