Utility Equipment Market to Achieve A High CAGR Of 5.0% During Forecast Period - 2031

Global utility equipment sales are set to be valued at over US$ 10.7 Bn in 2021, with steady long-term projections, according to latest insights by Persistence Market Research. The report estimates the market to expand at around 5% CAGR from 2021 to 2031.

This report provides in depth study of "Utility Equipment Market" using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Utility Equipment Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.

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.

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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.

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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.

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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This release was published on openPR.