New York, April 28, 2023 (GLOBE NEWSWIRE) -- The global Hydraulic Hammer Market is valued at US$ 1.25 billion in 2023, according to the latest insights by Persistence Market Research. The market is predicted to expand at a CAGR of 5.6% from 2023 to 2033. Demand for hydraulic hammers to reach a market value of US$ 2.1 billion by 2033.
Increasing demand for hydraulic hammers from the construction, metallurgy, and mining industries is driving market expansion.
Demand for hydraulic hammers has been increasing steadily in recent years, and this trend is expected to continue over the coming years as well due to the growth in infrastructure, residential, and commercial construction. Increasing number of housing and infrastructure projects and improvements in public transportation including railways and roadways are expected to lead to significant investments in tunneling and road construction projects in countries such as India, South Africa, Brazil, and Mexico.
Last but not least! Increasing use of hydraulic hammers in most quarries instead of explosives to free rocks is also driving market growth.
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Key Takeaways from Market Study
- The global hydraulic hammer market is forecasted to reach a size of US$ 2.1 billion by 2033.
- The aftermarket sales channel segment is anticipated to account for a significant market share in terms of sales volume by 2033.
- The quarries segment is anticipated to occupy a relatively low market share in terms of value, while the construction segment is set to account for a significant market share in terms of volume.
- Europe, India, Africa, and China are anticipated to exhibit substantial demand for hydraulic hammers. Sales of hydraulic hammers in China, Italy, Spain, and India are expected to increase at a significant rate through 2033.
- 3.1 to 6-tonne hydraulic hammers are set to lead and create an absolute dollar opportunity of US$ 384.6 million by 2033.
“The market is fragmented and dependent on various end-use industries such as construction, metallurgy, and mining. The mining industry's demand for hydraulic hammers is increasing substantially due to growing global mineral consumption. Several significant mining projects in different countries are anticipated to boost mineral production. This surge in mining projects is creating a greater need for advanced machinery, which is driving the global market for hydraulic hammers,” says a PMR analyst.
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Competitive Landscape
Leading manufacturers of hydraulic hammers include Caterpillar, Volvo AB, John Deere, Sandvik, Atlas Copco, Soosan heavy industries, Montabert, Hyundai Everdigm, Furukawa, Astec Industries, Inc., and Stanley Infrastructure.
To gain a competitive advantage in the industry, key manufacturers are developing innovative hydraulic hammers. Market players are also heavily investing in expansions, innovations, acquisitions, and strategic partnerships to expand their global footprint.
For instance:
- Caterpillar introduced two new Cat® Performance Series Hammers in December 2021, which offer high-production, low-maintenance operation on large excavators.
- Sandvik Mining and Rock Technology acquired Allied Construction Products LLC in July 2020, a distributor of hydraulic hammers to the construction and mining industries.
- In July 2020, Astec Industries’ Materials Solutions Group launched the BreakerBOSS 5D, its newest mobile rock breaker.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global hydraulic hammer market that contains an industry analysis for 2018 to 2022 and an opportunity assessment for 2023 to 2033.
The report provides an in-depth analysis of the market through different segments, namely weight, end-use industry, sales channel, and region. The report also provides supply and demand trends along with an overview of the parent market.
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For additional insights on how the global hydraulic hammer market will shape up over the decade, write to media@persistencemarketresearch.com
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