According to a new report from Research and Markets, the global heavy construction equipment market is expected to grow at a CAGR of approximately 7.7% until 2023.

The global construction equipment market has previously faced slowdown owing to sluggish economic conditions and sluggish growth of the construction industry. However, the heavy construction equipment market is expected to grow at a fastest growth rate in the near future.

Increasing residential, industrial and commercial construction activities, economic growth worldwide and growing public-private partnerships is expected to boost the market. In addition, increasing government investment in infrastructure development is estimated to provide good opportunities for the market growth, as will a progressing real estate market.

Government regulations regarding carbon emission and high cost associated with heavy construction equipment is likely to restrain the market growth some, however.