Utility Equipment Market to Reach USD 20.04 Billion by 2034, Growing at a CAGR of 5.1%

​ The global utility equipment market size is estimated to attain at US$ 12,186.6 million in 2024. During the forecast period, 2024 to 2034, the market is projected to grow with a 5.1% CAGR, and is expected to reach a valuation of US$ 20,040.6 million by 2034.This expansion is driven by factors such as the integration of advanced technologies like artificial intelligence (AI), data analytics, and the Internet of Things (IoT), which enhance operational efficiency and predictive maintenance. Additionally, the shift towards renewable energy sources and the adoption of electric utility vehicles contribute to the market's upward trajectory.​

Market Development

The utility equipment industry is undergoing a transformative phase characterized by the adoption of modern technologies and a focus on sustainability. The integration of AI, data analytics, and IoT is improving operational efficiency, predictive maintenance, and overall infrastructure resilience. Furthermore, there is a notable trend towards the integration of renewable energy, with utilities investing in technologies like smart grids and energy storage, indicating a shift away from traditional power sources towards more sustainable energy practices.​

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Market Outlook

The future of the utility equipment market appears promising, with steady growth anticipated over the next decade. The increasing adoption of electric utility vehicles, driven by global government initiatives promoting environmentally friendly transportation, is expected to significantly contribute to market expansion. Additionally, the focus on decentralized energy solutions, such as community microgrids and rooftop solar panels, is indicative of a move towards a more adaptable and resilient energy infrastructure. However, challenges such as cybersecurity threats and the need for infrastructure upgrades may pose constraints to growth.​

Market Analysis

In 2024, the utility equipment market is expected to be valued at US$12,186.6 million globally, with sales anticipated to develop at a 5.1% CAGR from 2024 to 2034, reaching a value of US$20,040.6 million by 2034. The market for utility equipment is expected to be stimulated by the rising integration of smart technologies, the growth of infrastructure for clean energy, and the growing need for robust utility systems. Furthermore, opportunities for sustainable growth and development are presented by the expanding markets for innovations in decentralized energy generation, energy storage, and waste management solutions.​

Overview and Scope of the Report

This report provides a comprehensive analysis of the global utility equipment market, covering over 30 countries, including the US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea, and more. It examines market dynamics, emerging trends, regional insights, and competitive landscapes, offering valuable insights for stakeholders. The report also delves into product and end-use analyses, highlighting key market segments and growth opportunities.

Market Segmentation

The utility equipment market is segmented based on product type and end-use sectors. Product types include garbage trucks, street sweepers, static compactors, winter maintenance equipment, and sewer & drainage equipment. End-use sectors encompass municipal, industrial, and residential applications. Garbage trucks are projected to account for a substantial share, driven by the increasing need for efficient waste collection and management. The municipal sector is expected to dominate, attributed to the need for effective solid waste management and efficient sewage and drainage systems.​

Key Players Covered In This Report

The report profiles several key players in the utility equipment market, including:​

Dongfeng Motor Group Co. Ltd.​
Bucher Industries AG​
McNeilus Truck & Manufacturing Inc.​
Dennis Eagle LTD​
FAUN Umwelttechnik GmbH & Co.KG​
Zoomlion Heavy Industry Science & Technology Co. Ltd.​
Hako Holding GmbH & Co KG​
Heil Environmental Industries Ltd​
Fayat Group (Dulevo International S.p.A.)​
Alfred Kärcher SE & Co. KG​
Elgin Sweeper Company (Federal Signal Corporation)

Competitive Landscape

The utility equipment market is characterized by intense competition among key players focusing on innovation and sustainability. Companies are embracing advanced technologies to enhance efficiency and reduce environmental impact. For instance, in 2023, Dongfeng Motor Co., Ltd. introduced its "DNA+" strategy to expedite corporate transformation and drive growth in the new energy vehicle sector. Similarly, McNeilus and Oshkosh Corporation unveiled North America's first fully integrated, zero-emission electric refuse collecting vehicle at Waste Expo 2023.​

Highlights of Our Report

Comprehensive analysis of market dynamics and emerging trends.​
Detailed regional insights and growth opportunities.​
In-depth product and end-use analyses.​
Profiles of key market players and their strategies.​
Assessment of challenges and restraints impacting market growth.​

Key Opportunities

The market presents several opportunities, including the growing demand for electric utility vehicles, advancements in AI and IoT for predictive maintenance, and the expansion of decentralized energy solutions. Companies investing in these areas are well-positioned to capitalize on emerging trends and drive growth.

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Questions Answered by the Report

What are the key factors driving the growth of the utility equipment market?​
Which product segments are expected to dominate the market?​
Who are the major players in the industry, and what strategies are they adopting?​
What are the regional trends and growth prospects?​
What challenges and restraints are impacting the market, and how can they be addressed?​
This report serves as a valuable resource for stakeholders seeking to understand the utility equipment market's trajectory and make informed decisions.​

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