The report “Heavy Construction Equipment Market by Type (Earthmoving, Material Handling, Heavy Construction Vehicles), End-Use Industry (Construction & Manufacturing, Public Work & Rail Road, Mining), Application, and Region – Global Forecast to 2021″, The heavy construction equipment market size is estimated to grow from USD 121.46 Billion in 2015 to USD 180.66 Billion by 2021, at a CAGR of 7.0%.
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Browse 153 market data tables and 49 figures spread through 189 pages and in-depth TOC on “Heavy Construction Equipment Market”
Heavy construction equipment is specialized machinery that weighs more than 12 metric tons and performs specific construction or demolition work. The equipment is transportable, semi-permanent, or permanent, and is primarily used for earthmoving, lifting containers or materials, drilling holes in earth or rock, and concrete and paving applications. MarketsandMarkets projects that the heavy construction equipment market size will grow from USD 121.46 billion in 2015 to USD 180.66 billion by 2021, at a compound annual growth rate (CAGR) of 7.0 % from 2016 to 2021. Increase in government investments in infrastructure in developing nations and rise in construction & mining activities are expected to boost the demand for heavy construction equipment.
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The key players in the heavy construction equipment market are Caterpillar Inc. (U.S.), Liebherr AG (Switzerland), Terex (U.S.), Volvo Construction Equipment AB (Sweden), Komatsu (Japan), Doosan Infracoe (South Korea), Hitachi Machinery Construction (Japan), JCB (U.K.), Sany (China), and CNH (U.K.) These players adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, partnerships & agreements, investments & expansions, and new product launches are some of the major strategies adopted by the market players to achieve growth in the heavy construction equipment market.
The year 2016 witnessed several new product launches in the heavy construction equipment market by key players, in order to expand their geographical footprint and improve their distribution network through the means of launching various products. This market has been constantly evolving and advancing as the need for residential and non-residential infrastructure is increasing, owing to rapid urbanization and growth in population.
Caterpillar (U.S.) develops new cold planers which would be highly maneuverable half-lane milling machines that would perform controlled full-depth removal of asphalt and concrete pavements in a single pass. It continuously focuses on enhancing its global presence by launching new products. The company announced the availability of the Cold Planers—PM620 and PM622 which expanded its product portfolio in cold planers sector. Its core competencies are constructing and selling mining equipment. The company operates globally with its broad product portfolio and is focused on establishing its operations globally.
Liebherr developed a new series of top-slewing cranes with a flat-top design at Bauma Conexpo India: the NC-B cranes. The new 16 EC tower system has been developed for these cranes. The cranes would also have a new, variable climbing system. The new concept included a large number of time-tested elements from existing Liebherr top-slewing cranes. These new product developments have supported the company’s strategic objective of generating profitable growth in the heavy construction equipment market. Its core competencies are to manufacture earthmoving equipment, mobile cranes, and mining division’s equipment. The company signed a supply contract with RBS Kiesgewinnung GmbH & Co. KG (Germany) and Zimmermann Autokrane (Germany) to supply its construction equipment.
The excavation & demolition segment, by application, is estimated to play a key role in the heavy construction equipment market
Heavy construction equipment is specialized machinery that weighs more than 12 metric tons and performs specific construction or demolition work. This equipment is transportable, semi-permanent, or permanent, and is primarily used for earthmoving, lifting containers or materials, drilling holes in the earth or rocks, and concreting & paving applications. It is mainly used for construction and mining activities to provide raw materials to the industry. The segmentation considered for this report is based on the type, application, end-use industry, and region. The market has been segmented on the basis of end-use industry into construction and manufacturing, oil & gas, public work, rail and roads, mining, and others. The market has been further segmented on the basis of application into excavation & demolition, heavy lifting, material handling, recycling & waste management, and tunnelling. The heavy construction equipment market is achieving momentum due factors such as the need for residential and non-residential infrastructure is increasing, owing to rapid urbanization and growth in population. MarketsandMarkets projects that the global heavy construction equipment market size will grow from USD 129.11 billion in 2016 to 180.66 USD billion by 2021, at a CAGR of 7.0 %.
The construction and manufacturing segment, by end-use industry, is projected to grow at the highest CAGR from 2016 to 2021. Factors such as ongoing infrastructural construction activities in emerging economies and rise in new infrastructural constructions globally, are expected to drive the construction and manufacturing industry during the forecast period for the heavy construction equipment market.
On the basis of application, heavy construction equipment market is segmented into excavation & demolition, heavy lifting, tunnelling, transportation, and recycling & waste management. The excavation and demolition segment is projected to grow at the highest CAGR, owing to the increase in mining activities of precious minerals and metals across the globe and increase in natural calamities where excavators are used in rescue operations.
In 2015, Asia-Pacific dominated the global heavy construction market and is projected to grow at the highest CAGR from 2016 to 2021, owing to the rise in population and increase in standard of living, which will drive the construction industry and eventually the heavy construction equipment market in the region. The increase in development in the infrastructural sector and huge investments in the construction industry are fuelling the demand for heavy construction equipment market in this region. International and domestic players are incentivized to focus on the growing Asia-Pacific region, considering the possible saturation of the heavy construction equipment market in the developed economies of North America and Europe.
