European Heavy Construction Equipment Market Will Hit USD
New York, United States, Oct. 11, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Europe heavy construction equipment market Research Report, by Types, by Applications, End Users – According to forecasts to 2030, the market is expected to acquire a valuation of approximately USD 201.56 billion by the end of 2030. The reports further predict that the market will thrive at a robust CAGR of over a 6.78% during the assessment period.
Europe Heavy Construction Equipment Market Overview:
Heavy construction equipment is suitable for stone quarrying, road works, general construction and earthworks. Specially designed for the toughest applications, this equipment has a powerful and reliable engine to ensure high productivity and low fuel consumption. Heavy equipment suppliers also cater to logistics, infrastructure construction and forest conservation companies.
Leading players in Europe heavy construction equipment market include-
- AB Volvo (Volvo Construction Equipment)
- Caterpillar inc.
- JC Bamford Excavators Ltd. (JCB)
- Terex Company
- CNH Industrial AG
- Liebherr AG
- SANY Group
- Komatsu Ltd.
- Hitachi Construction Machinery Co.,Ltd
- Infracore Doosan
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Construction contractors widely use heavy equipment such as dump trucks, excavators, bulldozers, etc. In addition, a favorable business climate and strong structural advantages in many European countries have given strong impetus to heavy equipment manufacturing and industry. The region offers significant tax breaks to manufacturers with generous R&D tax credits.
Due to economic uncertainty and the sovereign debt crisis in Western European countries, this market has experienced unusually weaker demand in recent years. Despite these crises and uncertainties, market demand in some Scandinavian countries, including Denmark, Norway and Sweden, has not been affected due to increased infrastructure development activities.
|Revenue forecasts in 2030||$201.56 billion|
|Rate of growth||CAGR of 6.78% from 2022 to 2030|
|Year of reference||2021|
|Key market opportunities||Huge investments from Asia-Pacific and North America have created a scale of opportunities|
|Key Market Drivers||The non-residential sector will be forecast as the fastest growing sector|
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The surge of mega-projects focused on the development of dams, highways, railways and the like is restoring the importance of heavy construction equipment. Additionally, the rapidly growing construction industry and vast investments in infrastructure development projects in the region are positively impacting the growth of the market. Moreover, the growing number of smart city projects is driving up the market value exponentially.
At the same time, the region’s oil and gas and mining industries have created significant demand in recent years. Additionally, regional consolidation, especially in Western European countries, where Germany is gaining a reputation as a global hub for construction equipment innovation, is influencing the growth of the market. Additionally, the increase in road construction activities is supporting the heavy construction equipment market revenue.
Flood control entities initiate the construction of maintenance projects to address channel carrying capacity issues by removing sediment from channels and restoring them to their original capacity. Quadrupling the number of construction companies and innovations in heavy construction equipment ensure a reduction in labor and time required for construction projects.
Conversely, the large costs associated with the purchase and maintenance of heavy construction equipment are hampering the growth of the market. Nevertheless, increase in power projects, dams and canal construction activities would support the growth of the market throughout the assessment period. Additionally, the increasing use of heavy construction equipment in industrial construction projects would help the market grow further.
Europe heavy construction equipment market segments
The Europe heavy construction equipment market is segmented into types, applications, and end users. The type segment is sub-segmented into earth-moving equipment, material handling equipment, heavy construction vehicles and others (cranes, excavators, bulldozers, etc.).
The application segment is sub-segmented into mining and excavation, earthmoving, transportation, lifting, material handling and others. The end-user segment is sub-segmented into oil and gas, construction, military, mining, agriculture, forestry, and other industries.
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The UK dominates the European heavy construction equipment market due to the vast technological advancements in construction and the boom in the construction industry. The market presents a range of high-performance construction equipment. Additionally, substantial growth in dam and canal construction business and number of energy projects are driving the growth of the regional market.
Moreover, the growing population and increasing industrialization and urbanization driven by the constant GDP of the country is positively impacting the growth of the market. The UK heavy construction equipment market is expected to maintain its dominance in the regional market throughout the assessment period.
Germany ranks second in the European market for heavy construction equipment. The market share is attributed to the growing demand for construction activities in urban areas. Additionally, the trend of commercial and residential structure developments are boosting the market growth in the country. The growing demand for these equipments from residential, industrial and infrastructural construction projects is driving the growth of the market.
In addition, the increase in repair activities in existing infrastructure increases the demand for heavy construction equipment. The continuous rise in construction values in both public and private sectors propels the growth of the market. The European heavy construction equipment market is expected to grow at an impressive CAGR during the forecast period.
The highly competitive heavy construction equipment market in Europe appears fragmented due to the presence of several well-established players. These players incorporate strategic initiatives such as acquisition, partnership, collaboration, expansion, and technology launch to gain competitive advantage in the market. Industry players invest heavily in R&D to develop suitable technologies at a different level than their competitors.
Heavy construction equipment suppliers are expanding their portfolio and launching them in emerging markets. Marketing these products helps manufacturers lead the sustainable transportation industry. They ensure that their equipment is designed for customer applications with local and regional distribution ranges to strengthen their position in the European construction equipment market.
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For example, on October 04, 2022, Heerema Marine Contractors (Netherlands) announced its partnership with Huisman Equipment BV (Netherlands) to supply a motion-compensated pile gripper. The order includes the third motion-compensated pile gripper built by Huisman to enable the energy transition supporting the construction of futuristic offshore wind farms. The clamp will play an important role in allowing Heerema to install monopoles designed specifically for its vessel – Thialf.
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