(EnergyIndustry.Net, January 10, 2020 ) The Heavy Construction Market is projected to grow from USD 129.1 billion in 2016 to USD 180.7 billion by 2021 at a CAGR of 7.0%. Rapid urbanization, rising demand for infrastructural development from developing economies, increasing investment in the construction industry, growth in population, and increased spending of people are the key drivers of the heavy construction equipment market.
Earthmoving equipment is projected to remain the largest segment until 2021.
The heavy construction equipment market, by type, is segmented into earthmoving equipment, material-handling equipment, heavy construction vehicles, and others. The earthmoving equipment segment is estimated to dominate the heavy construction equipment market owing to increasing investment in the infrastructure industry to improve facilities in the government and private sectors.
Excavation & demolition is projected to be the fastest-growing segment in the heavy construction equipment market between 2016 and 2021.
The heavy construction equipment market, by application, is segmented into excavation & demolition, heavy lifting, transportation, tunneling, and recycling & waste management. The market in the excavation & demolition segment is projected to register the highest CAGR during the forecast period. Excavation is required to build foundations while constructing buildings, homes, roadways, and also to create water reservoirs. It is also used for mining precious minerals and metals. The various processes used in the excavation are trenching, digging, and site development.
Browse in-depth TOC on “Heavy Construction Equipment Market” 153 - Market Data Tables 49 - Figures 189 - Pages
Asia Pacific is projected to be the leading heavy construction equipment market.
The market has been segmented into five regions, namely, Europe, North America, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific is projected to be the largest market for heavy construction equipment system during the forecast period due to the growing construction & manufacturing industry. China is expected to be the leading market in the region. The Chinese government’s initiatives for the development of infrastructure and increase the standard of living in the country have been driving the heavy construction equipment market in the region.
The major players in the heavy construction equipment market are Caterpillar Inc. (US), Liebherr AG (Switzerland), Terex Corporation (US), Volvo Construction Equipment AB (Sweden), and Komatsu Ltd. (Japan). These players have adopted several strategies such as mergers & acquisitions, expansions, new product launches, and partnerships to strengthen their position in the market.
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