Global Construction and Mining industry propelling the growth of Construction Equipment Market
Construction equipment, also known as heavy equipment are specially designed machinery for performing construction operations. These equipment are used for different functions such as drilling, hauling, excavating, paving and grading. The world construction equipment market covers different industries including manufacturing, oil & gas, forestry, military and public works.
Increasing industrial, residential, and commercial construction activities, global economic growth, and rising public-private partnerships is expected to drive the market. Rising government investments for infrastructure development is expected to offer lucrative opportunities for growth.
Construction Equipment Market Report published by Allied Market Research, forecasts that the global market is expected to garner $288.8 billion by 2022, registering a CAGR of 9.2% during the forecast period 2016-2022. Asia-Pacific is the largest market for construction equipment on account of substantial investments by the government in the manufacturing and infrastructure sector, followed by North America.
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Oil & gas and mining industries together accounted for 28% of market revenue in 2015 and are expected to grow at a notable pace during the forecast period. The growth is primarily attributed to the increasing demand for earthmoving, drilling, trenching and other such equipment in the industry.
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Key market players profiled in the report are AB Volvo, Caterpillar Inc., Komatsu Ltd., Doosan Heavy Industries & Construction Co. Ltd., Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited, Kobe Steel Ltd., Liebherr Group, Atlas Copco AB, and CNH Industrial N.V.
About Allied Market Research
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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