The global construction equipment market can be segmented into three categories on the basis of its application. The three classifications include infrastructure, commercial building and residential buildings. All three categories are directly related to infrastructural spending. Thus it can be said that the dominant use of construction equipment is found in the infrastructure segment which is followed by commercial and lastly b residential segment.
One third of the CO2 emissions of the world can be attributed to buildings making the construction industry a vast source of CO2 emissions all around the world. It is important to note than more than the developed countries it is the developing nations whose construction sector’s direct or indirect CO2 emissions are significantly adding to the global Co2 emission levels; as much as 60%. Thus controlling and managing these levels can be done through low embodied carbon building material and services along with energy efficiency of construction machines. Government and other regulatory bodies have also adopted and continue introducing norms owing to the growing rate of CO2 emissions.
The growth of the global construction equipment market is riding alongside the rising world population and urbanization seeking infrastructural, commercial and residential construction. According to estimates, in the forecast period of 2017 to 2026, the global construction equipment market is expected grow at a CAGR of 3.8%, reaching a market value of over 147 billion by the end of this period.
Here are some more points to explain about the construction equipment market:
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