Global Compaction Equipment Market to Grow 4.7% by 2021
MAY 18, 2017 - 6:57 am
According to a new report from Research and Markets, the global compaction equipment market will grow at a CAGR of 4.74% from 2017 to 2021.
The report was prepared based on market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market, including Caterpillar, Hitachi, Atlas Copco, JC Bamford Excavators and Volvo.
The latest trend gaining momentum in the market is growth of equipment rental businesses. Construction equipment such as compaction equipment is very expensive and requires a large down payment. Insurance, licenses and taxes add to the total cost of ownership. Therefore, small and medium enterprises tend to opt for rented equipment. Also, contractors are often concerned with issues such as maintenance and storage space for such equipment, as these overhead costs increase as new equipment is bought. With renting, such overhead costs can be avoided.
According to the report, one of the major drivers for this market is growth of transportation infrastructure. Increasing urbanization has resulted in the creation of global demand for better transportation systems. As countries are developing various plans to meet this demand, the transport infrastructure sector is expected to grow significantly in the coming years with major demand coming from countries like India and China. The rise in demand for transport infrastructure will create opportunities for global compaction equipment market as these machines are a basic requirement in completing any infrastructure projects.
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