U.S. Construction Equipment Market to Hit $40B, Driven by New Infrastructure Projects
NEW YORK, Feb. 27, 2023 (GLOBE NEWSWIRE) — The following are some key points from a new IndexBox’s report on the U.S. construction equipment market.
U.S. Construction Machinery Market Overview
The U.S. construction equipment market is forecast to grow at a compound annual growth rate (CAGR) of 2.4% from 2022 to 2030, increasing from $33B to $40B. This expansion is driven primarily by the need for more development of infrastructure, housing, and industrial manufacturing. Additionally, government initiatives are expected to provide a boost to the market.
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The outlook for the U.S. construction market is positive, with strong growth expected in both the residential and non-residential sectors. Nearly 10 million new homes will be built in the U.S. by 2030, along with almost 1 billion square feet of commercial space. Increasing population and household formation will drive residential construction, while e-commerce and office space demand will drive commercial construction.
Among the most notable is the California High-Speed Rail project, which is to be completed by 2030. The rail line will connect Los Angeles and San Francisco, with stops in major cities along the way. It is estimated to cost $77B and will create thousands of jobs during construction and operation. Other major US construction projects include the Gateway Tunnel (a new rail tunnel connecting New York City and New Jersey), the Boring Company’s “Loop” system (a high-speed underground transportation system for cities), and a proposed renovation of LaGuardia Airport in New York City. These projects are all expected to be built by 2030.
Construction Equipment by Type
Construction equipment is used in a variety of applications, including the mining, forestry, and construction industry, which is a major consumer of such machines. There are many different types of construction equipment, including excavators, bulldozers, cranes, loaders, etc.
Manufacturers are constantly innovating to create new products that meet the needs of the construction industry. For example, Caterpillar recently introduced its new line of electric excavators. This is a major innovation in the construction equipment market because electric machines offer a number of advantages over traditional diesel-powered ones, as they are more environmentally friendly and have lower operating costs.
New Technologies on the Market
Construction firms are looking to adopt advanced technologies to improve productivity and remain competitive. Machinery manufacturers are responding by developing new products and services that can help construction firms improve their efficiency.
3D printing of building prototypes helps to save time and money on construction projects. Augmented reality, building information modeling (BIM), and management software are being used by firms to create virtual models of buildings, which allows them to plan projects more accurately, avoid potential problems during the construction process, and reduces the need for paper drawings.
Drones are being used by construction firms to inspect hard-to-reach areas of buildings under construction. This helps identify potential problems early on so that they can be fixed before they cause delays in the project schedule. Automation is applied to reduce the need for manual labor, saving time and money while increasing safety. Wearable technologies such as smart glasses, headsets, and wristbands are being used by construction workers to monitor their performance and track progress on construction.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., John Deere & Company, Volvo Construction Equipment
Sources
U.S. – Construction Machinery – Market Analysis, Forecast, Size, Trends and Insights
CONTACT: Contact Information Mekhrona Dzhuraeva Editor [email protected]
