SEATTLE, April 25, 2022 (GLOBE NEWSWIRE) -- The U.S. Heavy Duty Construction Equipment market was valued at US$ 70.39 Million in 2021 and is estimated to account for US$ 113.70 Million in terms of value by the end of 2030. Heavy duty equipment’s are widely used in the various application including Infrastructure Construction (Roads, Dams, Bridges, Etc.), Residential & Commercial Buildings, Industrial Buildings in order to perform heavy task which may require tremendous human efforts and time.
Market Drivers
Adoption of electric and hybrid vehicles
Heavy construction equipment market is witnessing rapid development especially in the battery powered vehicles segment. This is owing to the benefits provided by electric vehicle which includes low carbon emission, reduced noise levels, and high comfort and safety for operators and workers. Due to these, many key players in the market are launching products powered by battery. For instance, in February 2020, Volvo Construction Equipment started the pre-booking of its first electric compact excavator, ECR25 Electric. ECR25 Electric is a 2.5 ton excavator and replaces a conventional combustion engine with 48 Volt lithium-ion batteries. The ECR25 Electric can operate for 8 hours on a single charge. As the excavator is noise free and does not emit any pollutants, it is suitable for residential sites.
Furthermore, small size hybrid vehicle is another major trend in the heavy construction equipment market as small devices can be used for inside buildings, and inner-city work sites. Several companies are developing small size hybrid heavy construction devices. For instance, in July 2017, AB Volvo tested prototype of hybrid wheel loader, which achieved 50% fuel efficiency in the real life testing.
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Market Opportunities
Collaboration for Advanced BOP Service Model
The oil & gas drilling companies and equipment service providers face a lot of challenges related to subsea equipment repair and maintenance services that lead to non-productive time and high expenses for drilling companies and service providers. Therefore, these drilling companies and oilfield service providers are focusing on collaboration for contractual service agreement (CSA), in order to develop blowout preventer service model that can be applied throughout the oil & gas industry. The main objective of this contractual service agreement is that the service providers will be responsible for the overall BOP performance. This will help in driving continuous improvement in deep-water drilling. Therefore, CSA that include pressure control by hour model will help service providers in improving maintenance and servicing of blowout preventer and other well control equipment. Therefore, this collaboration is expected to create growth opportunities for both drilling companies and BOP service providers in the U.S BOP testing market. For instance, in February 2016, Diamond Offshore Drilling, a U.S-based rig operator, entered into a 10-year collaborative contractual service agreement with GE Oil & Gas (Baker Hughes) for BOP service model that will be used in oil & gas companies.
Market Trends
Continuous increasing demand of Compaction Equipment
Compaction equipment such as rammers, rollers, and compactors are used to expel air from a soil mass and help to increase the soli strength, stability, and reduces permeability and soil erosion damage while constructing the building. Compaction equipment is majorly used in infrastructure projects such as construction of roads, dams, canals, and bridges. Moreover, rising spending of the U.S. government over construction of road and public infrastructure is expected to drive demand for compaction equipment over the forecast period. For instance, according to U.S. 2020 Budget, the government plans to invest at least US$ 1 Trillion on infrastructure over the coming few years, for construction of roads, highways, bridges, water infrastructure, etc. Therefore increase in infrastructure spending across the U.S is expected to drive demand for compaction equipment over the forecast period (2020-27).
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Competitive Landscape
Major companies involved in the U.S. Heavy Duty Construction Equipment market include Atlas Copco, Caterpillar, Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore, Hitachi Construction Machinery Co. Ltd., Hyundai Construction Equipment Americas, Inc., J C Bamford Excavators Ltd. (JCB), Komatsu America Corp., Liebherr Group, Sany Heavy Industries Co. Ltd, Terex Corporation, Ahern Rentals, Herc Rentals Inc., and United Rentals, Inc.
Market segmentation:
- U.S. Heavy Duty Construction Equipment Market, By Type:
- Earthmoving & Heavy Vehicles
- Excavators
- Dumpers
- Trenchers
- Tunneling Equipment
- Loaders (Skid Steer & Track)
- Backhoes
- Articulated Haulers
- Dozer
- Roller
- Tractor
- Others
- Concrete Equipment’s
- Mixers
- Paver
- Concrete Pump
- Others
- Compaction Equipment
- Rammers
- Rollers
- Compactors
- Material Handling
- Cranes and Lifts
- Forklifts
- Telehandler
- Others
- Others (Drill, Hammers, Breakers, Generators, Sand Washers, Etc.)
- Earthmoving & Heavy Vehicles
- U.S. Heavy Duty Construction Equipment Market, By Application:
- Excavation & Demolition
- Heavy Lifting
- Material Handling
- Recycling & Waste Management
- Tunneling
- U.S. Heavy Duty Construction Equipment Market, By Sales Channel:
- Rental
- OEMs
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