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Source : Luke Besley, Unsplash
September 22, 2022
Author : Patty Allen
With new public works construction and upgrades occurring across the country, huge lumbering machinery alongside freeways and bridges is a common sight.
Modern new construction machines are helping to eliminate the heavy toll and demands placed upon labor, as well as increase productivity and shorten the duration of tasks.
A new report put out by EMR, titled 'Global Heavy Construction Equipment Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026,' provides an in-depth analysis of the global heavy construction equipment market.
The study follows the most recent industry trends and analyzes their impact on the market. In addition to analyzing the market based on the SWOT and Porter's Five Forces models, the report evaluates the market's dynamics, including the major demand and price indicators.
In 2020, the global market for heavy construction equipment reached over $170 billion. The market is anticipated to expand at a 6.2?GR between 2021 and 2026 and reach $244 billion by 2026.
The heavy construction equipment market is seeing steady growth due to private sector investment, real estate sector growth, urbanization, and, most importantly, increasing investment from the government under the $2 trillion IIJA scheme.
Demand for larger construction sites is robust in rising economies such as China and India due to their fast-growing economies and infrastructure overhauls, already boosting the heavy construction equipment market.
The machinery used in these projects can be divided into types:
1. Earth Moving Equipment:
2. Heavy Construction Vehicles
3. Material Handling Equipment
Among the market's top companies are Deere & Company, Komatsu Ltd., AB Volvo, Doosan Infracore Co., Ltd., Hitachi Construction Machinery Co., Ltd., Caterpillar Inc., and Liebherr-International AG. As per the EMR report, some major regional markets for heavy construction equipment are Europe, North America, Asia Pacific, Latin America, the Middle East, and Africa.
The rental sector (the renting of these heavy machines), is anticipated to hold the largest share of the U.S. heavy-duty construction equipment market during the projected period. In the construction industry, renting construction equipment is the most cost-effective alternative. This is due to the high cost of various construction equipment, as well as the preference of end users for rental services of temporary components.
Numerous heavy-duty equipment market participants offer rental services for heavy-duty construction equipment. For instance, Herc Rentals Inc., United Rentals (inc BlueLine), and H&E Equipment Services, among others, offer construction equipment rental services. This further underlines the need for estimators and project managers to keep their jobs on a tight calendar, as heavy equipment rentals can be extremely expensive.
Customers can rent or lease equipment from construction equipment rental firms on a short- or long-term basis, according to their needs.
Construction is one of the top industries in the United States. The Associated General Contractors of America (AGC), a trade organization in the United States, said in 2019 that the construction industry has over 680,000 employers and over 7 million workers in the United States. In addition, the construction industry contributed over $1.3 trillion to the U.S. economy in 2019, around 4.1% of the nation's total GDP.
The U.S. government is spending considerably on infrastructure, which will further stimulate the construction industry over the coming years. The Worldwide Market Reports predicts that the U.S. construction business will grow at a CAGR of 5.2% during the period between 2020 and 2027.
Follow Contractor News for the latest updates on public works projects and developments in government construction.
Category : Efficiency-Improving Technology Entrepreneurialism International Investment in Infrastructure Market Watch Modular & Prefabricated Construction Monopolization Airports Bridges Freeways and Highways Ports Procurement Public Works