July 15, 2022 03:56 ET | Source: Market Research Future Market Research Future

New York, New York, UNITED STATES

New York, USA, July 15, 2022 (GLOBE NEWSWIRE) -- Heavy Construction Equipment Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Heavy Construction Equipment Market Information by Type, Application, End-User, and Region - Forecast till 2030”, the market is estimated to grow at a 7.5% CAGR to reach USD 346.36 Billion by 2030.

The products offered by the manufacturers in the heavy construction equipment market include earth moving equipment, heavy construction vehicles, and material handling equipment. These are used extensively in the building and construction sector for a number of applications and purposes.

The key applications of heavy construction equipment are material handling, heavy lifting, tunneling, excavation and demolition, recycling and waste management, and more. In addition to construction, these products find applications in numerous other end-use industries, such as oil and gas, infrastructure, mining, and manufacturing, among others.

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The affluent companies in the heavy construction equipment industry include

Rising spending to accelerate the development of the infrastructure sector will augment the demand for heavy construction equipment. Heavy construction equipment is witnessing substantial demand in the infrastructure sector due to the surge in construction activities. The construction sector in the United States is experiencing a drop in demand. Nonetheless, the expenditure related to non-residential private construction surged from USD 289 billion in 2010 to USD 500 billion in 2017. Mounting spending on the construction sector will be a major key catalyst for market growth.

The construction sector’s demand is especially high in the residential segment, which boosts the use of a variety of heavy-duty equipment. The thriving real estate sector in the US, across various cities like Austin, Seattle, Fort Lauderdale, and Dallas will most likely raise the number of infrastructure development activities. This will undoubtedly have a tremendous impact on the overall market.

The consistently increasing costs of residential properties, combined with the heightened demand for residential homes, have fostered investments in the construction industry.  A significant focus on automating the manufacturing process should have a positive effect on the worldwide industry. The road construction machinery space will be expanding significantly in response to the surge in road development programs carried out by numerous state and central governments. The rise in these initiatives, especially across the Asia Pacific will be favorable as well.

Massive funds required for construction projects, mining activities, and industrial activities will be a key challenge for the companies active in the heavy construction equipment industry. It is anticipated that these industries in emerging countries are facing financial restrictions in comparison to developed countries. This could mean slowed-down market demand in the years to come.

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The COVID-19 outbreak’s significant impact has led to numerous repercussions on everyone’s health status globally. The aftermath is closely related to the substantial social and economic burden on people worldwide. While the policymakers are coming up with new frameworks and industries are making use of advanced models of business expansion to remain relevant, people are facing a series of mental trauma.

Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets. This has affected a number of sectors, especially the heavy construction equipment market.

Material Handling Equipment, Earthmoving Equipment, and Heavy Construction Vehicles are the key types of heavy construction equipment in the market.

Material handling machinery forms the biggest share in the heavy construction equipment market, thanks to the surge in the construction of several high-rise buildings that elevates the need for material handling machinery. Dumpers, cranes, telescopic handlers, and forklifts are some of the major material handling machinery equipment used heavily in the construction of high-rise buildings.

Commercial Buildings, Residential Buildings, and Infrastructure are the top applications of heavy construction equipment.

Heavy-duty construction equipment find widespread use in the infrastructure sector and the segment will, therefore, secure the leading spot in the years ahead. Escalating urbanization rate has raised the demand for advanced transportation systems. With countries coming up with new plans to cater to this demand, the overall infrastructure sector will be growing at a significant pace in the years ahead. Most of this demand will be stemming from India and China.

Military and Mining, Construction Industry, and Oil & Gas industries are the key industry end-users.

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The Asia Pacific market will capture the highest CAGR of 5.6% from 2020 to 2027, thanks to the rapid economic advancement in the region’s numerous countries. Also, the massive number of affluent players in the region and their tendency to adopt innovative technologies will fuel the regional market’s growth rate in the future. The Chinese government is working on upgrading the transportation infrastructure with projects like the 7918 Network (or the National Trunk Highway System) and the national high-speed railway. Consequently, rail infrastructure will be the fastest-expanding space in the country. The country boasts of a fast-growing economy, with a notable rise in the number of commercial construction activities. climate change.

European countries are fast emerging as the top markets for heavy construction equipment, on account of the upcoming schemes and plans pertaining to construction projects. A few large-scale projects are underwater tunnels and port extensions connecting the prominent areas of the countries.

Central and South America will be recording a significant growth rate in the following years as the heavy-duty construction equipment market continues to enjoy considerable demand. This robust market expansion can be attributed to the surging investments in the advancement of roadway infrastructure. To illustrate, the Argentinian government is planning to start with a road development project that will be finished by 2025. This project has detected around 16 key road plans with a length of close to 7,000 kilometers and the overall cost will be nearly USD 16.7 billion.

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