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The global market for construction equipment is expected to reach USD 208.36 billion by 2020, according to a new study by Grand View Research, Inc. Growing number of infrastructure projects on a global scale is expected to be the key driving force for the market over the next six years. Increasing mining activities which require the use of construction equipment are also expected to positively impact the industry over the forecast period.
Technological development has led to the use of advanced machinery that offers considerable benefits over traditional mechanical equipment. Availability of options such as leasing of construction equipment to drive cost effectiveness is also expected to fuel market growth over the forecast period. Safety and security issues such as mishandling of equipment need to be handled in order to prevent heavy losses. Since heavy construction equipment emits harmful gases such as nitrous oxide and carbon dioxide, meeting stringent fuel emission standards set by regulatory authorities is a challenge for industry participants.
The report “Construction Equipment Market Analysis By Product (Earth Moving Machinery, Material Handling Machinery, Concrete & Road Construction Equipment) And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/construction-equipment-market-analysis
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Further key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the construction equipment market on the basis of product and region:
Construction Equipment Product Outlook (Revenue, USD Billion, 2012 – 2020)
• Earth Moving Machinery
Construction Equipment Regional Outlook (Revenue, USD Billion, 2012 – 2020)
• North America
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Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com.
San Francisco, California (PRWEB) April 29, 2014