Heavy construction machinery aid to infrastructural expansion activities around the world. Classified products are put to use in clearing vast expanses of lands, exploration for oil and coal, building military posts and routes, installing industrial facilities, added to their implementation in public works department. Dense diversity of end verticals that use construction equipment, could be segmented on the basis of solutions they cater to in different industrial applications. Manufacturers strive hard to attend to on-field issues with their products, customizing at each step to meet safety and regulatory requirements. Apart from this, machine reliability, cost-efficiency, and power efficiency constitute the standard set of manufacturer concerns.
Existing construction equipment industry and its challenges
Novice constructions not only bring advanced facilities to the public sector, but releases off some steam for already loaded urban infrastructure. Exploration projects in industrial segments such as mining, excavations, and oil drillings, continue in venture of fresh reserves. Financing schemes from private and government funding have smoothened access to these machineries. In spite the widespread prevalence in applications, the sales projections are highly variable for various regional markets implicating net fluctuations in global markets.
Technical progressions in heavy equipment
There has not been any major breakthrough in technical advancements in heavy equipment arena. Rather, components have been modified in bits and parts, adding up to overall improvement of entire machinery. Part of this, could be owed to complexity of operational needs totally dependent on the environment, while suiting the simplicity required at operator’s end. Targeted hybridization of systems using hydraulic, pneumatic and electrical components, in one example, has considerably improved fuel efficiency. Reduced and reused fuel circulation cuts down on harmful carbon emissions to relieve certain environmental concerns. With calculative computing integrated into on-site operations, less wear and tear is induced, thus reducing maintenance needs and prolonged machine lifecycle.
Constructive prospects for construction equipment
Competitive industrial and commercial development of regional economies would prove to be the major card dealt for the growth of construction equipment market share. The net global development would result in improved living standards, calling for expansion of residential infrastructure. While government and private enterprises continue with these expansion, the market shall also witness strategically combined efforts from the two segments adding inputs to the growth equations.
Expert analysts at Allied Market Research predict in their report titled “World Construction Equipment Market - Opportunities and Forecasts 2014 – 2020” that Asia-Pacific, apart from capturing largest portion of global construction machinery market share, shall also exhibit highest CAGR of 10.15% during 2014 to 2020. The in-depth structural analysis of dependent business verticals in this report, helps realize the existing and future trends of the market. Key motivating factors and restraints of each segment added to the business strategies adopted by major players, help evaluate opportunities and risks from stakeholders’ perspective.