Newark, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global construction equipment market will grow from USD 190.23 Billion in 2022 to USD 438.10 Billion by 2032. Mining activities may also align with the type of metals and minerals to be extracted from the earth. There are styles of mining techniques, specifically surface mining and underground mining. Every mining method involves special construction machinery as per application. Construction equipment is the tool used in underground and surface mining globally. Construction equipment used in mining includes earth movers, material handlers, bulldozers, excavators, and others. Each type of construction equipment is being explicitly utilized for mining activities. The most common types of construction equipment differ depending on the style or type of mining activity, i.e., underground and surface mining. Mining equipment's productivity and efficiency are considered the most important elements contributing to operational cost, and measuring and benchmarking them is one of the quality approaches to figuring out the possibilities for improvement.
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Key Insight of the Construction equipment Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global construction equipment market. The Asia-Pacific region would significantly expand. Government programs encouraging urbanization and population growth are attributed to the region's growth since they raise consumer disposable and per-capita income. Furthermore, the increasing investment activities in emerging nations such as India and China will provide fruitful growth opportunities in the upcoming years. For instance, in 2020, China invested over USD 13.1 billion in the development and construction of Beijing International Airport, which is expected to handle approximately 72 million passengers by 2025. The region's governments are investing considerably in developing sports infrastructure and facilities.
The material handling machinery segment is expected to grow at the highest CAGR during the forecast period.
The type segment is divided into earth moving machinery, material handling machinery, concrete & road construction machinery and others. The material handling segment is expected to grow at the highest CAGR during the forecast period. The material handling machinery product category includes forklifts, crawler trucks, and other types of machinery. The forklift product is expected to remain dominant in the material handling machinery product category as the e-commerce industry is flourishing globally. The forklifts have become a crucial part of the e-commerce industry because forklifts handle the operations within the warehouses more effectively and efficiently. Furthermore, warehouse proprietors minimize operational expenses, improve transparency, and increase efficiency within operational plants and warehouses. These factors are anticipated to augment the demand for construction machinery, such as forklifts, which provide high operating precision and better navigation in levels, mezzanines and narrow aisles.
The industrial segment is expected to grow at the highest CAGR during the forecast period.
The application segment is divided into industrial, residential and commercial. The industrial segment is expected to augment the market during the forecast period. Another significant end-user of construction equipment is the industrial. The demand for construction equipment in the industrial sectors such as construction, mining and others is anticipated to drive the segment growth. Construction equipment is significantly used in the mining industry for earthmoving, drilling, and material handling operations. These industries frequently employ excavators, bulldozers, and rock drills. Energy and power projects require construction equipment, such as power plants, refineries, and renewable energy installations. Heavy gear such as cranes and concrete equipment are used to construct electricity infrastructure.
The aftermarket segment is expected to grow at the highest CAGR during the forecast period.
The distribution channel segment is divided into OEM and aftermarket. The aftermarket segment is expected to grow at the highest CAGR during the forecast period. Aftermarket companies provide customization and upgrade services to improve the capabilities and efficiency of existing equipment. Furthermore, the aftermarket segment is usually seen as a more cost-effective alternative to buying new equipment and tool. Maintaining and repairing existing equipment can be less costly than buying new machinery. This factor is augmenting the segment’s growth.
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Advancement in market
• In 2020: Liebherr Group has introduced the PR 736 G8 crawler tractor, which has a powerful engine and modern technologies for improved productivity and efficiency. The tractor also has a pleasant cab for the operator's comfort.
• In 2021: Deere & Company introduced the John Deere 470G LC Excavator, which has a powerful engine and innovative hydraulics for improved productivity and efficiency. The excavator also has
innovative technology for increased fuel efficiency and lower emissions.
• In 2021: Caterpillar Inc. introduced the Cat 326 Excavator, a new model with increased fuel efficiency and performance technology. A rear-view camera and an operator alert system are also included in the excavator's safety measures.
Market Dynamics
Driver: Growing Infrastructural Developments in the Middle East Region
The rise in construction activities and infrastructural projects in the Middle East region is the primary factor boosting market growth and development. There have been tremendous constructional activities in the countries like Saudi Arabia. The upcoming infrastructure megaprojects in different sectors of the economy, coupled with the particular emphasis on environmental sustainability, are anticipated to stimulate market growth. Additionally, government initiatives are expected to positively impact the growth of the construction industry in and across the region. Some of the infrastructural projects & news in countries in the Middle East region which is influencing the growth are as follows:
• The Government of Saudi Arabia is focused on developing transport infrastructure, energy facilities and affordable housing programmes across the country, which will escalate the demand for construction chemicals in the country. For instance, the government of Saudi Arabia proposed to spend USD 71.5 Billion towards the construction development of Saudi Arabia’s transport and tourism infrastructure in 2020.
• The tourism sector is expected to drive the growth of commercial buildings in Oman during the forecast period. The tourism ministry in Oman expects around 11.7 million international and domestic tourists in 2040, a big jump from 1.4mn in 2013. The ministry wants to provide around 80,000 rooms for accommodation: 33,373 hotel rooms, 29,287 vacation homerooms, and 17,262 integrated tourism complex (ITC) rooms.
• Kuwait has completed projects counting more than USD 60 billion as part of its Vision Kuwait 2035 agenda; an additional USD 100 billion needs to be committed. Kuwait is concentrating on development and construction projects such as the Mubarak Al-Kabeer Port, a new passenger terminal at Kuwait International Airport, a petrochemical complex, oil refineries, and renewable energy complexes. Kuwait thus seeks to be less reliant on oil, replacing it with human ingenuity and innovation, and plans to invest more than USD 100 billion by 2035.
Thus, the rising infrastructural developments within Middle East region is anticipated to provide lucrative growth opportunities in the upcoming years.
Restraint: Shortage of Skilled Labour & Expertise
The main issue in the market for construction equipment is the lack of skilled expertise and labour. The cost of raw materials required in the production of construction equipment has the potential to limit the industry's expansion. Many of these raw materials are imported, increasing production costs. Furthermore, due to the fast growth in the cost of steel, construction equipment manufacturers have had to change their costs to remain competitive. Although the demand for construction equipment is rising, there is still a lack of understanding about its advantages in underdeveloped countries. As a result, many buyers are unwilling to buy construction equipment goods. Because of this, the customers cannot understand the value of carrying construction equipment goods. This factor can restrain the expansion of the global construction equipment market's growth and development.
Opportunity: Rise in Automation & Robotics
The ongoing technological advancements within the global construction equipment industry is anticipated to have a positive impact on the market growth and development. Robotics and automation have revolutionized construction equipment, decreasing the need for manual labour and increasing machine efficiency. Self-driving trucks and bulldozers, for instance, can conduct repetitive operations with precision, reducing human error and increasing production efficiency. Drones and robotic arms are employed for concrete pouring, precise and safe demolition and inspections in hazardous areas. Furthermore, hybrid and electric construction equipment are gaining momentum because of their lower environmental impact and emissions. Electric excavators, loaders, and cranes are quieter and produce no tailpipe emissions, making them ideal for use in sub-urban and urban areas. Hybrid equipment combines electric and internal combustion engine power, decreasing operational costs and enhancing fuel use.
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Some of the major players operating in the construction equipment market are:
• AB Volvo
• Deere & Company
• Komatsu Ltd.
• Hitachi Construction Machinery Co. Ltd.
• Sany Group
• XCMG
• JCB
• Liebherr Group
• Zoomlion Heavy Industry Science & Technology Co. Ltd.
• Doosan Infracore Co. Ltd.
• Caterpillar Inc.
• Terex Corporation
• CNH Industrial
• Kobelco Construction Machinery Co.
Key Segments Cover in the Market:
By Type:
• Earth Moving Machinery
• Material Handling Machinery
• Concrete & Road Construction Machinery
• Others
By Application:
• Residential
• Commercial
• Industrial
By Distribution Channel:
• OEM
• Aftermarket
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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