Jul 25 2015
The report "Heavy Construction Equipment Market by type (Earthmoving, Material Handling, Heavy Construction Vehicles), Application (Excavation & demolition, Heavy Lifting, Material Handling & Others), Industry (Infrastructure, Construction & Others) - Forecast to 2020" published by MarketsandMarkets, The Heavy Construction Equipment Market is projected to reach $166.05 Billion at a CAGR of 6.80% from 2015 to 2020.
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The market report defines and segments the global Heavy Construction Equipment Market with analysis and forecasting of the global revenues for heavy construction. It also identifies the driving and restraining factors of the market with analysis of trends, opportunities, and challenges.
The segmentation considered for this report is based on the type, application, industry, end use, type and region. The market has been segmented on the basis of industry into construction, oil & gas, mining, forestry, infrastructure, and manufacturing. The market for infrastructure is projected to witness the highest growth due to increasing infrastructural development activities and renting & leasing of heavy construction equipment in both, developed and developing nations.
The market has been further segmented on the basis of end use into excavation & demolition, heavy lifting, material handling, recycling & waste management, and tunneling. The excavation and demolition segment accounted for the highest market share in the global Heavy Construction Equipment Market in 2014. This segment is witnessing huge growth due to rise in construction activities in residential and commercial sectors.
The equipment types of the heavy construction equipment include earthmoving equipment, material handling equipment, heavy construction vehicles, and other heavy construction equipment. Earthmoving equipment accounted for the highest market share the total heavy equipment market in 2014. This segment is experiencing growth mainly due to increase in residential buildings, construction of roads, healthcare centers, and educational institutes.
The Heavy Construction Equipment Market is projected to grow at a CAGR of 6.80% from 2015 to 2020. The huge demand for heavy construction equipment from emerging economies due to infrastructural development and increased spending on construction activities is expected to accelerate the growth of the Heavy Construction Equipment Market. The major restraining factor for the Heavy Construction Equipment Market is the socio-economic implications. The primary challenge faced by this market is the high cost of heavy construction equipment.
Leading players in the Heavy Construction Equipment Market include Caterpillar Inc. (U.S.), CNH Global N.V. (The Netherlands), Hyundai Heavy Industries Co., Ltd. (South Korea), Volvo Construction Equipment AB (Sweden), JCB Ltd. (U.K.), Komatsu Ltd. (Japan), Deere & Company (U.S). One of the major developments observed in the heavy construction equipment market is new product development. The requirements of the manufacturers to adhere to standards set by government for heavy construction equipment makes it essential for the manufacturers to continually invest in research and development activities and come up with innovative solutions. Companies are adopting inorganic growth strategies such as acquisitions to cope with the increasing demand of heavy construction equipment in key emerging markets. These strategies have aided companies to create a large customer and partner base in key markets.
Source: http://www.marketsandmarkets.com/