1 May
2015
The construction equipment are heavy machineries and vehicles that are used for carrying out a range of construction functions mainly aimed at lifting/hoisting very heavy loads and moving them from one place to another desired location. Other functionalities involved in these heavy machineries are hauling, paving, drilling, excavating and grading with minimal involvement of human labor. Various products covered under global the equipment include cranes, loader, forklift, excavator and dozers across various industry verticals such as oil and gas, manufacturing, forestry, military and public work.
The market is expected to witness somewhat steady growth rate along the forecast period. As per a report by Allied Market Research, the construction equipment market would reach $240.97 billion by 2020, registering a CAGR of 8.9% during 2015-2020 forecast period. Rapid growth in industrial activities across regions, dramatic growth in residential & commercial developments and government in various regions making significant development to boost the infrastructure sector, are the key factors that foster the growth of the market. The market for heavy machineries is gaining traction over regions, driven by rise in application of construction equipment in operations such as earthmoving, and lifting & material handling, and excavation which would create abundant growth opportunities in this market. Furthermore, ongoing developments in the real estate and infrastructure sector, would offer momentum to the growth of the market across regions.
Furthermore, lucrative financing schemes for industries and increased adoption of rental models by industries are the factors that enhances the scope of construction industry in developing and developed regions. The rental options lends significant benefits for those planning to subside their massive capital expenditures.
The crane is considered as an invaluable equipment owing to its versatility: it is used to lift heavy loads, transferring loads and materials in difficult terrain, which would otherwise be very difficult and time consuming when done by manual labor. Its robust engine and rugged rubber tires are effective for long travels and heavy works, thus have several applications in public works. Proper selection and specification of cranes along with hoists and rigging hardware is essential to safe overhead lifting especially when used in offshore oil and gas applications. Streets crane and hoist products have a host of applications across automotive, aerospace, construction food, power/energy, shipping and railways, amongst many others. As per the report, crane segment would grow at a steady rate owing to the growing demand for lifting and material handling across various industries.
Asia-Pacific region is expected to dominate the world market throughout the analysis period due to the increased industrial and residential construction activities in this region, whereas North American region market would witness moderate growth. Increased awareness of the benefits by using skilled manpower, various training programs and grants, scholarships for manpower training for handling massive construction equipment are the factors that will keep the momentum of the marker in Asia-Pacific region. Furthermore, different buyback plans and exchanges of used-equipment will help the market players to consolidate the sales of used machinery.
In general, the market dynamics will depend to a great extent on the collaboration among the industry players, government and the policy makers to ensure that the challenges of this sector are addressed through a timely and consolidated framework. Prominent market players extensively profiled in the report are Caterpillar Inc., Liebherr Group, Hitachi Construction Machinery, CNH Industrial, Volvo Construction Equipment, Komatsu Ltd and Kobe Steel Ltd. (Kobelco).
Akhilesh Prabhugaonkar
Author's Bio- Akhilesh Prabhugaonkar holds a bachelors degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.
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