The Heavy Construction Equipment Market to Witness Marvellous Growth with Growing Technological Advancements

The construction industry is undergoing a dynamic period of speedy innovations. In countless ways, construction equipment makers are beginning to advance in autonomous machinery, telematics, electromobility, and many others. In particular, strategic alliances amongst equipment manufacturers and users are driving this revolution.

This is a positive move for the industry which, long ago, might have lagged behind agriculture, transport, and other sectors. As novel, inventive technologies came to existence, equipment makers began enhancing their products and services to offer improved device uptime, higher lifecycle values of the machineries, and exclusive consumer solutions.

The construction equipment technology have made marvellous and vital developments in the recent years. Alike drones, equipment operators are now able to control the equipment from digital fields to advanced mining projects. Advances in 5G technology have facilitated remote handling of heavy equipment into a considerably deep mine by staying above the ground in a safe manner. This has eradicated the risks involved in sending human workers miles down in a mine and helped in attracting new personnel as the job has become less risky and filthy.

The invention of telematics and the Internet of Things is advancing as well as easing the jobs of people involved in building skyscrapers, mines, power plants, and many others. This is because machines can now communicate with each other and home base. Owing to such developments, the heavy construction equipment have advanced significantly. Also, the global heavy construction equipment market is experiencing widespread popularity due to upsurge in the demand for commercial as well as construction projects owing to speedy industrialization, urbanization, and increase in population worldwide. Furthermore, construction projects, for example: development of rail & road construction, building of massive bridges, creation of smart cities, and other mining activities are propelling the heavy construction equipment market growth.

Recent Trends in the Heavy Construction Equipment Industry

As per a repost by Research Dive, the global heavy construction equipment market is foreseen to grow with a CAGR of 4.8%, by garnering $257.2 billion by 2028. Some of the leading players active in the market are SANY Group, Komatsu Ltd., JCB, John Deere, XCMG Group, Volvo Construction Equipment, Hitachi Construction Machinery Co., Ltd., Caterpillar Inc., Leibherr, Hyundai Doosan Infracore, and others. Market players are concentrating on developing strategies such as novel product developments, partnerships, mergers and acquisitions, and collaborations to attain a leading position in the global market. For instance,

• In January 2021, Hyundai Construction Equipment, a leading construction and earthmoving equipment manufacturer in India, introduced an advanced series of excavators under the series name - SMART PLUS and novel global colour to fortify the brand position in the Indian as well as export market.
• In June 2021, Mahindra Construction Equipment (MCE), an Indian Construction Equipment OEM and part of the Mahindra Group, introduced the novel BS IV-compliant Motor Grader - Backhoe Loader and Mahindra RoadMaster G9075 & G9595– and Mahindra EarthMaster SX as well as VX. These novel products are equipped with MAXX telematics solution and offer users prognostic, diagnostic, and predictive fleet management solutions and many other features.
• September 2021, Volvo Construction Equipment, a major international company that develops, manufactures, and markets equipment for construction and related industries, introduced a novel series of pneumatic rollers, pavers, compactors, and wheel loaders for the Indian market.

COVID-19 Impact on the Heavy Construction Equipment Industry

The unexpected outburst of the coronavirus pandemic has negatively impacted the global heavy construction equipment market. This is mainly because heavy equipment manufacturers were forced to temporarily halt their processes due to the implementation of lockdown restrictions, sudden fall in demand, lack of labours, and issues in availability of raw materials. Also, decrease in investments by government bodies in construction and infrastructure projects owing to the pandemic crisis has significantly hampered the heavy construction equipment market growth.

However, during the pandemic, several heavy construction equipment makers have shifted their focus on the production of vital medical supplies to combat the COVID-19 virus. These equipment makers are currently concentrating on the production of masks, face shields, ventilators, and other essentials. Nevertheless, as and when the pandemic situation eases and the construction sector resumes, the heavy construction equipment market is expected to observe marvellous growth in coming future.