Europe Heavy Construction Equipment Industry driven by Strong Push in Infrastructural Development
New York, US, 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 – Forecast to 2030, the market is anticipated to acquire a valuation of approximately USD 201.56 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over a 6.78% during the assessment timeframe.
Europe Heavy Construction Equipment Market Overview:
Heavy construction equipment is suitable for stone quarries, 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 providers also cater to logistics, infrastructure construction, and forestry conservation companies.
Players leading the Europe heavy construction equipment market include-
- AB Volvo (Volvo Construction Equipment)
- Caterpillar Inc.
- J C Bamford Excavators Ltd. (JCB)
- Terex Corporation
- CNH Industrial NV
- Liebherr AG
- SANY Group
- Komatsu Ltd.
- Hitachi Construction Machinery Co., Ltd
- Doosan Infracore
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Construction contractors extensively use heavy equipment such as dump trucks, excavators, bulldozers, etc. Additionally, a business-friendly climate and strong structural advantages in many European countries have provided a strong impetus to manufacturing and the heavy equipment industry. The region provides significant tax breaks for manufacturers with generous R&D tax credits.
Due to the economic uncertainty and sovereign debt crisis in Western European countries, this market witnessed an unusually lower demand over recent years. Despite these crises and uncertainties, market demand in some Scandinavian countries, including Denmark, Norway, and Sweden, remained unaffected due to increasing infrastructure development activities.
|Revenue forecast in 2030||USD 201.56 Billion|
|Growth Rate||CAGR of 6.78% from 2022 to 2030|
|Key Market Opportunities||Huge investment from Asia-Pacific and North America has created a ladder of opportunity|
|Key Market Drivers||Non- residential sector will be forecasted as the fastest growing sector|
Browse In-depth Market Research Report (200 Pages) on Europe Heavy Construction Equipment Market:
The push for mega projects focusing on developments of dams, highways, railroads, and others is re-establishing the prominence of heavy construction equipment. Besides, the rapidly growing construction industry and vast investments in infrastructure development projects across the region positively impact the market growth. Also, increasing numbers of smart city projects escalate the market value exponentially.
At the same time, the oil & gas and mining industries in the region have been creating significant demand over the past few years. Also, regional consolidation, specifically in Western European countries, where Germany is gaining a reputation as a global hub for innovation in construction equipment, influences the market growth. Also, rising road construction activities foster heavy construction equipment market revenues.
Flood Control entities are initiating the construction of maintenance projects to address channel conveyance capacity issues by removing sediments from channels and restoring them to their original capacity. The number of construction firms is quadrupling, and Innovations in heavy construction equipment assure reduced labor and time required for construction projects.
Conversely, significant costs associated with purchasing and maintaining heavy construction equipment impede the market growth. Nevertheless, increasing power projects, dams & canal construction activities would support market growth throughout the assessment period. Additionally, the growing use of heavy construction equipment in industrial construction projects would help the market grow further.
Europe Heavy Construction Equipment Market Segments
The heavy construction equipment market in Europe is segmented into types, applications, and end-users. The type segment is sub-segmented into earthmoving equipment, material handling equipment, heavy construction vehicles, and others (cranes, excavators, dozers, etc.).
The application segment is sub-segmented into mining & excavation, earthmoving, transportation, lifting, material handling, and others. The end user segment is sub-segmented into oil & gas, construction, military, mining, agriculture, forestry, and other industries.
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The UK dominates the Europe heavy construction equipment market due to vast construction technology advances and the spurting construction industry. The market shows a range of high-performance construction equipment. Besides, the substantial growth in dams & canal construction activities and the number of power projects drive the regional market growth.
Also, the growing population and the increase in industrialization and urbanization led by the nation’s constant GDP positively impact market growth. The UK heavy construction equipment market is expected to retain its dominance over the regional market throughout the assessment period.
Germany stands second in the Europe heavy construction equipment market. The market share attributes to the increasing demand for construction activities in urban areas. Additionally, the trend of commercial & residential structure developments boosts market growth in the country. Rising demand for this equipment from residential, industrial, and infrastructural construction projects fosters the market’s growth.
Furthermore, increasing repair activities in existing infrastructures augment the demand for heavy construction equipment. Continuously increasing construction values in public and private sectors propel market growth. The European heavy construction equipment market is estimated to grow at an impressive CAGR during the forecast period.
The highly competitive heavy construction equipment market in Europe appears to be fragmented due to the presence of several well-established players. These players incorporate strategic initiatives like acquisition, partnership, collaboration, expansion, and technology launch to gain a competitive advantage in the market. Industry players invest heavily in R&D to develop adept technologies on a different level than their competition.
Heavy construction equipment providers expand their portfolio and launch them in emerging markets. Commercialization of these products helps manufacturers lead the sustainable transportation industry. They ensure 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 instance, on Oct.04, 2022, Heerema Marine Contractors (the Netherlands) announced its partnership with Huisman Equipment BV (the Netherlands) to deliver a motion-compensated pile gripper. The order comprises the third motion-compensated pile gripper built by Huisman to be used to enable the energy transition supporting the construction of futuristic offshore wind farms. The gripper will play a significant part in enabling Heerema to install monopoles designed specifically for its vessel – Thialf.
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