Selbyville, DE -- (SBWIRE) -- 05/11/2020 -- Rapid globalization along with associated requirement for housing solutions is augmenting the deployment of construction equipment. The extensive growth in construction activities across the globe is already exerting a lot of pressure on the existing human resources. The demand for high-performance machinery is gradually increasing in a bid to reduce human involvement in the construction process. Growing adoption of sophisticated construction equipment to reduce overall capital investment will positively impact construction equipment business growth. As modernization and Infrastructure refurbishment are the key factors responsible for the overall economy growth, several government organizations are compelled to invest heavily in the construction sector. Huge investments directed towards construction activities may fuel the demand for sturdy construction machinery.

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Governments in the developing countries have undertaken several large-scale rail and road construction projects. Strict project completion timelines are also throwing light on the benefits of deployment of advanced construction machinery. Estimates suggests that construction equipment market will exceed USD 170 billion in terms of annual valuation by 2024.

High initial and maintenance costs of these machinery could potentially discourage the adoption of the equipment for low budget or small-scale construction projects, but drive rental demand. Poorer nations with limited monetary resources are still utilizing traditional manual construction techniques for new construction projects. Moreover, integration of modern technologies such as motion sensors and GPS in construction equipment is further surging product costs, restricting some demand.

On the other hand, incorporation of modern technologies into the material handling equipment would aid in construction precision, which in turn will fuel the demand for the machinery. Expansive construction of tall buildings and skyscrapers across various regions are surging the demand for cranes.

Top Industry Players –

Caterpillar Inc.,
CNH Industrial,
Doosan Group,
Guangxi LiuGong Machinery Co. Ltd.,
Hitachi Construction Machinery Co. Ltd.,
J.C. Bamford Excavators Limited,
John Deere,
Kobelco Construction Machinery Co. Ltd.,
Komatsu Ltd.,
Liebherr group,
Metso Corporation,
Palfinger AG,
Sany Group,
Sumitomo Heavy Industries Ltd.,
Tadano Ltd.,
Terex Corporation,
The Atlas Copco Group,
The Manitowoc Company, Inc.,
Volvo Construction Equipment,
Wacker Neuson,
XCMG Group,
Zoomlion Heavy Industry Science & Technology Co. Ltd

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Bulk material handling systems are experiencing high demand as they facilitate easy and fast transfer of large volume of goods that are difficult to manage for human resources. Growing deployment of industrial trucks for the smooth transfer of heavy materials will stimulate construction equipment industry size.

Shifting preference for automated storage and material handling equipment in warehouses is likely to fuel product demand in the coming years. Storage equipment facilitates accurate holding and buffering of materials over a long period of time, and are significant for proper managing of warehouses.

Asia Pacific construction equipment market is poised to grow at a significant rate on account of growing focus of governments across the region toward building and construction activities for economic development. Several government Initiatives, such as Made in China and Make in India are supporting the infrastructural development. Initiation of major projects, such as South-North Water Transfer Project in China, will boost the demand for advanced construction equipment.

Although the COVID-19 outbreak has blocked ongoing activities in many parts of the region, smart city projects in India and Singapore will fuel the adoption of advanced construction machinery for construction projects over the analysis period.

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Key players operating in the construction equipment market include Caterpillar, Inc., Komatsu Ltd., CNH Industrial, Hitachi Construction Machinery Co., Ltd., Zoomlion Heavy Industry Science & Technology Co., Ltd., Volvo Construction Equipment, Terex Corporation, Kobelco Construction Machinery Co., Ltd., Liebherr and Sany Group.

These providers are focused on organic strategies to improve product portfolio and offer better construction solutions. For instance, Hapman, a material handling equipment manufacturer, made an initiative with an IIoT platform, Dattus in 2017 to offer enhanced solutions to its customers.

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