Excavation Equipment Market Forecast and CAGR
According to the latest research by Fact. MR., the excavation equipment market is expected to show consistent growth during 2021-2031. In the short term, the demand for excavation equipment will witness substantial growth owing to the growing end-uses and will show a positive outlook in the long run. Additionally, the widespread use of construction equipment in construction projects augments the demand for excavation equipment.
What is Driving Demand for Excavation Equipment?
Excavation equipment are specially designed machinery used to perform various construction operations. Tractors, bulldozers, power shovels, scrapers, backhoe are the most used equipment in construction sites.
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In addition, the option for a different type of excavation equipment specially designed for particular work made an impact on overall market demand. There is equipment specially made for every step for construction projects which includes projection initiation and completion.
Likewise, a Rock hammer used to remove rock from sites, the task can be very time-consuming and labour intensive but the equipment made the work easy and convenient. Compacting and grading equipment used for slope and shape of construction land (basically used for increasing soil density of the land. This process may include the uses of a motor grader and grade trimmer.
One of the most preferring heavy equipment for construction is a bulldozer. The equipment is known as the monster of the excavation industry. Pushes large piles of dirt or breaks up huge boulders are the common uses of bulldozers. Most of the congested construction sites are witnessing more uses of bulldozers along with other excavation equipment.
Mining Recovery Likely to Augment Excavation Equipment Demand
The COVID-19 pandemic has led to a huge economic disruption globally. All the industries across the globe massively impacted, the mining industry is also one among them. The leading player in the mining industry witnessed a huge loss in terms of revenue generation due to the sudden project shutdown. The market disrupted for a certain period of 2020 and manage to reopen by the end of 2020 and started to grow accordingly.
By looking into the importance of mining work in daily living including electricity, roads, and communities the industry is backed up by the country’s government. Mines are usually found far from residential areas, mostly it is found in arid regions and mountains and almost 2,000 deep down from the ground. Mining work required for heavy construction equipment, from past half-decade the excavation equipment are being used for extensive mining work.
The US and Canada Excavation Equipment Market Outlook
In 2020, the global construction equipment market is estimated to around USD 145 billion and expected to reach USD 251 billion by 2031, North America accounted for one of the highest shares in the market. The region is known for the second-largest construction equipment market owing to the rapid urbanization and major infrastructure development.
North America is the region that had experienced the hardest hit of coronavirus which led to the region’s economic imbalance. United States witnessed the highest number of cases during the first wave of the pandemic. The world’s most developed nation witnessed huge loss in terms of human health and economy.
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Regardless of everything, the country started recovering every possible way from the last quarter of 2020 and able to grab its global economic position. Construction and mining activities started with the full-fledge workforce during the first quarter of 2021. Government spending on urban and rural infrastructure development, roadbuilding, mining work improvement, reconstruction of old residential buildings makes the excavation equipment market grow at a faster rate.
Furthermore, Oil and gas extraction including exploration and production activities in the US and Canada boosts the demand for heavy excavation equipment.
Canada’s mission for green technology and clean energy solution witnessed growth in the mining sector.
The country is among one of the leading mining nations throughout the globe and a key global producer of diamond, cadmium, cobalt, gemstones, gold, platinum group metals and uranium. Considering the growth factors of North America, the two countries US and Canada expected to drive the market demand.
Europe Demand Outlook for Excavation Equipment
Disruption in construction and mining activity in 2020, led to diminishing the sale of European construction equipment. The heavy construction machinery suffered most in terms of sales during the period. The less expansive equipment such as small bulldozers, wheel loader, telehandler and skid steer was sold at a normal level even during the 2020 pandemic.
Unlike previous years, road equipment, earthmoving equipment, concrete equipment among other experienced huge market disruption in the region. The relaxation of lockdown measure in the third quarter of 2020 driven up the sales for excavation equipment in the region. Most of the developing countries in the region witnessed a fast market recovery from COVID-19.
The manufacturing industry contributes about 23.8% of the overall GDP in Europe owing to the huge number of regional and global manufacturers in the region.
Germany witnessed the highest GDP growth in Europe followed by UK, France, Italy and Spain.
All the countries mentioned are known for developed infrastructure and industrialization. And the regulatory authorities of these countries are increasing the infrastructure budget every year to maintain the development which led to an increase in the construction project work.
Who are the Key Manufacturers and Suppliers of Excavation Equipment?
Some of the leading manufacturers and suppliers of excavation equipment include
- Excavation Equipment Pty Ltd
- Volvo Deere & Company
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