Construction Equipment Market Rising by Increasing Demand for Smart City Projects
Construction Equipment Market by Type (Excavator - Crawler and Mini, Loader - Backhoe, Skid-steer, Wheeled and Other Equipment), Category, Emission Regulation, Aftertreatment Device, Power Output, Application, Rental Equipment, and Region - Global Forecast to 2025
[ClickPress, Fri Oct 05 2018] The Construction Equipment Market is projected to grow at a CAGR of 4.52% from 2018 to 2025. It is projected to reach a market size of USD 199.18 billion by 2025. Construction equipment play an important role in the infrastructure industry, in terms of saving time and reducing costs of infrastructure activities. Construction equipment such as loaders, excavators, dozers, drills, and grader equipment are essential for the construction industry. The growth is attributed to a number of factors such as increasing investment in infrastructure, technological advancements, and increasing demand for smart city projects.
REGULATION COMPLIANT CONSTRUCTION EQUIPMENT TO BE THE NEW AVENUE OF GROWTH
Emission regulation varies regionally. North America and Europe have similar and more stringent emission regulations, whereas Asia Pacific, Middle East, and RoW have different and less stringent regulations. With increasing focus on reducing emissions due to fossil fuels, the emission regulations throughout the world are speculated to be more stringent over the forecast period. The tier-5 regulation compliant engines are projected to be largest segment of the construction equipment market by emission regulation stage in 2025. Major players in the market need to develop innovative solutions through research and development that can lead to more efficient and environment-friendly construction equipment. Companies with large R&D focus are more likely to have an edge over their competition. The regionally varying regulations can provide a new avenue of growth to the major players in the market.
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MIDDLE EAST: A PROMISING MARKET FOR CONSTRUCTION EQUIPMENT
The construction equipment market in the Middle East region is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing infrastructure spending in economies such as Qatar, the UAE, and Saudi Arabia. Qatar will be hosting the 2019 IAAF Athletics Championship and the 2022 FIFA World Cup. Saudi Arabia has presented its Vision 2030. The country aims to shift its economy from its current dependence on crude oil. This is projected to boost the infrastructure spending in other sectors, which in turn is expected to boost the construction equipment market in the country. Major players can use this opportunity to expand their market share in the Middle East by designing equipment suitable for the region. This will provide them with an upper hand over the competition.
SCR TO BE THE LARGEST SEGMENT OF THE CONSTRUCTION EQUIPMENT AFTERTREATMENT DEVICES MARKET
The construction equipment market, by aftertreatment device, is led by the Diesel Particulate Filter (DPF) in 2018, whereas by 2025, Selective Catalytic Reduction (SCR) is projected to be the largest market. This growth is attributed to the stringent emission regulations that are speculated to be adopted in Asia Pacific during the forecast period.
Major players in North America and Europe can use their expertise with the stringent emission norms in these regions to provide efficient aftertreatment exhaust technologies in Asia Pacific. This can provide them with an edge over their regional counterparts. They can use this opportunity to increase their presence in one of the fastest-growing markets for construction equipment.
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