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The global construction equipment market size is projected to reach USD 160.84 billion by 2027 on account of speedy enlargement of urban spaces worldwide, observes Fortune Business Insights™ in its new report, titled “Construction Equipment Market Size, Share and COVID-19 Impact Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment & Cranes, Concrete Equipment, Road Building Equipment, Civil Engineering Equipment, Crushing and Screening Equipment and Other Equipment), By Application (Residential, Commercial & Industrial) and Regional Forecast, 2020-2027”. The report states that the market value stood at USD 129.32 billion in 2019 and is expected to register a CAGR of 2.8% from 2020 to 2027.
Outbreak of the COVID-19 pandemic is set to hinder the construction equipment market growth throughout 2020 as construction activities have come to a standstill owing to prolonged absence of workers at sites. However, the construction industry is expected to recommence its growth trajectory by 2021 as the effects of the current pandemic subside worldwide.
Liebherr Delivers 100th Mobile Harbor Crane in Spain
The German manufacturer, Liebherr Group, in November 2019, delivered its 100th mobile harbor crane to Maritima del Principado, a shipping company in Gijón, Spain. The company supplied the LHM 600 crane under the Generation 5 stage of its Liebherr Mobile Harbour Crane program. Spain, along with Russia and India, now becomes the third country in the world to which Liebherr has delivered its flagship mobile cranes in the past couple of decades. This development marks a milestone achievement for the company and strengthens its presence in the construction industry as a manufacturer and supplier of durable and cost-effective construction equipment.
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Introduction of Automation in Construction to Open New Growth Channels
Automation technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) are being extensively applied across industries and have penetrated the construction industry as well. Their rising adoption in this industry is based on the physically challenging tasks that workers have to perform at construction sites, which frequently lead to injuries and deaths. As a result, equipment manufacturers are increasingly embedding their products with smart software to eliminate the risks posed by these tasks on construction workers. For instance, San Francisco-based Built Robotics has developed an autonomous system which can operate on skid steers, excavators, and bulldozers, removing the need for human intervention in the equipment’s working. Thus, automated machinery can substantially enhance the productivity and efficiency at construction sites.
Key Players to Focus on Maximizing Gains through Innovation
Construction is a critical industry and plays an instrumental role in the development of a nation. Emerging economies are heavily dependent on construction equipment as infrastructural development in these countries is surging. To meet this demand, companies operating in this market are constantly innovating and launching novel solutions to accelerate economic progress of these nations. In the developed nations, these players are focused on introducing advanced equipment, augmenting their movement towards automation.
List of Key Players Covered in the Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD billion)
By Equipment Type