(MENAFN- GlobeNewsWire - Nasdaq) High Investments in Infrastructure Development Underpinning Soil Compaction Machine Sales Growth
Rockville, MD, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The global soil compaction machines market stands at US$ 5.4 billion in 2023 and is projected to reach US$ 10.6 billion by the end of 2033. As per this study by Fact.MR, a market research and competitive intelligence provider, Asia Pacific is estimated to account for a significant share of the global market by the end of the study period (2023 to 2033).
Rising demand for soil compaction machines can be attributed to several prospects such as a growing world population, increasing investments in infrastructure development, and rapid industrialization around the world. Advancements in equipment technology are resulting in the development of more efficient and effective heavy construction equipment, which in turn, is creating an opportune scenario for soil compaction machine sales going forward.
Soil compaction machine manufacturers are continually innovating and launching new products that allow them to maximize their sales and revenue generation potential to stay competitive in the global landscape.
In 2022, Ammann Group, a renowned Swiss supplier of construction equipment, announced the launch of two new roller machines with good compacting capabilities. Both ARS 30 and ARS 50 were single drum rollers designed to deliver high compaction.
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Key Takeaways from Market Study
The global soil compaction machines market stands at a valuation of US$ 5.4 billion in 2023. Demand for soil compaction machines is projected to expand at a CAGR of 8% from 2023 to 2033. Soil compaction machine sales are forecasted to reach US$ 10.6 billion by the end of 2033. Increasing investments in infrastructure development activity, high demand for affordable housing, launch of new construction projects, rapid industrialization and urbanization, and launch of new soil compaction machines are key market drivers. Soil compaction machine sales in Asia Pacific account for around 25% revenue share of the global market in 2023. Sales of soil compaction machines in China are projected to increase at 5% CAGR over the next ten years. Heavy soil compaction equipment accounts for more than 70% of the global market revenue at present.
“India, China, Kingdom of Saudi Arabia, and the United Arab Emirates are estimated to offer highly lucrative growth opportunities,” says a Fact.MR analyst
Leading Players Driving Innovation in the Soil Compaction Machines Market
Key Players in the soil compaction machines market are Caterpillar Inc., Volvo Construction Equipment, J.C. Bamford Excavators Limited, John Deere, Zoomlion Heavy Industries Science & Technology Co. Ltd., XCMG Co. Ltd., Sany Heavy Industries Co. Ltd., Fayat Group, Hitachi Construction Machinery, Wacker Neuson SE.
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Soil Compaction Machines Industry News:
Dynapac, a Swedish international engineering company, displayed its newest dirt compaction at the American Rental Association (ARA) Show in February 2023. With its 84-inch drum, the CA30 Rhina soil compactor can compact a variety of soil types, making it a multipurpose tool for a wide range of uses. To better serve its customers' diverse needs and maximize the performance of its soil compactors, Volvo Construction Equipment (Volvo CE) announced in March 2023 the introduction of new Compact Assist packages. The debut of a new sophisticated and intelligent CCC (continuous compaction control) system for asphalt and soil compactors was announced in June 2022 by Ammann, a well-known international corporation from Switzerland that is recognized for its intelligent soil compaction. The well-known construction equipment manufacturer Bobcat Company announced the introduction of new compaction machines in November 2022, marking its entry into the light compaction market. The company introduced nine machines designed for use in construction, roadwork, and landscaping, marking its entry into the light soil compaction market.
Winning Strategy
Development of soil compaction machines with advanced compaction capabilities is the prime focus of all soil compaction machine suppliers. Companies should also experiment with the automation of soil compaction equipment as the popularity of industrial automation increases around the world.
More Valuable Insights on Offer
in its new offering, presents an unbiased analysis of the global soil compaction machines market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product type (heavy compaction machines, light compaction machines) and application (building & construction, infrastructure, transport, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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