New York, July 20, 2021 (GLOBE NEWSWIRE) – Heavy Equipment Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Heavy Equipment Market Research Report, Type, Application, End-User, and Region – Forecast to 2027”, the Market size projected at $ 251.9 billion by 2027, with a CAGR of 5.1% recorded over the forecast period (2021-2027). The market was valued at $ 175.2 billion in 2020.
Automated technology to fuel market growth amid the COVID-19 pandemic
The COVID-19 pandemic has halted construction equipment manufacturing due to lockdown restrictions on key sectors. As a result of the virus, there has been a decline in raw materials and other equipment in construction. However, automated technology that allows the operator to remotely manage machines can save the day. The productivity generated by technology is expected to drive demand in the global heavy construction equipment market. This can help equipment companies secure large orders and mitigate the effects of the pandemic.
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List of top players in the global heavy construction equipment market are:
- Hitachi Mechanical Engineering (Japan)
- CNH (UK)
- Liebherr AG (Switzerland)
- Caterpillar Inc. (USA)
- Hyundai Heavy Industries (South Korea)
- Doosan Infracoe (South Korea)
- Kobelco Construction Machinery Ltd. (UNITED STATES)
- John Deere & Co. (US)
- Komatsu (Japan)
- JCB (UK)
To maintain productivity, Caterpillar has developed autonomous technology that can be attached to existing machines. Rio Tinto, a large mining company, has bought its mine development machinery in Australia.
JCB India has expanded its presence in the country by introducing a second aftermarket service for its customers.
Search the extensive market research report (125 pages) on Heavy Construction Equipment
Rise of Infrastructure Projects
The expansion of infrastructure projects in urban areas as a result of government modernization efforts can drive global demand in the heavy construction equipment market. China has invested nearly $ 13.1 billion to build Beijing International Airport. Governments around the world are pouring money into the construction industry to create jobs and opportunity. The construction of stadiums for the 2020 Olympic Games and the 2022 World Cup is boosting government investment and can bode well for the world market.
Equipment rental / leasing
The increase in rental / leasing companies should benefit the global heavy construction equipment market. Customers can lease earthmoving machines based on their preferences and construction plans. Building contractors can acquire high-tech heavy construction equipment and complete development projects in a short time. Improving economic scenarios, the rapid construction of residential and commercial infrastructure and the expansion of the real estate industry can offer opportunities for the market. Heavy construction equipment is expected to be used on public road projects first. The American Road and Transportation Builders Association (ARTBA) is putting pressure on the US government to come up with a multi-year plan for highway construction and road beautification. This can provide consistent employment opportunities and help keep the construction industry stable.
Strict government regulations
Strict government regulations regarding its use and the lack of licenses or permits can limit market expansion. The time-consuming and costly process of granting permits and complying with environmental committees can be difficult for real estate developers.
Skilled workers shortage
The market can be hampered by a lack of suitable and qualified workers to operate the equipment. Market participants can be deterred by high expenses for device maintenance and employee training for machine maintenance, repairs and continuous operation.
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By type, heavy construction vehicles to gain the lead
Due to the growing trend towards commercial buildings, skyscrapers and large infrastructure buildings, heavy construction vehicles are expected to take the lead in the heavy construction equipment space. The demand for these vehicles can be driven by private-public collaborations as well as the adoption of the rental business model by various contractors. The entry of numerous companies into the construction machinery industry can boost sales of heavy construction vehicles.
By application, infrastructure to dominate the world market
The infrastructure sector is expected to get the largest share of the market. High investments in infrastructure projects and the construction of residential and commercial buildings have the potential to boost segment growth. Great potential in Brazil, China and India as well as investments and public-private partnerships could offer the market good opportunities in the forecast period.
After end-users, the mining industry wins the largest share
Because of the need for earthmoving machinery and the existence of numerous earthmoving machinery manufacturers, mining is likely to hold the largest share of the market. The demand for excavators and demolition teams could be driven by the mining of valuable minerals and stones.
APAC leads the world market
APAC is expected to dominate the global heavy construction equipment market. This is related to the rapid industrialization of India and China and the implementation of public service projects by their governments. Smart city efforts and government investment can increase the demand for heavy construction equipment in the region. The high sales of commercial vehicles and excavators reflect the region’s great market potential. Getting mine permits and high-rise building development can be a great opportunity for manufacturers.
Segmentation of the Market Covered In Research:
Information by Type (earthmoving machinery, material handling equipment, heavy construction vehicles and other heavy construction equipment), by application (infrastructure, commercial and residential buildings), by end-user (oil and gas, construction, military and mining) – forecast to 2027
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