LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global spraying and plastering machines market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global spraying and plastering machines market for 2017-2021. The report also lists residential construction sector and commercial construction sector as the two main end-user segments for the spraying and plastering machines market, with the residential segment expected to undergo rapid growth during the forecast period.
According to Likhitha Bandla, a lead analyst at Technavio for construction research, “Construction projects are often delayed due to various reasons, one of which is the lack of productivity. These delays incur an additional 2% to 5% cost to construction companies, which can be minimized by using automated machines like spraying and plastering, as these machines are more efficient in terms of quality as well as time and require minimal supervision during their operation.”
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global spraying and plastering machines market:
- Rising infrastructure development
- Increasing residential construction
- Growing demand for high-rise buildings
Rising infrastructure development
The rapid adoption of new technologies characterizes the infrastructure industry, which is in the process of making huge investments in the development of megacities across both developed as well as emerging markets, thus providing immense scope for the global spraying and plastering machines market. The infrastructure industry is known to adopt innovative technologies, which is an added advantage for the spraying and plastering machines manufacturers.
“The manufacturing and construction sectors are essential for economic growth as it is believed that the manufacturing sector will account for nearly 21% of global infrastructure spending by 2025. Owing to the significant growth in the region, APAC will account for nearly 60% of the global infrastructure spending by 2025,” says Likhitha.
Increasing residential construction
The residential construction sector is one of the key markets for spraying and plastering machines. Increased productivity is an important concern in the residential construction sector as many projects are delayed due to lower productivity or improper utilization of resources. Spraying and plastering machines aid in speeding up the construction process with minimal supervision. The increased use of these machines will provide the required productivity to boost residential constructions, thereby driving the demand for spraying and plastering machines.
Growing demand for high-rise buildings
The rising trend of nuclear families in urban areas has increased the demand for high-rise residential buildings, which besides providing the required security also offer amenities like gyms, swimming pools, and club houses to attract buyers. The increased demand for high-rise buildings provides ample potential for spraying and plastering machine vendors to cater to the market. Also, these buildings often incur extra labor cost as workers' safety becomes paramount due to the higher elevation levels. This problem can be overcome by using spraying and plastering machines, which require minimal supervision during their operation.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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