Pune, India, Sept. 13, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Europe construction equipment market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 38 billion by 2026.
Current trends in Europe’s construction industry are being influenced by the evolving technology landscape and the proliferation of automation in construction. Most European countries are increasingly implementing technologically advanced and automated machinery and equipment in construction to speed up the processes and improve reliability and efficiency.
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The presence of a stringent regulatory scenario across the region is encouraging construction equipment manufacturers to develop enhanced machinery to minimize diesel engine exhaust emissions. Recently for instance, Volvo CE had unveiled ECR25, its new compact electric excavator and wheel loader, across key European markets including Germany, France, the Netherlands, and the U.K. in February 2020.
Reports estimate that Europe construction equipment market size will hit an annual valuation of more than US$38 billion by 2026, with ongoing technological innovations in the industry and upcoming smart city projects.
Consistent demand for material handling equipment
Different types of equipment used in modern construction include material handling equipment & cranes, concrete equipment, and earthmoving & roadbuilding equipment. The demand for materials handling equipment and cranes across Europe is expected to grow substantially in the coming years, with a strong need for goods movement machinery and an attractive economic landscape.
Majority of building and construction companies are utilizing bulk material handling machinery for faster completion of mega construction projects. The equipment helps move goods across different locations faster and more effectively while ensuring a safe working environment. The presence of strict workers safety regulations in the industry will certainly augment the adoption of cranes and other material handling equipment.
Wide use of earthmoving & road-building equipment
Meanwhile, earthmoving and roadbuilding equipment is expected to witness a notable demand over the next few years, with rapid infrastructure development activities in the region. Numerous European countries have been investing in improvement of road transport facilities and infrastructure for better accessibility to remote areas. The large-scale expansion of road networks in recent years has generated a massive demand for advanced construction equipment.
Russia and the U.K. are currently investing in development and automation of road transport and railways. Growing technological advances and the need for mechanization in construction are likely to provide regional manufacturers with ample opportunities. Local construction machinery suppliers are constantly focusing on design improvements to meet these needs and challenges.
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Increasing R&D expenditure by leading manufacturers
Construction equipment manufacturers, suppliers, and rental service providers in Europe are expected to witness tremendous opportunities in the forthcoming years. In anticipation of a robust demand in the future, leading companies such as Thyssenkrupp AG, ZF, Wirtgen, Schwing Stetter, and Liebherr have been making extensive research and development efforts to develop advanced, more reliable heavy-duty machinery.
Citing an instance, in 2019, Thyssenkrupp AG had invested more than US$384.9 million in new research and development programs. Similar efforts by other players have led to the development of several new technologically innovative construction machinery equipment.
The global COVID-19 pandemic had severely affected construction equipment market profitability during the first half of 2020 due to shortage of capital and labor, supply chain disruption, and subsequent halt in major construction projects. However, European government authorities are actively working on the implementation of new mega infrastructure projects in transportation, smart construction, and renewable energy.
Browse Related Report:
North America Construction Equipment Market Size, By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Industry Analysis Report, Regional Outlook (U.S., Canada), Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1443/north-america-construction-equipment-market
Asia Pacific Construction Equipment Market Size, By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Industry Analysis Report, Regional Outlook (China, India, Japan, South Korea), Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1449/asia-pacific-construction-equipment-market
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
