Rapid urbanization pushes demand for construction equipment paving way for its growth

Author : Acumen Research and Consulting

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:

  • Estimates reflect an increase to almost 66% from the current 54% population rate of individuals living in the urban areas by the year 2050. This reflects a 2.5 million rise in the number of people living in urban areas by 2050; with 90% of this increase will be concentrated in Asia and Africa.
  • In 2017, manufacturing sector held the largest share of the construction equipment market of around 30% and is expected to continue witnessing growth in the forecast period as well.
  • Some of the key players dealing in construction equipment market and included in report are CNH Industrial N.V., Liebherr Group, AB Volvo, Komatsu Ltd., J C Bamford Excavators Ltd., Atlas Copco AB, Hitachi Construction Machinery Co., Ltd, Doosan Heavy Industries & Construction Co., Ltd, Caterpillar Inc., and John Deere among others.

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