Heavy construction equipment specifically refers to heavy construction vehicles and machines that are predominantly designed to perform construction work, which includes earthwork operations and material handling operations. Rise in building & construction activities, increase in focus on improving infrastructure, and recovery in the mining sector are boosting the demand for heavy construction equipment. However, heavy dependency on the global economy and regional political scenario may hamper construction activities. This, in turn, may adversely affect the overall demand for heavy construction equipment. Most of the equipment is procured on the rental basis to carry out various operation across the globe.
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Heavy Construction Equipment Market: Segmentation
Based on equipment type, the heavy construction equipment market can be segmented into material handling equipment, earth moving equipment, and others. Earth moving equipment can be further sub-segmented into excavators, bulldozers, road rollers, crawlers, and other earth moving equipment. Material handling equipment consists of cranes, forklifts, loaders, haul trucks, and other material handling equipment. Other heavy construction equipment includes truck mounted concrete pumps.
Based on application, the heavy construction equipment market can be divided into oil & gas, mining, building & construction, commercial (including bridges and roadways), and others industrials. Building & construction is anticipated to hold significant share of the market, followed by the commercial segment, during the forecast period. Rise in construction of apartments, shopping malls, and business complexes in small and large cities are driving the demand for heavy construction equipment. After building & construction, the commercial segment is anticipated to expand at a significant pace during the forecast period. Commercial segment consists of public and private sector projects related to construction of bridges, roadways, tunnels, railway bridges, dams, etc. Increase in government initiatives related to infrastructure activities, especially in Asia Pacific, is estimated to propel the demand for heavy construction equipment in the commercial segment.
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Heavy Construction Equipment Market: Key Players
Large number of companies operate in the global heavy construction equipment market. Prominent manufacturers of heavy construction equipment market include Komatsu Ltd, Volvo Construction Equipment, Doosan Infracore Ltd., Hitachi Construction Machinery, and CASE Construction.