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CONSTRUCTION EQUIPMENT MARKET: TOP TRENDS THAT WILL AUGMENT THE INDUSTRY SIZE BY
2026

July 19, 2021
4340

According to a recent study from market research firm Graphical Research, the
global construction equipment market size is poised to expand at substantial
CAGR during the forecast period.

A significant rise in construction activities across countries like the U.S. and
India could stimulate the demand for construction equipment in the forthcoming
years. The need to maintain consistency in construction quality and meet project
deadlines has led to the adoption of umpteen construction equipment, especially
across large infrastructure development projects.

Building of large-scale residential & commercial spaces could advocate the
adoption of cranes and other material handling equipment in the years to come.
It has been predicted that global construction equipment market share may record
over 4% CAGR between 2020-2026. Mentioned below are the top 5 trends that may
augment the industry forecast.

Burgeoning construction sector of North America

Construction activities across North America have grown at a considerable rate
in recent years. Availability of numerous job opportunities across diverse
industries has encouraged people to move to urban localities. The pursue for
higher education have urged students from foreign countries to move countries in
North America that house some of the leading universities and institutes in the
world.

This trend has driven the need for better accommodation for students, especially
across countries like the U.S. and Canada, supporting the commencement of new
construction projects. Robust investments by both public and private sector may
support the deployment of construction equipment in the region.

According to the U.S. Commerce Department, in early 2020, construction spending
in the U.S. was pegged at around USD 412.5 billion. The eminent need for new
building infrastructure and facilities for the growing urban population will
positively impact the North America construction equipment market outlook.

Consistent need for storage warehouses

The e-commerce sector across U.S. has gained significant momentum, given the
presence of prominent industry players and a large customer base that is
increasingly inclining towards online purchases. However, this rampant growth
has stipulated the need to expand capacity at storage warehouses as well as
construction of new warehouses in new locations.

E-commerce giants like Amazon and eBay are heavily investing in warehouses for
expanding their inventory storage. Stating an instance, in September 2020,
Amazon announced its plans to build over 1,000 warehouses and delivery hubs in
the sub-urban areas of the U.S. Escalating need for new warehouse
infrastructures could bolster the demand for construction equipment in the
region. Investments by equipment suppliers & manufacturers to utilized automated
systems may support faster construction of large-scale warehouses.

Adoption of automated equipment in Europe

The construction equipment market of Europe is stimulated by various government
investments focused on the development of transportation and utility
infrastructure. Government authorities and construction agencies in Europe are
increasingly utilizing automated equipment to widen the utility distribution
network, majorly to support the growing demand for electricity in the region.

Introduction of large infrastructure projects across renewable energy,
transportation and smart technology could significantly contribute to the
regional construction sector expansion. Citing an instance from the
transportation sector, in July 2017, the Government of U.K. announced that the
London Cross Rail Project will establish a wide railway network, interconnecting
several cities in Europe.

While in March 2019, the Danish Parliament announced the construction of an 18
km long tunnel between Germany and Denmark through the Fehmarn Belt Fixed Link
project. Based on such advancements, studies suggest that the Europe
construction equipment market may record over USD 38 billion by 2026 in terms of
annual revenues.

However, the COVID-19 pandemic has significantly dented the European economy.
Stringent lockdowns have led to temporary suspension of construction activities.
The outbreak has also led to financial insecurities among consumers owing to
which the demand for new residential properties has slumped across Europe.
Taking a note of this, construction contractors across Europe are postponing the
purchases of new construction equipment, which has hampered market growth in
2020.

Expanding construction sector in APAC

Supportive government initiatives and large-scale investments could drive the
construction equipment market of Asia Pacific. Government-backed initiatives
like the Pradhan Mantri Gram Sadak Yojana (PMGSY), Atal Mission for Urban
Rejuvenation and Transformation (AMRUT), and Jawaharlal Nehru National Urban
Renewal Mission may positively impact the market outlook in India. Apart from
this, initiatives like the Made in China 2025, proposed by the Chinese
government could advocate the demand for advanced construction equipment.

The utility sector of APAC is also heavily reliant on numerous construction
tools and materials. Utilities and builders are using mobile cranes to extend
power grid infrastructure to rural areas to satiate user electricity demands. In
addition, programs led by several regional governments to increase capacity of
existing utility infrastructure may propel APAC construction equipment market
size over the projected period.

Extension of highway infrastructure

Gradual rise in road building and highway development activities in Asia Pacific
could impel the concrete equipment industry share over the coming years.
Burgeoning government investments focused on improving the region’s road
transportation network and to interconnect rural and urban areas could make APAC
a profitable terrain for construction equipment companies.

Pointing out recent investments, in March 2019, the Indian government revealed
plans to invest around USD 15.9 billion on new National Highway projects.

Rapid urbanization and development of smart city infrastructure have favored the
utilization of advanced construction tools & technology. Material handling
equipment & cranes are some of the key equipment that are gaining traction in
the construction sector. These equipment are used to handle bulk-materials at
construction sites, enabling faster completion of projects whilst ensuring
worker safety.

 * TAGS
 * construction equipment market
 * construction spending
 * Graphical Research
 * renewable energy
 * smart technology
 * transportation
 * utility infrastructure
 * warehouse infrastructures

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