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Excavation and Demolition Market 2024: Key Trends and Opportunities
Excavation and Demolition Market
According to The Business Research Company's, The excavation and demolition market size has grown steadily in recent years. It will grow from $480.78 billion in 2023 to $491.81 billion in 2024 at a compound annual growth rate (CAGR) of 2.3%. The growth in the historic period can be attributed to construction industry growth, urban development, infrastructure projects, renovation and redevelopment, environmental compliance..
The excavation and demolition market size is expected to see steady growth in the next few years. It will grow to $551.33 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to sustainable practices, smart city initiatives, brownfield redevelopment, infrastructure renewal, public-private partnerships.. Major trends in the forecast period include remote operation and telematics, selective demolition techniques, innovations in excavation equipment, urban mining, digital twin technology..
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Market Drivers and Trends:
The expanding government infrastructure projects are driving the excavation and demolition market going forward. Infrastructure development refers to the process of building and enhancing basic services, such as energy and transportation networks. The governments are launching and increasing infrastructure projects to improve their domestic infrastructure. Excavation is the basic step in the construction of all buildings and hence it is widely used in infrastructure development projects. For instance, in November 2022, the U.S. Department of Transportation (USDOT) which is responsible for planning and coordinating federal transportation projects and the Federal Highway Administration (FHWA) which specializes in highway transportation, invested $120 billion in Federal Highway projects and $20.4 billion in the development of public transport. Additionally, the U.S. Department of Transportation (USDOT) and Federal Highway Administration (FHWA) invested $3 billion in the development of airports and $3.9 billion in developing ports and waterways. Therefore, the increasing government infrastructure development projects drive the excavation and demolition market.
Technological advancements are a key trend gaining popularity in the excavation and demolition market. Major companies in the market are introducing new technologies to sustain their position in the market. For instance, in August 2022, Rod Radar, an Israel-based developer of technologies related to construction, launched Live Dig Radar technology. This is the first ever ground penetrating radar (GPR) integrated with an excavator digging bucket. By detecting any form of underground utility during earthwork at any depth in real time, Live Dig Radar technology overcomes the limitations of current technologies. Any excavator with a standard attachment mechanism can accommodate the bucket. The LDR Excavate reliably detects targets close to the bucket while trenching and on the surface. It does this by creating a new scan with each pass in various soils and substrate types, warning the operator of potential dangers without the need for specialized analysis.
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Major Key Players of the Market:
VINCI SA; Actividades de Construcción y Servicios S.A.; Bechtel Group Inc.; Hochtief AG; Skanska AB; Balfour Beatty plc; Bouygues Construction SA; Kiewit Corporation; Koninklijke BAM Groep; Laing O'Rourke plc; Eiffage SA; Acciona SA; Sekisui House Ltd.; China Railway Construction Corporation Limited; NVR Inc.; Daiwa House Industry Co. Ltd.; Ferrovial SA; Independence Demolition Inc.; NorthStar Group Services Inc.; Brandenburg Industrial Service Company; Penhall Company; Granite Construction Inc.; AECOM Inc.; Jacobs Engineering Group Inc.; Fluor Corporation; Turner Construction Company; Clark Construction Group LLC; PCL Construction Enterprises Inc.; McCarthy Building Companies Inc.; The Whiting-Turner Contracting Company; M. A. Mortenson Company; DPR Construction; Gilbane Building Company; Hathaway Dinwiddie Construction Company; JE Dunn Construction Group Inc.; Ryan Companies US Inc.; Sundt Construction Inc.; Swinerton Inc.; Webcor Builders Inc.
Excavation And Demolition Market 2024 Key Insights:
• The excavation and demolition market will grow to $551.33 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%.
• Government Infrastructure Expansion Fuels Growth In Excavation And Demolition
• Excavation And Demolition Market Embraces Innovation With Introduction Of Live Dig Radar Technology
• Asia-Pacific was the largest region in the excavation and demolition market in 2023
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