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Global Soil Compaction Equipment Market 2024 : Trends, Business Growth And Major Driving Factors
Soil Compaction Equipment Global Market Report 2024
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According to The Business Research Company's, The soil compaction equipment market size has grown strongly in recent years. It will grow from $3.19 billion in 2023 to $3.4 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increased construction and infrastructure development activities, growth in demand for road and highway construction projects, urbanization and expansion of residential and commercial areas, emphasis on soil stabilization and foundation preparation, need for effective compaction in land reclamation projects, regulatory standards for soil compaction in construction industry.
The soil compaction equipment market size is expected to see strong growth in the next few years. It will grow to $4.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to adoption of intelligent compaction technologies for precision work, expansion of renewable energy projects requiring soil compaction, research and development in green building and sustainable construction, need for soil improvement in agriculture and landscaping applications, emphasis on energy-efficient and low-emission compaction equipment, growing demand for compact and versatile soil compactors. Major trends in the forecast period include emission-reducing technologies, advanced vibratory and impact compaction techniques, machine learning for soil analysis, versatility in attachment and drum options, iot-enabled predictive maintenance.
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Market Drivers and Trends:
The rise in the construction of smart city projects is expected to propel the growth of the soil compaction equipment market going forward. The smart city project refers to the renewal of urban areas that are linked with technology and enhance the quality of public services and citizen welfare. Soil compaction is an essential step in the construction process to create a stable working surface. Smart projects need soil compaction for their construction, as this is used to densify soil by reducing the void space, or the amount of air, between soil particles and makes it better for construction. For instance, according to the ministry of housing and urban affairs, an India-based department of ministry, as of June 2022, out of 5,151 smart city projects in India, 3,997 projects were completed by June 2022, which was more than 1,290 projects completed in 2019. Also, the Indian government has allocated $ 7,504.14 million in its union budget under National Urban Housing Funds (NUHF) for funding Pradhan Mantri Awas Yojana for the development of smart homes in cities. Therefore, the rise in the construction of smart cities is driving the growth of the soil compaction equipment market.
Product innovation is a key trend gaining popularity in the soil compaction equipment market. Major players in the market are focused on developing innovative products to sustain their position in the market. For instance, in February 2022, Trimble, a US-based software, hardware, and services technology company, introduced the industry's first Horizontal Steering Control for soil compactors. By using Horizontal Steering Control, operators can achieve higher-quality surfaces and more consistent compaction. Using a 3D model or compaction pass line, Trimble Earthwork's Horizontal Steering Control steers a soil compactor automatically. By precisely controlling overlap between passes, operators of all skill levels can improve compaction productivity and quality.
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Major Key Players of the Market:
Ammann Group Holding AG, Bopparder Maschinenbau-Gesellschaft mbH, CASE Construction Equipment, Dynapac, Hamm AG, Caterpillar Inc., Volvo Group, BOMAG GmbH, Wacker Neuson SE, Xuzhou Construction Machinery Group Co. Ltd., Liugong Machinery Co. Ltd., Sany Group Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., XGMA Machinery Co. Ltd., Hitachi Construction Machinery Co. Ltd., Kobelco Construction Machinery Co. Ltd., Komatsu Ltd., Doosan Infracore Co. Ltd., Hyundai Construction Equipment Co. Ltd., Atlas Copco AB, Bomag Fayat Group, J.C. Bamford Excavators Limited, Liebherr Group, Shantui Construction Machinery Co. Ltd., SAKAI HEAVY INDUSTRIES LTD., Multiquip Inc., Vibromax Compaction Equipment, Benford Compaction Equipment
Soil Compaction Equipment Market 2024 Key Insights:
• The soil compaction equipment market size is expected to see strong growth in the next few years. It will grow to $4.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rise In The Construction Of Smart City Projects Drive The Soil Compaction Equipment Market
• Product Innovation To Sustain Position
• Asia-Pacific was the largest region in the soil compaction equipment market in 2023
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