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Construction Equipment Market to Witness Astonishing Growth by 2024

Author : Rahul Varpe | Published Date : 2019-07-09 

Increasing government investments in the construction sector will surge the demand for sturdy construction machinery. The market is anticipated to exceed USD 170 billion by 2024. Infrastructure refurbishment and modernization being the most significant factors responsible for the overall development of an economy are compelling several government organizations to invest heavily in the construction sector.

The globally flourishing construction sector is surging the demand for high-performance machinery that aids in reducing human involvement in the construction process. Large-scale road and rail construction projects undertaken by government organizations will further stress the demand for construction equipment market. Tight project completion schedules are throwing light on the significance of the use of the advanced construction machinery.

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The rapid growth in the number of construction activities is exerting pressure on the existing human resources. The demand for sophisticated construction equipment that reduces the overall capital investment will contribute to the construction equipment market growth. The development of smart city projects in Singapore will surge the demand for high-performance machinery.

Construction Equipment Market in Asia Pacific will witness a strong growth owing to the growing government focus toward the construction sector. Initiatives, such as Make in India and Made in China 2025, supporting the infrastructure sector will favor the industry growth. Initiation of projects, such as South-North Water Transfer Project in China, will propel the industry demand in the region.

The major players operating in the construction equipment market include:

  • Volvo Construction Equipment
  • Caterpillar Inc.
  • Komatsu Ltd.
  • Hitachi Construction Machinery Co. Ltd.
  • CNH Industrial
  • Zoomlion Heavy Industry Science & Technology Co. Ltd.
  • Kobelco Construction Machinery Co. Ltd.
  • Terex Corporation
  • Liebherr
  • Sany Group

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The incorporation of sensor systems and modern technologies into the material handling equipment will surge the demand for these machines. Bulk material handling systems facilitate fast and easy transfer of large volume of goods that are difficult to manage using human resources. Industrial trucks that are sturdy enough to enable the smooth transfer of heavy materials will propel the construction equipment market growth.

The high initial and maintenance costs of the machinery discouraging the adoption of the equipment for small-scale construction projects will hinder the construction equipment market growth. Construction projects with limited monetary resources are still preferring traditional manual construction techniques over modern machinery. Equipment incorporated with the latest technologies, such as GPS and IoT, is further increasing the overall equipment cost, thereby restricting the market growth.

The industry is characterized by new product launches and expansion of product portfolio to enhance its market presence. Competitive pressure in the industry is compelling the industry participants to invest in new technologies, which will favor the construction equipment market growth.

 

Related News: https://marketnewsforecast.blogspot.com/2019/07/Material-handling-equipment-market.html

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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