Chicago, Jan. 17, 2023 (GLOBE NEWSWIRE) — Construction Equipment Market is estimated to grow from USD 180. 4 billion in 2022 to reach USD 223. 1 billion by 2027, at a CAGR of 4. 3% over the forecast period, according to a new report simply by MarketsandMarkets™.
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|Market size value inside 2022:||USD 180. 4 Billion|
|Projected to achieve 2027:||USD 223. 1 Billion dollars|
|Base Year Considered:||2021|
|Largest Market:||Asia Pacific|
|Region Covered:||Asia Oceania, Europe, North America, and RoW|
|Segments Protected:||Equipment Type, Equipment Category, Propulsion Kind, Power Output, Engine Capacity, Application, and Region|
|Companies Covered:||Caterpillar (US), Komatsu Ltd. (Japan), Hitachi Building Machinery Co., Ltd. (Japan), Xuzhou Structure Machinery Group (China), plus SANY Team (China)|
The market is expected to witness growth due to the development associated with public-private capital investments, increase in the number of the commercial projects, and restart of the infrastructure projects sanctioned by governments after the pandemic situation.
DRIVER: Growth in infrastructure developments to increase the sale of construction equipment
The Construction Products Market has grown gradually following the Covid-19 period due to the resumption of halted construction tasks and planned new investments in the construction sector as part of the infrastructure development activities. Some factors influencing the particular growth of construction equipment manufacturers include investments within infrastructure, residential and commercial infrastructure, plus an increment in institutional capital expenditures globally. US, UK, China, and India have increased construction actions in different areas. For instance, the US infrastructure has been under the spotlight. In November 2021, the US government declared an approximately USD one trillion plan with four, 300 projects underway with more than USD 110 billion in funding as a part of the particular infrastructure investment package. Therefore , such prepared investments and growing building activities for infrastructure development would drive the demand for structure equipment during the forecast time period
OPPORTUNITY: Trend for the autonomous design equipment
The Design Equipment Market is witnessing a lot of technological advancements for more optimized plus reliable products. The need for automated solutions is growing as it helps increase productivity with minimum effort and reduced errors. Autonomous operating technology will be gradually gaining popularity in the off-highway working vehicle segment. Construction work is well-suited for autonomous machinery as the tasks are repetitive, physical, precise, plus time sensitive. This is usually driving the demand with regard to the development of autonomous construction equipment. Manufacturers are developing autonomous building equipment which works on wireless communication technologies simply by interfering along with radio signals from other gear, receiving commands, and reporting status. It assures improved safety, improved productivity, and reduced unscheduled maintenance. Therefore, the trend regarding autonomous structure equipment would create an opportunity for that Construction Tools Market to develop and grow during the particular forecast period.
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The industrial application section of Construction Equipment Marketplace is estimated to be the largest growing portion
According to MarketsandMarkets statistics, the commercial application segment associated with Construction Devices Market is definitely estimated as the largest growing segment throughout the forecast time period. The growing commercial tasks across the particular globe like the Beijing New International Airport (China), South to North Water Transfer Project (China), the design from the Mall of Saudi, worth UNITED STATES DOLLAR 3. 2 billion in the city of Riyadh, which is due in order to be completed by 2022 and such others are projects are creating opportunity intended for the growth of the Building Equipment Market.
Asia can be estimated to be the largest market for Structure Equipment
Asia is certainly estimated in order to be the particular largest marketplace due to significant growth within the construction activities in China, Japan, India, plus Indonesia. The region is expected to lead the market by 2027. The particular Asia Design Equipment Market is watching impressive development because of the growth in terms of the number of projects such while dams, airports, and hydroelectric projects, due to which usually many international companies have started their manufacturing plants in this region. Some of the major industry players from Asia are usually Komatsu Ltd. (Japan), Hitachi Construction Machinery Co., Limited. (Japan), SANY Group (China), and others.
Key Market Players:
The Construction Apparatus Market is dominated simply by giants such as Caterpillar (U. S. ), Komatsu Ltd. (Japan), Deere & Company (U. S. ), Hitachi Construction Machinery Company., Ltd. (Japan), Xuzhou Building Machinery Group (China), SANY Group (China), A. B. Volvo (Sweden), Liebherr (Germany), CNH Industrial N. V (U. K. ), Doosan Enerbility (South Korea), JCB (U. K. ), Terex Corporation (U. S. ), Zoomlion Heavy Industries Science & Technology Co., Ltd. (China), Kobelco Construction Equipment Co., Limited. (Japan), KUBOTA Corporation (Japan), Yanmar Holdings Co., Ltd. (Japan), Sumitomo Heavy Industries (Japan), Sumitomo Heavy Sectors Construction Cranes Co., Limited. (Japan), and Sumitomo Structure Machinery Co., Ltd. (Japan).
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