Dublin, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The "Global Piling Machine Market: Analysis By Product, By Method, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global piling machine market in 2022 was valued at US$6.21 billion. The market is expected to be worth US$8.27 billion in 2028. The market is projected to grow at a CAGR of 4.90% during the forecast period of 2023-2028.
As construction activities are increasing significantly on account of widespread industrialization and urbanization worldwide, the demand for pilling machines is rising as these machines are used to create deep piles that anchor the structure to load-bearing strata deep under the ground, ensuring safety and stability.
The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as rising instances of renewable energy initiatives, expansion of mining sector, advent of eco-friendly equipment, technological advancements, increasing utilization in port and harbor construction, etc.
Manufacturers of piling machines are concentrating on upgrading their products, in order to enhance their efficiency and provide eco-friendly products. For instance, owing to environmental concerns, hydraulic hammers are gradually replacing diesel hammers. As a result, concerns about noise and dust pollution are reduced, which is anticipated to be a vital factor driving the overall market's growth.
Moreover, increasing importance for unconventional energy sources such as the wind and solar energy for power generation fueled by regulatory support in China, India, and Japan is expected to promote further the foundation work and thus in turn fuel the demand for piling machines over the forecast period.
Competitive Landscape and Recent Developments:
The global piling machine market is highly consolidated with a few companies dominating the market in terms of production capacity of piling and drilling rigs.
One of the key strategies of these large players is to venture into partnerships and alliances with drilling service providers and also offer in-house piling services to expand their customer base and strengthen their hold in the global market. For instance, Junttan Oy expanded its product range from pile driving and drilling applications to vibratory hammers in June 2023.
The new products will reinforce the company's position as a full-service provider of tubular and H-steel pile driving and extraction solutions, as well as sheet pile driving applications. Whereas, in October 2022, the BSP TEX Company introduced a transportable, radio-controlled, and self-erecting piling rig. The rig is mounted on a JCB base unit and employs a 12.5m single piling mast. The JX piling rig can drive steel, wood, or concrete piles up to 8m long.
Market Segmentation Analysis:
Market Segmentation by Product:
- The market is divided into four segments based on product: Piling Rigs, Impact Hammer, Vibratory Drivers, and Others.
- Piling rigs dominated the market in 2022, primarily due to their demand in construction projects, offering support for various building projects.
- Piling rigs are compatible with other equipment like vibratory hammers, impact hammers, and screw drills, which is expected to drive their expansion in the future.
Market Segmentation by Method:
- The market is categorized into five segments based on the method: Impact Driven, Auger Boring, Rotary Boring, Continuous Flight Auger, and Others.
- Impact-driven piling is the leading segment in 2022, driven by its low-cost and efficient pile installation capabilities, especially in hard soil conditions.
- Continuous flight auger is projected to be the fastest-growing segment due to its suitability for unstable soil conditions near existing structures and its ability to generate low vibrations and noise.
Market Segmentation by Region:
- The global piling machine market is divided into five regions: Asia Pacific, Europe, North America, Middle East & Africa, and South America.
- Asia Pacific led the market in 2022, driven by rapid urbanization, commercial constructions, and growth in mining and agriculture activities in countries like China and India.
- North America is expected to grow significantly from 2023 to 2028, with the US maintaining its lead within the region due to expansive construction sectors, infrastructure investments, and wind energy projects.
- Mexico's mining industry expansion is predicted to encourage foundation work, boosting the demand for piling rigs.
Market Dynamics - Growth Drivers:
- The market has experienced growth due to several factors, including increased investment in wind energy, infrastructure development, urbanization, regulatory requirements, and oil and gas projects.
- Growing construction activities driven by industrialization and urbanization have been a key driver, with piling machines playing a crucial role in high-rise building construction.
- Government investments in infrastructure improvement have further contributed to the demand for piling machines.
Market Dynamics - Challenges:
- Challenges hindering market growth include high prices and low replacement rates, adherence to sound pressure level regulations, and other regulatory hurdles.
The key players of the global piling machine market are:
- Atlas Copco AB
- Bauer AG
- Liebherr Group
- Boart Longyear Limited
- Tex Group Limited (BSP-TEX)
- Casagrande S.p.A.
- Soilmec S.p.A.
- Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
- China National Machinery Industry Corporation (Sinomach)
- Junttan Oy
- SANY Heavy Industry Co. Ltd., and
- J C Bamford Excavators Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/iju870
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