Global demand for heavy construction equipment is set to grow strongly over the next five years, according to a recent study by HNY Research.
The market, which includes equipment such as tunnel boring machines, demolition equipment and earthmoving vehicles, was valued at $132.36bn last year and will grow at a compound annual growth rate of 7.8% to hit $207.7bn by 2023.
HNY says that the rise in urbanisation, increase in large-scale investments in infrastructure and growing construction activity in emerging markets are the main drivers behind this uptick in demand for heavy equipment.
Influential to this growth will be major manufacturers and providers, including Caterpillar, Liebherr, Terex, Volvo and Hitachi, all of which are cited in HNY’s report
Another construction equipment area set for growth is drones, with numerous recent studies pointing towards how drone technology can lead to large savings for contractors and other companies operating in the industry.
A PwC study on the impact of drones on the UK economy says that drones can add as much as 2%, or £42bn ($55.8bn), onto the country’s GDP, with the construction sector among many industries benefitting from enhanced productivity.
PwC suggests that using drones throughout an entire project lifecycle will provide an unrivalled record of all activities, boosting planning efficiency and eliminating arguments over project status at any given time.