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Powerful Piling Machines Driving Infrastructure Growth in 2024
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According to The Business Research Company's, The piling machine market size has grown steadily in recent years. It will grow from $4.63 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to expansion in global construction activities, demand for piling machines, industry standards and practices, environmental regulations.
The piling machine market size is expected to see steady growth in the next few years. It will grow to $5.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to urbanization trends, government policies, economic growth, increasing investments in piling machine infrastructure, population growth. Major trends in the forecast period include rise of autonomous machine, smart technology integration, transmission piling machines, increased adoption of advanced technologies.
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Market Drivers and Trends:
The growth of the construction industry across the globe is expected to propel the piling machine market. Construction activities refer to a business engaged in the design, development, and construction of buildings using construction materials. Piling machines are used in vertical vibrations to embed sheet piles and pipes in the construction of buildings, commercial offices, and industrial construction. For instance, in November 2022, according to a report shared by The Office for National Statistics, a UK-based statistics authority, the value of new construction projects in Great Britain in 2021 saw substantial growth (15.3%) to $140 million. Construction's private industrial, private dwelling, and private commercial sectors drove the 30.5% increase in new orders to $88,037 million in 2021, the industry's highest level in more than 45 years. Therefore, the growth of the construction industry across the globe is driving the piling machine market.
Technological advancements are a key trend in the piling machine market. Major players are creating innovative piling technologies to sustain their position in the piling machine market. For instance, in January 2022, High-Speed Two (HS2) Limited, a UK-based company specializing in developing high-speed rail networks, developed and performed a trial of the hollow-impressed precast energy-reusable pile (HIPER). HIPER is a new and innovative piling technology that is a greener option and uses a novel method that replaces solid foundation piles made of concrete with recyclable hollow ones made from reduces cement's carbon-intensive content by up to 70%.
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Major Key Players of the Market:
China National Machinery Industry Corporation (SINOMACH), Liebherr-International AG, Atlas Copco AB, Epiroc AB, Bauer Maschinen GmbH, Vermeer Corporation, Soilmec S.p.A., Casagrande Group, Dawson Construction LLC, Changsha Tianwei Engineering Machinery Manufacturing Co Ltd., International Construction Equipment Inc., Bay Shore Systems Inc., Watson Drill Rigs, Junttan Oy, MAIT S.p.A., SINOVO Heavy Industry Co Ltd., CZM Foundation Equipment, Geax Srl, TEI Rock Drills, ABI Equipment Limited, Eurodrill GmbH, J&M Foundation Equipment, Sunward Intelligent Equipment Group, BSP International Foundations Ltd., DELMAG GmbH & Co KG, PVE Equipment USA Inc., IMT S.p.A., Joseph Cyril Bamford Excavators Ltd., Orteco Srl, Tescar Srl
Piling Machine Market 2024 Key Insights:
• The piling machine market size is expected to see steady growth in the next few years. It will grow to $5.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Sustained Growth In Global Construction Industry Fuels Surge In Piling Machine Market
• Sustainable Piling Solutions High-Speed Two (HS2) Introduces Innovative Hiper Technology
• Asia-Pacific was the largest region in the piling machine market in 2023
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