The heavy construction equipment market is projected to reach $166.05 Billion at a CAGR of 6.80% from 2015 to 2020, according to a report published by Markets And Markets.
The economic growth and increased spending on infrastructural activities has played a huge part in providing the necessary boost to the global heavy construction equipment industry.
The 232-page report titled “Heavy Construction Equipment Market - Forecast to 2020” includes 185 market data tables and 49 figures.
An excerpt from the report:
The heavy construction equipment market is a highly fragmented one owing to the huge infrastructure demand and changing technologies. Major companies rely on regional and local distributors to increase their share as well as geographical presence in the market. One of the major developments observed in the heavy construction equipment market is agreements, contracts, joint ventures, and partnerships.
Companies are adopting inorganic growth strategies such as acquisitions to cope with the increasing demand for heavy construction equipment in key emerging markets. These strategies have aided companies to create a large customer and partner base in key markets. The applications requirements for heavy construction equipment and well as the operating conditions are continuously changing making it essential for the manufacturers and service providers to continually invest in research and development activities and come up with innovative solutions.