Construction Equipment Market Projected to Reach USD 302 Billion By 2030 at a CAGR of 4.6%, Says Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Construction Equipments Market
(Equipment Type: Loaders, Cranes, Forklifts, Excavators, Dozers, Dump Trucks, Others; End-User: Oil and Gas, Manufacturing, Transportation, Infrastructure, Others; Application: Earthmoving, Excavation and Mining, Material Handling, Tunneling, Recycling and Waste Management) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2030”, forecasts that the global market for construction equipment is expected to grow at a CAGR of 4.6% from 2022 to 2030 and reach the market value more than 302 Billion by 2030. Developing and advancement of product quality is key opportunity for growth of this market.
Emission of Carbon
The construction industry is a vast source of CO2 emissions globally. Buildings represent more than one third of world’s CO2 emissions. World’s 60% of CO2 in construction industry is missioned by the developing economies. Furthermore, the intensities of construction sector’s direct and indirect CO2 emission in the developing regions are larger than the developed countries. Key opportunities to moderate the carbon emissions of the construction sector are low embodied carbon building material and services and the energy efficiency of construction machines. Various norms from regulatory bodies on construction industry, owing to growing rate of CO2 emission is foreseen to get more stringent in near future.
World’s more than 54% population lives in urban areas, a proportion that is expected to increase to 66% by 2050. Projections show that urbanization, combined with the overall growth of world’s population, could add another 2.5 billion people to urban population by 2050, with close to 90% of the increase concentrated in Asia and Africa. Many of the fastest growing cities in the world are relatively small urban settlements. Rising urbanization will surge the requirement for infrastructure, and commercial and residential construction. This is expected to ultimately drive the market for construction equipment and the growth is likely to continue for long term.
Manufacturing Segment Expected To Maintain Its Dominance
The construction and infrastructure sub-segment accounted for more than 50% of the share in 2021 and is expected to do so in the coming years from 2022 to 2030. Construction equipment witnessed the highest demand from the manufacturing sector in 2021 and held a noteworthy share of the total market. This sector is also expected to witness the highest growth in terms of CAGR in the global construction equipment market over the forecast period. The construction equipment market is segmented into three applications, namely - infrastructure, commercial buildings, and residential buildings. All these applications are directly linked with infrastructural spending. Construction equipment is largely used in the infrastructure segment, closely followed by commercial and residential building segments, respectively.
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.
The report is readily available and can be dispatched immediately after payment confirmation.