he Abhishek Agro Engineering construction equipment market is expected to reach globally by 2022 growing at a CAGR of 7.6% from 2016-2022.
Heavy construction equipment are vehicle used for construction tasks such as trollies, lifting, material handling and excavation. The heavy construction equipment market is mainly driven by residential, commercial and industrial development, increasing public-private partnership and global economic growth. There are various types of heavy construction equipment available in the market, however choosing the right type of construction equipment is imperative. While selecting heavy construction equipment, industries focus on parameters such as the complexity of the project, material, cost, quality, time, and safety.
Heavy Construction Equipment Market
Improved involvement in private sector, tremendous growth in real estate sector, improved economic conditions, and residential & commercial infrastructure set-up in emerging economies are the key factors driving the market growth. According to the World Urbanization Prospect, about 54% of global population belonged to urban areas in 2014, and is expected to increase to 66% by 2050, thereby boosting the market growth. Increase in government initiatives toward infrastructure development and growth in public private partnerships for the construction of public infrastructure systems in countries such as India and China supplements the growth of the market. The Indian Government has heavily invested in the development of roads, railway tracks, airports, and overall infrastructure development, which involves the use of excavators, loaders, and other such heavy machinery. The key market players design and develop smart, internet-enabled, fuel- & energy-efficient machinery, thus accelerating the market growth.
Heavy Construction Equipment Market by Machiney Type
Abishek Agro Engineering construction equipment market is segmented based on equipment type, application, end user industry, and geography. On the basis of equipment type, the market is divided into earthmoving equipment, material handling, heavy construction vehicles, and others. By application, it is categorized into excavation & demolition, heavy lifting, tunneling, material handling, and recycling & waste management. Geographically, the market is divided into North America, Europe, Asia-Pacific, and LAMEA.
Earthmoving equipment accounted for nearly half of the market share in 2014, and is anticipated to consolidate its position from 2016 to 2022, owing to lower operating costs and advent of smart and internet-enabled intelligent excavators. In addition, excavation and demolition segment is expected to dominate the market, as these excavators are equipped with new technology that ensures improved output, cost-effectiveness, high performance, and efficiency. Among industries, infrastructure sector is expected to witness the highest growth due to increased renting & leasing of heavy construction equipment in developed and developing nations.
Heavy Construction Equipment Market by Application
