Heavy Construction Equipment Market worth $180.7 billion by 2021 | Key players Caterpillar Inc., Liebherr AG, Volvo Construction Equipment AB, Komatsu Ltd.

According to recent market research the "Heavy Construction Equipment Market by Type (Earthmoving, Material Handling, Heavy Construction Vehicles), End-Use Industry (Construction & Manufacturing, Public Work & Rail Road, Mining), Application, and Region - Global Forecast to 2021", The global heavy construction equipment market size is projected to grow from USD 129.2 billion in 2016 to USD 180.7 billion by 2021, at a CAGR of 7.0% from 2016 to 2021. The heavy construction equipment market, by type, is segmented into earthmoving equipment, material-handling equipment, heavy construction vehicles, and others. The earthmoving equipment segment is estimated to dominate the heavy construction equipment market owing to increasing investment in the infrastructure industry to improve facilities in the government and private sectors.

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The heavy construction equipment market, by application, is segmented into excavation & demolition, heavy lifting, transportation, tunneling, and recycling & waste management. The market in the excavation & demolition segment is projected to register the highest CAGR during the forecast period. Excavation is required to build foundations while constructing buildings, homes, roadways, and to create water reservoirs. It is also used for mining precious minerals and metals. The various processes used in the excavation are trenching, digging, and site development.

The market has been segmented into five regions, namely, Europe, North America, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific is projected to be the largest market for heavy construction equipment system during the forecast period due to the growing construction & manufacturing industry. China is expected to be the leading market in the region. The Chinese government's initiatives for the development of infrastructure and increase the standard of living in the country have been driving the heavy construction equipment market in the region.

The major players in the heavy construction equipment market are Caterpillar Inc. (US), Liebherr AG (Switzerland), Volvo Construction Equipment AB (Sweden), and Komatsu Ltd. (Japan). These players have adopted several strategies such as mergers & acquisitions, expansions, new product launches, and partnerships to strengthen their position in the market.

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The global elevators and escalators market size is projected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, at a CAGR of 6.4% from 2021 to 2026. The elevators & escalators market has been growing in accordance with the construction industry. Factors, such as rapid urbanization, the growing number of high-rise buildings, changing demographics, adoption of energy-efficient products, and continuous development of innovative technologies are driving the demand for elevators & escalators.

A few of the major players are, KONE Corporation (Finland), United Technologies (US), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (Republic of Korea/ South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel) among others. These players have adopted various growth strategies, such as mergers & acquisitions, and expansions, to increase their market shares and enhance their product portfolios.

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Caterpillar (U.S.) develops new cold planers which would be highly maneuverable half-lane milling machines that would perform controlled full-depth removal of asphalt and concrete pavements in a single pass. It continuously focuses on enhancing its global presence by launching new products. The company announced the availability of the Cold Planers-PM620 and PM622 which expanded its product portfolio in cold planers sector. Its core competencies are constructing and selling mining equipment. The company operates globally with its broad product portfolio and is focused on establishing its operations globally.

Liebherr developed a new series of top-slewing cranes with a flat-top design at Bauma Conexpo India: the NC-B cranes. The new 16 EC tower system has been developed for these cranes. The cranes would also have a new, variable climbing system. The new concept included a large number of time-tested elements from existing Liebherr top-slewing cranes. These new product developments have supported the company's strategic objective of generating profitable growth in the heavy construction equipment market. Its core competencies are to manufacture earthmoving equipment, mobile cranes, and mining division's equipment. The company signed a supply contract with RBS Kiesgewinnung GmbH & Co. KG (Germany) and Zimmermann Autokrane (Germany) to supply its construction equipment.

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