The global heavy construction equipment market is expected to reach USD 90.4 billion by 2025 at a CAGR of 5.4%, according to a new report by Grand View Research, Inc. Increased investment in infrastructure has been a major factor driving market growth.
Rise
in infrastructural development around the world is the key catalyst that will
propel market growth over the forecast period. Infrastructural development
results in increased construction activities, which eventually creates a demand
for heavy duty construction equipment. Developed infrastructure boosts economic
growth by assisting cross-border trade and industrial growth.
Private
financing is a key way to fund infrastructural development plans. For instance,
infrastructure development in India has witnessed increased participation of
private players in recent years. Moreover, the Indian government has increased
its budget for infrastructural development.
Heavy
construction equipment market is likely to witness high demand due to various
government initiatives to expand airports globally. As of January 2015, global
investments for construction of airports was nearly USD 540.0 billion. For
instance, news reports suggest that the total number of passengers traveling
via Mumbai (India) airport has tripled in the last decade. To overcome this,
the Indian government has approved an investment of USD 2 billion for the
construction of the Navi Mumbai airport, which will help distribute domestic
and international passengers. Development plans such as these are sure to
give the global market a major boost.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/heavy-construction-equipment-market
Further key
findings from the report suggest:
- The global
heavy construction equipment market demand was valued at USD 55.9 billion
in 2016 and is expected to register a CAGR of 5.4% from 2017 to 2025.
Increased investments in the infrastructure sector, especially in
developing countries such as India, Malaysia, and Indonesia, is a key
factor
- Earth moving
machinery emerged as the largest product segment and is estimated to
generate a revenue of USD 36.6 billion by 2025. This can be attributed to
rise in investments to develop airports across the globe
- Real estate
is anticipated to be the fastest-growing application segment over the
forecast period with a CAGR of 6.3%. This sector is driven by development
of smart cities in countries such as India, France, and Singapore
- Asia Pacific
is anticipated to register the fastest growth, registering a CAGR of 6.6%
by 2025. This can be attributed to growth of construction activities in
countries such as India, Malaysia, and China
- Key market
players include Komatsu Ltd.; Volvo; Caterpillar Inc.; and Hitachi
Construction Machinery. Market players have forward integrated their
operations to gain competitive advantage in the global market
- In 2016, SRB
Group of India entered into a joint venture with Russia-based Uralmash
Machine-Building Corporation to manufacture heavy duty construction
equipment for the Indian market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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