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Global Construction and Mining Rental Equipment Market to Reach $273 Billion by 2030 with Growth of Digital Services and Platforms
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Global by the end of the forecast period with the rise in civil infrastructure development projects and real estate/buildings. However, the COVID-19 pandemic is expected to cause an 18% decline in the unit sales of heavy equipment in 2020 due to the decline in manufacturing, operations, and distribution centers across the globe. Despite these obstructions, the construction and mining equipment unit shipment is likely to register growth at a compound annual growth rate of 0.84% for the next 10 years.
"The construction equipment market is ripe with opportunities for original equipment manufacturers (OEMs), suppliers, and digital solution providers to leverage from the current evolution in technologies in both mature and nascent markets," said . "Growth will be driven by the Asia-Pacific market and the earthmoving segment in the short term. The transition toward rental models, electrification, and automation will happen in the medium to long terms."
added: "Digital services that enhance convenience and operational costs are expected to spur the growth of telematics solutions in construction and mining equipment. Additionally, with the rise in mega cities and smart cities, the operational constraints of urban construction will lead to an increase in demand for compact equipment. This will further push the demand for electric construction equipment due to stringent urban emission regulations (EV zones) and reduced operational costs."
Processes in the construction and mining sector will be more modular, individualized, and connected to the
, enhancing equipment utilization and performance tracking. Prognostics using unabridged data collection, remote monitoring and operation present immense growth prospects for stakeholders in the construction and mining equipment industry. Industry players should consider the following opportunities:
is the latest addition to Frost & Sullivan's research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Jaylon Brinkley
Frost & Sullivan - Corporate Communications
+1 (210) 247 2481
jaylon.brinkley@frost.com