The global piling machines market size is expected to reach USD 9,523.91 million by 2028; registering at a CAGR of 4.8% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Flourishment of Construction Industry Worldwide is Boosting the Piling Machines Market Growth
The construction industry is rapidly growing in various countries worldwide with a rise in government investments and an increase in demand for residential construction projects. Countries such as the US, China, and India have the most significant construction businesses in the world. According to the Associated General Contractors of America (AGC), the US construction industry creates US$ 1.4 trillion worth of structures each year. A surge in construction activities in the country is ascribed to the increasing population and the proliferating commercial sector. This surge in construction activities is surging the demand for piling machines in the country. In Asia Pacific, rising population is putting a strain on current infrastructure, highlighting the need for the development of new rail networks, residential structures, and roadways. The governments and regulatory bodies in countries in this region are focusing on additional infrastructure investments which is proliferating the demand for piling machines in the region. In Saudi Arabia, the construction industry plays a significant role in physical and economic development. It accounts- for ~9% of the GDP and employs ~1.5 million people. Government initiatives, supporting the construction of new highways, bridges, sports facilities, and residential and governmental offices fuel the growth of the construction industry in the country. With such growth in construction activities, the piling machines market growth is increasing notably in various countries.
Piling Machines Market – by Region, 2021 and 2028
Piling Machines Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product (Impact Hammer, Piling Rigs, Vibratory Drivers, and Others); Method (Vibro Piling, Drilling, and Driven Piling)
Piling Machines Market Size Report and Growth Analysis 2028
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Source: The Insight Partners Analysis
The piling machines market is segmented on the basis of product, method, and geography. Based on product, the market is bifurcated into impact hammer, piling rigs, vibratory drivers, and others. In terms of method, the market is divided into on- vibro piling, drilling, and driven piling. Based on region, the piling machines market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America.
Impact of COVID-19 Pandemic on Piling Machines Market Growth
The emergence and rapid spread of SARS-CoV-2 infection paralyzed several developed and developing countries across the world. The onset of the COVID-19 pandemic severely impacted the global piling machines market. The decelerated production of raw materials, instability in supply chains, disturbances in trade movements, and decreased demand for new construction projects during the COVID-19 pandemic hindered the piling machines market growth. Moreover, reduced activities related to road construction and drainage systems hampered the piling machine market. The COVID-19 pandemic has impacted operational efficiencies and disrupted value chains due to the sudden shutdown of national and international boundaries. However, with the recovery of operations, the demand for piling machines is rising globally. Major leading businesses have started to focus on new development policies and strategies to address the growing customer demands. The piling machines market growth is expected to continue growing in the post-pandemic period, as governments of various countries across the world are taking initiatives to accelerate construction activities. The escalation of production is expected to help them overcome the losses faced during the pandemic.
Junttan, Bauer, Liebherr-Werk Nenzing GMBH, Soilmec, Casagrande and Hutte, Comacchio, Mait, ABI, Enteco, IMT, CZM, Fundex, Dieseko, and XCMG are among the key players operating in the piling machines market.
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