Underground Construction Equipment Market to Reach $31.3 Billion, Globally, by 2031 at 4.7% CAGR: Allied Market Research
The underground construction equipment market has witnessed significant growth over the past decade, due to the increase in urbanization and transportation around the world.
PORTLAND, Ore., April 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Underground Construction Equipment Market by Type (Tunneling Equipment, Piercing Tools, Vibratory Plows, Load and Haul Equipment, Underground Utility Vehicles, De-watering System, Shotcrete Solutions), by Solution Type (Product, Services), by Application (Oil and Gas, Railway and Highway, Municipal Engineering, Underground Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global underground construction equipment industry generated $19.4 billion in 2021 and is anticipated to generate $31.3 billion by 2031, witnessing a CAGR of 4.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities-
The demand for infrastructure developments has increased due to the rise in urbanization and transportation around the world. This factor is expected to drive the growth of the underground construction equipment market. However, factors such as stringent government regulations, carbon emissions, and high investment costs impede the growth of the underground construction equipment market. On the contrary, technological advancements are expected to provide lucrative opportunities for the players that operate in the underground construction equipment market.
Covid-19 Scenario-
- The outbreak of the COVID-19 pandemic had a negative impact on the demand for construction equipment, which caused many businesses to postpone or cancel construction projects, thereby causing a diminishing demand for underground construction machinery.
- However, despite these difficulties, the underground construction equipment market persevered through the pandemic. This is because many governments implemented stimulus programs to encourage the purchase of new infrastructure. Thus, as the global situation began to recover, there came a growing demand for the adoption of new technologies like remote monitoring and autonomous machinery.
The railway and highway segment to maintain its leadership status throughout the forecast period-
By application, the railway and highway segment held the highest market share in 2021, accounting for more than two-fifths of the global underground construction equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. This is owing to the rise in the number of railway and highway construction projects in the Asia-Pacific region. However, the oil and gas segment would display the fastest CAGR of 5.5% during the forecast period. The growth is attributed to the increasing demand for oil and gas.
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The tunneling equipment segment to maintain its dominance by 2021-
By type, the tunneling equipment segment held the highest market share in 2021, contributing to more than half of the global underground construction equipment market revenue, and is estimated to maintain its dominance throughout the forecast period. This is due to the high cost of tunneling equipment and its extensive use in railway and highway construction. Furthermore, the shotcrete solutions segment is projected to cite the highest CAGR of 6.2% during the forecast period. This is due to technological developments and their importance in tunnel construction.
The product segment to grab the lion's share during the forecast period-
By solution type, the product segment held the highest market share in 2021, garnering more than four-fifths of the global underground construction equipment market revenue, and is estimated to maintain its lion's share throughout the forecast period. The growth of the segment is attributed to the high cost of products and increasing sales in the Asia-Pacific region. However, the services segment would showcase the fastest CAGR of 5.0% during the forecast period. This is owing to the requirement of recurring servicing of underground construction equipment.
Asia-Pacific to rule the roost by 2031-
By region, Asia-Pacific held the major share in 2021, contributing to nearly half of the global underground construction equipment market revenue and is projected to rule the roost by 2031. This is due to explosive growth of the construction industry in India and China. Simultaneously, the LAMEA region would portray the fastest CAGR of 5.4% during the forecast period. The growth of the region is attributed to rising investments in infrastructure development projects in Africa and the Middle East.
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Leading Market Players-
- Kawasaki Heavy Industries, Ltd.
- Sany Group Co., Ltd.
- Global TBM Company
- Epiroc AB
- Komatsu Ltd.
- China Railway Group Limited
- Caterpillar Inc.
- Herren Knecht AG
- Sandvik AB
- Mitsubishi Corporation
The report provides a detailed analysis of these key players in the global underground construction equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting the business performance, operating segments, product portfolio, and strategic moves of the market players.
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