The construction industry is consistently evolving and the modernization in the industry has led to incorporation of advanced technologies that are revolutionizing construction equipment and methods. Improved safety standards are now being achieved due to the technological advancements. Tasks are no longer tedious and project completion times are improving. The innovations in construction equipment using sensors, digital tools, automation, Machine Learning, and Artificial Intelligence are creating ample growth opportunities.
Adoption of modern technologies in construction equipment has revolutionized construction activities. Modern construction equipment and embedded cutting-edge technologies eliminate guesswork from the equation, saving both time and money.
Below are quick insights on how modern technologies are transforming construction equipment:
Construction equipment are used for construction activities such as making pavements, laying bitumen layers and drilling. The equipment help in easy maneuverability on rough terrains and inaccessible construction fields. The pace of enhancement, reconditioning and development of infrastructure across the globe has initiated the usage of specialized compact equipment in the construction sector. Compact construction equipment include compact excavators, compact loaders, small trucks, site dumpers, wheel loaders, mini rollers, power drills, material handlers, power lifts and other equipment.
Growth in real estate investment, housing sector,urbanization andnew production or process facility installationalong with improving living standards, development of special economic zones, and growing telecommunication sector is driving the demand for construction equipment. Asia-Pacific presents the largest opportunity for compact construction equipment due to rising urbanization, increasing number of upcoming highway and railway projects, stable economic conditions and growing per capita income. Africa and South America present moderate volume and high growth for this market in the near future.
The market for compact construction equipment is expected to follow the trend of developments inthe global construction industry.At present, the industrial construction and infrastructure construction segments are growing at a CAGR between 7% and 10%. The construction equipment market in developing economies is also expected to grow at a CAGR between 15% and 20% in the near future. These factors would fuel the growth of the compact construction equipment market.Leading construction equipment providers in the compact construction equipment industry are Caterpillar, Volvo, Hitachi Construction Machinery and Mitsubishi.