Empowering Utilities: The 2033 Utility Equipment Market and Its Transformative Potential

The global utility equipment market is anticipated to reach a market size of roughly US$ 19.083 Billion by 2033, up from an estimated value of US$ 11.60 Billion in 2023. This growth is expected to continue at a CAGR of 5.1%.

A large portion of the market is expected to be dominated by North America because of the region's rapid expansion of municipal and airport end use. North America will control 24.2% of the market in 2032, according to PMR.

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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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductors and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.

This release was published on openPR.