According to a report from Research and Markets, the global heavy construction equipment market is expected to reach $166 billion in 2020, with a projected CAGR of 6.8, indicating a steady increase in the demand for such equipment.

The report, which is titled “Heavy Construction Equipment Market by type, Application and Industry – Forecast to 2020”, notes that high construction and infrastructural growth, technological developments and their adaptations, along with rapid urbanization have fueled the growth for heavy construction equipment.

In addition, the report says that infrastructure is the largest end-use area for heavy construction equipment especially in emerging markets such as China, Brazil, and India. The global heavy construction equipment market is witnessing decent growth based on heavy investments done in the infrastructure recreation to accommodate smart residential and commercial buildings. The developing markets in Asia-Pacific are witnessing a strong demand for heavy construction equipment; therefore, large investments are made in these regions.

Read the full forecast from Research and Markets here.