Press release
Piling Machines Market Expected to Reach US$ 1,577.6 Mn by 2024
The global piling machine market is likely to grow exponentially over the forecast period owing to an increasing demand for residential and commercial infrastructure such as residential buildings, commercial buildings, bridges, highways, metro rails, etc. as a result of the growing population worldwide, along with increasing disposable income especially in emerging economies such as China and India. A rising investment in advanced technologies for the production of energy from non-conventional sources such as wind and solar energy is further likely to boost market growth. However, rising concerns over air and noise pollution during the operation of piling machines resulting in stringent regulatory policies regarding the same is expected to restrict sustained growth of the global piling machine market.
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The global piling market has been segmented on the basis of product type (diesel hammer, vertical travel lead systems, hydraulic hammer, hydraulic press-in, vibratory pile driver, piling rig) and region (North America, Asia Pacific, Latin America, Europe, and Middle East & Africa). According to analysts at Persistence Market Research, the piling rig product type segment is estimated to account for a maximum share of 36.4% of overall market sales by the end of 2016 and this segment is anticipated to be valued at US$ 678.9 Mn by 2024. The vibratory pile driver segment is projected to be the second largest segment and is anticipated to contribute a sales revenue of US$ 192.9 Mn by 2016. The hydraulic press-in segment is anticipated to be the fastest growing segment during the forecast period and is expected to reach a market value of US$ 120.6 Mn by 2024.
“The hydraulic press-in and piling rig segments are expected to continue to be the most prominent segments in this market and are expected to grow significantly due to increasing demand, especially in emerging economies.” Analyst, Persistence Market Research.
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Among regions, Asia Pacific is anticipated to be the fastest growing market for piling machines over the forecast period. The market for piling machines in the APAC region is estimated to reach a valuation of US$ 829.7 Mn by the end of 2024. Sales revenue in the North America market is anticipated to increase at a CAGR of 4.9% over the forecast period and reach US$ 328.7 Mn by 2024. Sales of piling machines in Europe was valued at US$ 169.9 Mn in 2015 and is expected to increase at a CAGR of 5.5% over the forecast period to reach a market valuation of US$ 274.1 Mn by 2024.
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