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Compaction equipment refers to a machine utilized to remove soil from soil mass to achieve high soil density and water content. The major application of compaction equipment is into building and construction of roadways, water reservoir structures, huge residential, commercial and industrial site construction. The emergence of the global compaction equipment market is likely to witness high demand over the forecast period owing to the exposure of construction that leads to the rapid urbanization.
Key Market Driver -
Key Market Driver – • The rise of construction and rapid urbanization. • Growing demand in renting the equipment for transport infrastructure
Key Market Restraint -
Key Market Restraint – • Rules and regulations to export the equipment poses threat to the compaction equipment market.
Companies are investing in compaction equipment & related products mainly in Asia Pacific and the Middle East and Africa, where the large number of infrastructure development projects are in progress. Similarly, companies are also opting for mergers & acquisitions and collaboration with local players to strengthen the reach and maintain their position in the competitive market. For instance, in 2017, Deere & Company has acquired Wirtgen Group for nearly around USD 5.2 Billion to expand the global distribution options in construction equipment. Furthermore, in 2017, AB Volvo has introduced SD100BA a new range of single drum smooth wheeled compactor built in India to adapt versatile earthwork compaction applications in India. The prominent players are also focusing to reduce the labour cost by materializing the handheld process to mechanism driven process.
Key players operating in the global compaction equipment market are Caterpillar, Atlas Copco AB, AB Volvo, Hitachi Construction Machinery Co., Ltd., MBW Incorporated, Sakai America, Inc., Deere & Company, J C Bamford Excavators Ltd., Komatsu Ltd., Escorts Limited among others.
The compaction equipment market in Asia Pacific and the Middle East is experiencing the dominance owing to the fast paced infrastructure development in developing countries, such as India, China, Indonesia, Kuwait and Qatar. These developing countries have large number of projects ongoing in terms of engineering & construction. The governmental bodies are focusing on structured facilities in the field of hospitals, transportation and tourism.
Europe and North America are expected to witness a steady growth in the forecast period. European and North American countries have strict governmental laws for machine vibration and protection from security threats. For instance, in August 2019, in Paris, Volvo has introduced its first electric compact excavator, the ECR25 Electric. It has replaced the traditional combustion engine excavator to control noise disturbance and carbon emission.
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The compaction equipment market in Latin America is experiencing the downfall in construction and mining industry owing to the weak economic conditions and increase in carbon footprint. Countries such as Mexico, Colombia, Chile, Peru and Uruguay have strong potential of investing into mining, manufacturing, forestry and construction sector in the forecast period.
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