LONDON--(BUSINESS WIRE)--The global pile driving equipment market is expected grow at a CAGR of 6.47% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global pile driving equipment market for 2016-2020. For the calculation of market size, the revenue generated from the sale of pile driving equipment across the globe has been considered.
Pile driving offers the following advantages:
- Piles of variable lengths can be extended through soft compressible or swelling soils into suitable bearing material
- Large excavations and subsequent backfill are minimized
- Less disruption is caused to the adjacent soil
Technavio’s research study segments the global pile driving equipment market into the following regions:
- APAC
- EMEA
- Americas
APAC: largest market for pile driving equipment
The rise in infrastructure projects and scarcity of labor have compelled contractors and engineers to opt for modern piling equipment throughout the construction process. Owing to the rise in population and rapid urbanization in the region, the construction of new transport and utility infrastructure, educational institutions, and healthcare facilities is increasing. This, in turn, drives the demand for construction equipment, including pile drivers.
“Increased investment in infrastructure development in the region, especially in India and China, will likely propel the growth of the pile driving equipment market during the forecast period,” says Sayani Roy, a lead analyst at Technavio for research on construction.
National Development and Reform Commission (NDRC) of China invested USD 317.7 billion for 1,043 proposed public-private partnership (PPP) projects in May 2015. India, under its 12th five-year plan (2012-2017), is expected to invest USD 1 trillion towards infrastructure development.
India is witnessing the large-scale development of infrastructure projects. The country's construction equipment market was valued at USD 3.4 billion in 2010, and it is projected to reach to USD 24 billion by 2020. This can be attributed to the private sector participation in infrastructure development, which is foreseen to increase by 40% by 2020.
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Pile driving equipment market in EMEA
The construction industry in Europe has reached saturation, as major construction activities are restricted to expansion and renovation of existing infrastructure. On the contrary, the construction industry in the Middle East is growing rapidly due to increasing investments in infrastructure development, and this will spur the demand for pile driving equipment. In April 2014, USD 22.5 billion was allotted for the construction of the Riyadh metro.
“In 2015, the government of Kenya announced plans to invest USD 56 billion in the infrastructure development, which includes greater focus on telecommunications and power generation infrastructure. This is expected to boost the demand for piling equipment during the forecast period,” says Sayani.
Pile driving equipment market in Americas
The construction industry in the Americas witnessed a positive rebound in 2014, since the recession of 2008. The construction of offices, warehouses, and residential structures in the region is increasing, especially in the US. This, in turn, necessitates the need for foundation work, boosting the demand for pile drivers.
In the commercial sector, investment in the construction of new offices in the US was valued at USD 32.3 billion in 2015, as compared to USD 27.1 billion in 2014. As of April 2015, the cities witnessing an increased construction of office and industrial buildings, especially in Boston in Massachusetts, Chicago in Illinois, Minneapolis in Minnesota, Dallas in Texas, and San Francisco in California.
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